As a multi-state licensed MLO, I have been pleased with what Tennessee has to offer an MLO. Home values have been climbing for several years now, and it looks like values are going to hold and increase over the next ten years. This means the availability of homeowners who have had mortgages for over 10 to 15 years have abundant equity in their most valuable asset, their home. The opportunity for large cash-out refinances, R&T refinances, and possible HELOCs is very high.

Another advantage for an MLO in Tennessee is a low inventory with an abundance of land with landowners ready to sell to the highest homebuilder bidders.
Now is a good time to begin developing relationships with local real estate agents to prepare for the future homebuilding boom in Tennessee.

Let’s Make Your Mortgage Work For You!

South Dakota, located in the Midwestern region of the United States, has a diverse array of beautiful homes in its towns and cities. Some of the best places to live with picturesque residences include:

1. **Sioux Falls**: As the largest city in the state, Sioux Falls offers a mix of urban living and outdoor activities. It has many upscale neighborhoods with beautiful homes, like the historic McKennan Park district.

2. **Rapid City**: Known as the “Gateway to the Black Hills”, Rapid City is surrounded by breathtaking natural beauty. The West Boulevard Historic District showcases many beautiful historic homes.

3. **Spearfish**: Nestled in the northern Black Hills, this small city has an abundance of outdoor activities and is near Spearfish Canyon, a location known for its natural beauty.

4. **Deadwood**: This historic city offers a blend of modern living with an old western charm. Homes here have a unique architectural style and historic feel.

5. **Brookings**: Home to South Dakota State University, Brookings has a vibrant community with a number of beautiful homes, particularly in the historic districts.

6. **Pierre**: As the capital city of South Dakota, Pierre has many beautiful homes. With the Missouri River running alongside the city, some residences even offer waterfront views.

7. **Aberdeen**: This city is a regional hub and the third most populous city in the state. The historic districts, like Highlands Historic District, feature lovely homes with classic architecture.

8. **Hill City**: Known as the “Heart of the Hills”, Hill City is the oldest city in the Black Hills and has many beautifully designed homes amidst the forests and hills.

9. **Vermillion**: Home to the University of South Dakota, Vermillion has a rich cultural scene and an array of housing options, from historic houses to modern designs.

10. **Belle Fourche**: This small town is a rural, scenic paradise with the Redwater River flowing through it. Belle Fourche has many charming, picturesque homes.

Remember to visit these places personally and consider other factors like cost of living, education, employment opportunities, healthcare facilities, and community engagement while deciding where to live. Also, remember that “best” and “beautiful” are subjective terms, and personal preferences may vary.

Yes, it is possible to get a mortgage in Minnesota (or any other U.S. state) with bad credit, but it can be more challenging. Here are some things you might want to consider:

1. **FHA Loans:** Federal Housing Administration (FHA) loans are often a good option for those with bad credit. They are insured by the government and lenders are more willing to take on borrowers who are seen as higher risk. The minimum credit score for an FHA loan is generally around 580, but some lenders may work with borrowers who have lower scores.

2. **VA Loans:** If you’re a veteran or active-duty military, you may be eligible for a loan from the U.S. Department of Veterans Affairs. VA loans typically don’t require a minimum credit score, but the lender you choose might have its own requirements.

3. **Subprime Mortgages:** These are offered to home buyers with poor credit. However, they usually come with higher interest rates and fees to compensate for the additional risk the lender is taking on.

4. **Credit Union Mortgages:** Credit unions may be more willing to work with you if you have bad credit, especially if you’ve been a long-time member.

5. **Co-signer:** If you have a trusted friend or family member with good credit, they may be willing to co-sign the mortgage loan. This means they’re agreeing to take responsibility for the loan if you can’t make the payments.

6. **Work on Improving Your Credit:** Even if your credit is bad now, it might be worth it to spend some time improving your score before you apply for a mortgage. This could involve paying down debt, getting any errors on your credit report corrected, or simply making sure to pay all your bills on time.

Keep in mind that even if you can get a mortgage with bad credit, it might not be the best financial decision. You’ll likely end up paying significantly more in interest over the life of the loan than you would if you had better credit. Before you decide to get a mortgage, you should talk to a financial advisor to understand all the implications.

This is a quick synopsis of what you absolutely need for and manufactured, mobile, or modular home purchase or refinance.
1. Freddie Mac, Fannie Mae, FHA, VA: The manufactured home must have been built on or after June 15, 1976. For single-wide & double-wide manufactured homes.

2. It must be Real property (A clear chain of tile) The home cannot reside in a mobile home or RV park. It must be fixed to a concrete slab (slab on grade) by hurricane straps or wire ties. If fixed to pylons, you must ensure the appraiser notes how the home is fixed.

3. Engineering Certification. This must have been completed by the original owner or any previous owner. If there is no engineering certification, this will need to be done before closing. Schedule this at the same time you schedule the 1004C appraisal.

4. Make sure the realtor, homeowner, or appraiser locates the data plate from the manufacturer. This is crucial. If this cannot be found the homeowner should have a copy of the original closing docs, which will likely have the data plate serial number. If not, check with the title company, they may be able to locate it through title records. If that does not work , your last hope is with the county records.

4. All manufactured, mobile or modular homes can only be approved with a 20-year term. NO EXCEPTIONS! When entering data into your LOS, you set the term as custom (20 years).

Modular Homes: Modular homes must have an additional egress (Exit) other than the stairway if the home has a basement. The modular home must sit on a seal plate.

If you have all of these must-haves accounted for, you will have a much better chance to get a CTC.

Let’s Make Your Mortgage Work For You!

• This discussion was modified 2 weeks, 1 day ago by  Sapna Sharma.

Hard money loans in Utah will go up to 75% LTV while other states is 70% LTV.

https://www.linkedin.com/pulse/foreclosure-numbers-fall-july-starts-decrease-nationalmortgagenews/

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Foreclosure numbers fall in July as starts decrease

Foreclosure starts dropped for the first time in three months, although repossessions ticked up, as rising property values may be easing some difficulties facing struggling homeowners, according to a report from Attom. The number of overall foreclosure filings, consisting of … Continue reading