Uptown Financial Corp. has Made a Committment to Give back to the Minneapolis Community.
The Uptown Minneapolis Minnesota Mortgage Company, Uptown Financial Corp (www.UptownFinancial.com) has made a goal to GIVE BACK via 'whatever means' possible as a step towards taking leadership in the community within which we live.
Among the current innitiatives Uptown Financial Corp. has been undertaking is the seriousness of the habitat in which we live. We have been partnering with the likes of Energy Star to become a Minnesota and National spokesperson for all the good the organization is working towards.
Uptown Financial Corp., a Minneapolis Mortgage Company, has taken the lead in helping our Residential Network get signed up, educated and approved to lend Green Mortgage including Energy Efficient Mortgages MN (EEM Mortgage) & Energy Improvement Mortgages (EIM Mortgage). The residential network is currently approved to work is association with FHA programs for the states of Minnesota Mortgages, Wisconsin Mortgages, Iowa Mortgages among others. Given the base of the company in Uptown Minneapolis, these states in particular are the focus of the Green Financing via EEM mortgages and EIM mortgages.
In keeping with the 'green' philosophy, Uptown Financial Corp. has also entered into a 'contest' of sorts with the MN Energy Challenge, www.mnenergychallenge.org. If anyone would like to 'join our team' committed to minimizing our 'carbon footprint' please do not hesitate to complete the survey and sign up under our team!!!
Minnesota Charity Focus #2
Uptown Financial Corp. would like to begin to GIVE BACK and HELP those struggling in Africa and beyond. A great program we have found is the GO Network here locally that has partnered with groups from Uganda to New Orleans to Minneapolis in providing those in need however possible.
The GO Network events can be found at http://www.cpconline.org/content.cfm?id=2054.
2008 GO Trips: short term mission trips for the discipline of loving, seeing and serving other people. For more information about any of these trips, please contact Meredith Van Voorst in the Missions Department: 952.920.8515 ext. 215.
We encourage everyone we work with and spend time with on a business/professional and personal level to 'look around' them and FIND a WAY to serve those who are in NEED of our support. Whether it be a donation of time, of money, of food or of shelter, there are those in need at our doorsteps and within our own homes.
Uptown Financial Corp., a Minnneapolis Mortgage Company, and our team will continue to support a diverse number of charities to embetter the lives and communities around us. Whether it be providing the Twin Cities & Minnesota, Wisconsin or Iowa with 'Green Mortgages' via Energy Efficient Mortgages (EEM Mortgage) or Energy Improvement Mortgages (EIM Mortgage), changing our living patterns, giving time or money----our commitment is here to stay.
**Should anyone have a special Charity that would like to work with Uptown Financial Corp and reap the monetary rewards to be given to the Charity, please contact me for more details. Uptown Financial Corp. is dedicated to giving a 50% of Origination Fees associated to transactions initiated by ANY given charitable organization.
Take Care,
Ben Coulter
Uptown Financial Corp.
612-216-1388
Ben@UptownFinanancial.com
www.UptownFinancial.com
Wednesday, May 21, 2008
Tuesday, May 13, 2008
Green Financing w/ Energy Efficient Mortgages (EEM & EIM)- Minnesota--Save Energy and MONEY
Energy Efficient Mortgages (EEM Mortgages) and Energy Improvement Mortgages (EIM Mortgage)----What a Concept!!!!
Believe it or not but, energy-efficient mortgages have been available since the 1980's. They are known as an EEM, the mortgage combines a traditional loan product with ongoing savings related to ernergy-efficient improvements. The best part is that the energy-saving measures must save more money than the increase in monthly mortgage payment from adding the cost of the corresponding efficiency improvements. As we all know with the increase in energy prices...this will be easy to do!
EEMs are used to finance new homes with energy-saving enhancements while an Energy Improvement Mortgage (EIM) finances energy the 'improvements' in an existing home.
There are no special requirements to qualify for an EEM or EIM. All those who can qualify for a home mortgage can also qualify for an energy loan but it is a little trickier.
EEMs take energy savings ($$$ actually saved monthly) into account when determining loan limits. Buyers of more energy-efficient homes can qualify for up to 10 percent more mortgage than would otherwise be possible. In this market, that is a HUGE bonus!! The lender looks at the entire picture of payments for mortgage and utilities when evaluating an applicant. Qualified energy efficient imporvements include, among other things, new windows, furnaces, additional insulation, energy-saving lights and appliances.
Recent statistics show that 58 percent of the greenhouse gas emissions in Minnesota are attributable to construction and operation of buildings. As we look towards a 'greener' future, anyway we can cut the amount of waste and start living more efficiently is a step in the right direction.
The energy used in our homes for heating, cooling, and lighting accounts for 20 percent of all greenhouse gas emission in the United States, according to the Envitonmental Protection Agency. In reality, that means we need to be more conscious about turning off lights, leaving the TV on or keeping the heat up to high. Simple actions can make a big difference for the environment and our pocket books.
In addition to reducing greenhouse emissions, energy-efficient homes are more comfortable. Unlike turning down the thermostat, newer, more efficient building products and techniques save energy while providing expected creature comforts. Living here in Minneapolis, MN...we all know that a 'constant' level of heat can be an underappreciated 'given' that other parts of the country may not fully understand.
Much of the real estate on the market in the Twin Cities is older and was built without an emphasis on energy savings. As fuel costs increase and a slowed real estate market has people staying for the long term, energy efficiency will become more important. become more important. We are already seeing an increase in the number of families choose to Remodel or put an addition onto their Minneapolis Home, as opposed to moving. I believe this is a GOOD sign of a reality for the Minneapolis Real Estate market accepting the realities of today.
As more people decide NOT to list their home and add on or remodel, the Minneapolis Real Estate market will be able to recover quicker to a 'balance' between buyers and sellers. This balance is the key for a 'healthy' stable price point and market.
Lenders as well as homeowners have begun to look at the full cost of owning a home, including operating costs. Utility costs may eventually be more of a burden than the monthly mortgage payments as energy costs increase, asuming that homeowners locked into a 30 year low interest loan in the past several years. Coming off the coldest and longest winters in recent memory, all Minneapolis residents should be thinking about how we can use Green Financing (EEM Mortgages and EIM Mortgages) to help use save on our pocket books AND live more comfortable.
HOW TO GET an EEM or EIM Mortgage
The first step to getting an EEM or EIM is to find a lender that offers them. The next step is to have a qualified professional do a comprehensive evaluation of the energyuse in the home, or prospective home. ( Buying a new home in Minnesota does not necessarily assure energy efficiency.) The reality is most builders in the recent past have 'cut corners' to make their profits larger. Luckily, with the forward thinking Minneapolis Real Estate mentality, Green Living is becoming almost a level of 'chic'. Green Financing is a way to ensure the proper level of effecieny of your home.
A Home Energy Rating System (HERS) is the only way to evaluate a home's efficiency. Several nonprofit agencies and companies in the Twin Cities are certified as third-party evaluators for HERS. These are not cheap tests, but there are some cities beginning to offer inspections at limited costs to the home owner.
Once the homeowner has the HERS evaluation, for an existing home, he or she is responsible for getting bids to make the energy imporovements suggested by the evaluator. The improvement plan and costs are submitted to the lender, and the money for the work is put into escrow. Typically, the escrow period is about 6 months.
After the improvements have been completed, the rating professional returns to inspect and verify that the energy improvements were done correctly. The bank then closes the loan and release the improvement money as with any other mortgage. The cost of a HERS inspection for and existing home runs $400 to $600, which can usually be included in the mortgage amount.
In an effort to sell more new homes, some builders are paying for the HERS evaluation, which saves the buyer the $500 to $900 cost to evaluate new construction. The perception among builders is that the buyers are becoming savvier about the ongoing operating costs for a home.
Some builder believe that energy efficiency is one of the few things selling right now. It can help sellers qualify and differentiate their homes in a sagging market. This is especially true in the Twin Cities Real Estate market.
For more information on an EEM Mortgage, EIM Mortgage or the HERS evaluation, please feel free to contact me, Ben Coulter, at Uptown Financial Corp, Ben@UptownFinancial.com or 612-216-1388. We are proudly located in Uptown Minneapolis Minnesota.
Resources:
http://www.natresnet.org/ (Residential Energy Services Network)
http://www.energystar.gov/ (Environmental Protection Agency)
http://www.spnec.org/ (St. Paul Neighborhood Energy Connection)
Article by Kim Carlson with EarthSmart Consumer
Believe it or not but, energy-efficient mortgages have been available since the 1980's. They are known as an EEM, the mortgage combines a traditional loan product with ongoing savings related to ernergy-efficient improvements. The best part is that the energy-saving measures must save more money than the increase in monthly mortgage payment from adding the cost of the corresponding efficiency improvements. As we all know with the increase in energy prices...this will be easy to do!
EEMs are used to finance new homes with energy-saving enhancements while an Energy Improvement Mortgage (EIM) finances energy the 'improvements' in an existing home.
There are no special requirements to qualify for an EEM or EIM. All those who can qualify for a home mortgage can also qualify for an energy loan but it is a little trickier.
EEMs take energy savings ($$$ actually saved monthly) into account when determining loan limits. Buyers of more energy-efficient homes can qualify for up to 10 percent more mortgage than would otherwise be possible. In this market, that is a HUGE bonus!! The lender looks at the entire picture of payments for mortgage and utilities when evaluating an applicant. Qualified energy efficient imporvements include, among other things, new windows, furnaces, additional insulation, energy-saving lights and appliances.
Recent statistics show that 58 percent of the greenhouse gas emissions in Minnesota are attributable to construction and operation of buildings. As we look towards a 'greener' future, anyway we can cut the amount of waste and start living more efficiently is a step in the right direction.
The energy used in our homes for heating, cooling, and lighting accounts for 20 percent of all greenhouse gas emission in the United States, according to the Envitonmental Protection Agency. In reality, that means we need to be more conscious about turning off lights, leaving the TV on or keeping the heat up to high. Simple actions can make a big difference for the environment and our pocket books.
In addition to reducing greenhouse emissions, energy-efficient homes are more comfortable. Unlike turning down the thermostat, newer, more efficient building products and techniques save energy while providing expected creature comforts. Living here in Minneapolis, MN...we all know that a 'constant' level of heat can be an underappreciated 'given' that other parts of the country may not fully understand.
Much of the real estate on the market in the Twin Cities is older and was built without an emphasis on energy savings. As fuel costs increase and a slowed real estate market has people staying for the long term, energy efficiency will become more important. become more important. We are already seeing an increase in the number of families choose to Remodel or put an addition onto their Minneapolis Home, as opposed to moving. I believe this is a GOOD sign of a reality for the Minneapolis Real Estate market accepting the realities of today.
As more people decide NOT to list their home and add on or remodel, the Minneapolis Real Estate market will be able to recover quicker to a 'balance' between buyers and sellers. This balance is the key for a 'healthy' stable price point and market.
Lenders as well as homeowners have begun to look at the full cost of owning a home, including operating costs. Utility costs may eventually be more of a burden than the monthly mortgage payments as energy costs increase, asuming that homeowners locked into a 30 year low interest loan in the past several years. Coming off the coldest and longest winters in recent memory, all Minneapolis residents should be thinking about how we can use Green Financing (EEM Mortgages and EIM Mortgages) to help use save on our pocket books AND live more comfortable.
HOW TO GET an EEM or EIM Mortgage
The first step to getting an EEM or EIM is to find a lender that offers them. The next step is to have a qualified professional do a comprehensive evaluation of the energyuse in the home, or prospective home. ( Buying a new home in Minnesota does not necessarily assure energy efficiency.) The reality is most builders in the recent past have 'cut corners' to make their profits larger. Luckily, with the forward thinking Minneapolis Real Estate mentality, Green Living is becoming almost a level of 'chic'. Green Financing is a way to ensure the proper level of effecieny of your home.
A Home Energy Rating System (HERS) is the only way to evaluate a home's efficiency. Several nonprofit agencies and companies in the Twin Cities are certified as third-party evaluators for HERS. These are not cheap tests, but there are some cities beginning to offer inspections at limited costs to the home owner.
Once the homeowner has the HERS evaluation, for an existing home, he or she is responsible for getting bids to make the energy imporovements suggested by the evaluator. The improvement plan and costs are submitted to the lender, and the money for the work is put into escrow. Typically, the escrow period is about 6 months.
After the improvements have been completed, the rating professional returns to inspect and verify that the energy improvements were done correctly. The bank then closes the loan and release the improvement money as with any other mortgage. The cost of a HERS inspection for and existing home runs $400 to $600, which can usually be included in the mortgage amount.
In an effort to sell more new homes, some builders are paying for the HERS evaluation, which saves the buyer the $500 to $900 cost to evaluate new construction. The perception among builders is that the buyers are becoming savvier about the ongoing operating costs for a home.
Some builder believe that energy efficiency is one of the few things selling right now. It can help sellers qualify and differentiate their homes in a sagging market. This is especially true in the Twin Cities Real Estate market.
For more information on an EEM Mortgage, EIM Mortgage or the HERS evaluation, please feel free to contact me, Ben Coulter, at Uptown Financial Corp, Ben@UptownFinancial.com or 612-216-1388. We are proudly located in Uptown Minneapolis Minnesota.
Resources:
http://www.natresnet.org/ (Residential Energy Services Network)
http://www.energystar.gov/ (Environmental Protection Agency)
http://www.spnec.org/ (St. Paul Neighborhood Energy Connection)
Article by Kim Carlson with EarthSmart Consumer
Thursday, May 8, 2008
Rehab Loan from FHA - FHA 203k Program
Greetings to everyone across the nation and Especially Minneapolis, MN:
Uptown Financial is here again to help Educate our Friends.
We have successfully used the FHA 203(k) Rehab loan program in partnership with a nonprofit organization, such as the Nehemiah Program (down payment assistance) to rehabilitate properties in Minnesota and Wisconsin. Due to the rising number of foreclosed properties in Minnesota and Wisconsin, we feel it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities to Minnesota Home buyers and Wisconsin Home Buyers. Not only is the FHA 203(k) rehab loan great for MN and WI homeowners and home buyers, but we suggest that other FHA approved lenders get on board.
Who needs a Rehab Loan from FHA
Do you need a Rehab Loan Program from an FHA approved lender?
The FHA 203(k) streamline program is the Federal Housing Administration’s primary program for the rehab loans for single family dwellings across the nation. The FHA 203 (k) Rehab loan program allows Minnesota and Wisconsin homebuyers and Minnesota and Wisconsin homeowners the capacity to purchase/refinance single family homes and finance the basic repair costs into a FHA Rehab loan. Minnesota first time home buyers and Wisconsin first time home buyers may use the FHA 203 (K) Rehab loan along with the Nehemiah Program (down payment assistance).
Below are the FHA 203 (k) Rehab loan program highlights:
If you have questions about the FHA 203(k) Rehab loan program, we suggest that you get in touch with us to learn more. Uptown Financial Corp. is based out of sunny Minneapolis, MN. Please feel free to contact Ben Coulter @ 612-216-1388.
Disclaimer: Not every FHA approved lender has this program available for their clients.
If you found this information helpful, send me your comments or contact me at Ben@UptownFinancial.com ; 612-216-1388.
Feel free to visit us on the web @ http://www.uptownfinancial.com/
Uptown Financial is here again to help Educate our Friends.
We have successfully used the FHA 203(k) Rehab loan program in partnership with a nonprofit organization, such as the Nehemiah Program (down payment assistance) to rehabilitate properties in Minnesota and Wisconsin. Due to the rising number of foreclosed properties in Minnesota and Wisconsin, we feel it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities to Minnesota Home buyers and Wisconsin Home Buyers. Not only is the FHA 203(k) rehab loan great for MN and WI homeowners and home buyers, but we suggest that other FHA approved lenders get on board.
Who needs a Rehab Loan from FHA
Do you need a Rehab Loan Program from an FHA approved lender?
The FHA 203(k) streamline program is the Federal Housing Administration’s primary program for the rehab loans for single family dwellings across the nation. The FHA 203 (k) Rehab loan program allows Minnesota and Wisconsin homebuyers and Minnesota and Wisconsin homeowners the capacity to purchase/refinance single family homes and finance the basic repair costs into a FHA Rehab loan. Minnesota first time home buyers and Wisconsin first time home buyers may use the FHA 203 (K) Rehab loan along with the Nehemiah Program (down payment assistance).
Below are the FHA 203 (k) Rehab loan program highlights:
- Allowed on purchases and refinance transactions for single family dwellings including those where the property is owned free and clear.
- Can be used for the repairs and improvements on purchases of HUD homes.
- Basic repairs cannot exceed $35,000. Only two draws will be allowed.
- Owner occupancy required. 1-4 Units (Existing property must be at least one year old)
- Fixed 30 year term only; no buydown option available.
- All repairs and improvements must be completed within 6 months.
Below are the FHA 203(k) Rehab loan includes the following steps:
- A potential homebuyer locates a fixer-upper and executes a sales contract after doing a feasibility analysis of the property with their real estate professional.
- The contract should state that the buyer is seeking a 203(k) loan and that the contract is contingent on loan approval based on additional required repairs by the FHA or the lender.
- The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal showing the scope of work to be done, including a detailed cost estimate on each repair or improvement of the project.
- The appraisal is performed to determine the value of the property after renovation.
- If the borrower passes the lender's credit-worthiness test, the loan closes for an amount that will cover the purchase or refinance cost of the property, the remodeling costs and the allowable closing costs.
- At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs and improvements during the rehabilitation period.
If you have questions about the FHA 203(k) Rehab loan program, we suggest that you get in touch with us to learn more. Uptown Financial Corp. is based out of sunny Minneapolis, MN. Please feel free to contact Ben Coulter @ 612-216-1388.
Disclaimer: Not every FHA approved lender has this program available for their clients.
If you found this information helpful, send me your comments or contact me at Ben@UptownFinancial.com ; 612-216-1388.
Feel free to visit us on the web @ http://www.uptownfinancial.com/
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