Sam Giannakakis's (giannakakis) Blog

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Mortgage and Lending - Sam Giannakakis, Residential Mortgage Group
RECENT BLOG POSTS
USDA Rural Housing Mortgage Program This program was created for low income families looking to buy a home in a rural area. There are three main benefits in this program: •·        No Down Payment Required •·        No Monthly Mortgage Insurance Required (Changing October 2011) •·        Low Inte...
08/02/2011
What Does It Really Take To Qualify For a Loan These Days?   There's been a lot of talk about mortgage finance reform in Washington. Eventual outcomes are unknown, but could include: larger down payments, shorter loan terms, higher credit hurdles, tighter debt-to-income ratios or the demise of th...
07/25/2011
If you applied for a loan several years ago then you probably received a very different experience then you would today. Applicants often were approved for loan amounts higher than they were even interested in, and loans higher than they could really afford. In the past few years mortgage lender ...
06/06/2011
The Home Affordable Refinance Program (HARP) has been extended again, through June 2012. This program offers eligible homeowners the chance to refinance their homes even if they owe more than the present value of the house. This program is a unique way for certain homeowners to take advantage of ...
05/17/2011
I just wanted to share this article I read today at www.mortgagechronicle.com: Starting on Oct. 1, the federal government is reducing the size of mortgages it guarantees in high-priced markets.The maximum loan amount that Fannie Mae and Freddie Mac will back in high-priced areas is scheduled to d...
05/16/2011
The Streamlined Federal Housing Authority 203(k) program allows qualified borrowers to finance an extra $35,000 for a variety of home improvements. This excellent program was put on hold last year due to issues many lenders had managing disbursements. Since then there have been improved processes...
05/13/2011
I just wanted to share some information I read today from an article at HSH.com by Daniel Green There is some bad news for people who are living in a high-cost  area. As of May 2011 a $925,000 home purchase needs a 21% down payment to stay within conforming loan limits. After October 1st that is ...
05/11/2011
What Not to Do When Going Through the Mortgage Process, Regarding Credit.   During this time period you need to make sure not to do anything that could hurt your credit score. When you buy a new home it is very tempting to go out and buy new furniture, appliances, decorations, etc. Don’t! Making ...
05/05/2011
I just wanted to share that the average rate for a 30 year fixed rate mortgage matches its low for the year in Freddie Mac's closely watched survey as the 15-year rate dropped to a new low for 2011.
05/05/2011
I've been telling people that 2011 was going to be a year of change. And sure enough, it seems as though each week changing regulations and economic developments are having an impact on the mortgage industry. What this means for consumers is that now - more than ever before - it's critical to wor...
05/05/2011
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Sam Giannakakis

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smartphone(612) 816-1511
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