Charles Dailey's (cdailey) Blog

A time ago, we had written about the “on again and off again” itemized deductibility of private mortgage insurance.  It’s been a real saga.  Let’s do a little history: In 2007, congress passes the Mortgage Forgiveness Debt Relief Act which allowed qualified private mortgage insurance to be wholly...

For a long time, we’ve been trying to figure out what we can do for our VA clients besides being highly trained, offering superior interest rates, and providing high-touch service.  We had talked about doing something more for some time now and finally thought we should get off our laurels and ge...

These days, any time a lender sees a square peg and a round hole, they tend to run for the hills. In the case of homebuyers seeking a mortgage with H1B visa status, too often this is the  case. If they’d patiently take the “outside in method” of loan structuring (start with Fannie Mae/Freddie Mac...

Many would say that perhaps Fannie Mae should have become tighter on their guidelines for condos back in 2008 and now that they’re seeing recovery, start to loosen up (kind of like the private mortgage insurance companies did).  The opposite is happening as clearly Fannie Mae wants to limit their...

Rest assured, if homebuyers or Realtors think they may have a good idea for a low down payment purchase loan program, they needn’t bother thinking since Fannie Mae has decided to make that executive decision on their behalf.  As of October 20th, the new choice will be between a fixed rate mortgag...

Fear, regulatory uncertainty, market instability and a lack of consumer confidence has kept the reemergence of these products at bay.  Make no mistake though; the money for these products is there.  Reemerging market stability has helped to abate the fears of some mortgage investors on the second...

With all of the recent strength in the Twin Cities housing market and Minnesota’s relatively low unemployment rate one might be confused about why we’re experiencing all-time lows (ours are even lower) in mortgage rates since typically the beginning of a recovery is followed by higher interest ra...

I have had a lot of people ask me about how to buy a home after a short sale using FHA financing but it’s becoming more and more common that people are considering buying a home after a short sale using financing insured by the Veteran’s Administration.  These guidelines use to be murky but the i...

Saving an eighth of a percent on interest rate can save a little on your monthly payment and shopping around on closing costs can save a little on your down payment but perhaps the most overlooked and costly mistake when buying a home is not choosing the right mortgage insurance if the down payme...