Word of the Week:


Obligatory Advances:

Disbursments of construction loan funds that the lender is

 obligated to make (by prior agreement with the borrower)

when the borrower has completed certain phases of construction.

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Word of the Week


Title Theory:

The theory holding that a mortgage gives the lender

legal title to the security property while the

debt is being repaid. 

Most states follow lien theory instead. 

Word of the Week


 Power of Sale Clause:

A clause in a mortgage giving the lender the right to foreclose

 nonjudicially (sell the security property without a court action) if

borrower defaults.

Buyer class for Scott/Carver counties…Contact Lou


Dear Potential Homeowner :

1) We offer individual “Loan Counseling” appointments to discuss your personal financial situation as it relates to purchasing a home or getting a good home loan.  Our counseling services are free except for a credit report which is currently $12.75 (including the score).  If you would like this “loan counseling” appointment, please call us to set a date and discuss what paperwork we need (copies of paystubs, bankstatements and tax returns).  We look at your income, credit and assets like the bank or a lender does, and we help you create a plan for mortgage loan application and a house purchase.

***2) In addition to the loan counseling please see the flyer for our HOMEBUYER “Home Stretch” Seminars and a registration form.  After you have reviewed this, you may return the Seminar Registration and $25 fee/household payable to the Carver Co. CDA at 705 Walnut Street, Chaska, MN  55318, for our Educational 8-hour seminar (approved seminars are required to utilize certain special mortgage products or down-payment assistance programs).***

 

JANUARY 6, 2011 – THURS.eve        6pm-9pm

and JANUARY 8, 2011 – SATURDAY        9 am-2:30 pm

 

3) Depending on your move-in date goal, we do have some very nice properties available here for the Carver Co. Land Trust.  If you have any questions regarding our local Land Trust properties for sale please call and ask for Brenda.  We look forward to helping you towards your financial & homeownership goals.  (952) 448-7715.

Lastly, we can review and help you understand almost any lender’s and most real estate agent’s paperwork you have already received.  (Our counseling services are free except as listed in this letter.)

Please share the attached “schedule” with others if you can.  If our “Home Stretch” schedule or location is not convenient for you, other Home Stretch providers in the Metro area and their schedule can be picked up at our office, accessed on the following web page: www.hocmn.org or call 651-659-9336 to have a brochure sent to you.

Our sincere best wishes!

LOU & BRENDA

Louise A. Setterquist, Brenda Lano, Housing/Mortgage Counselors

Carver Co. Community Development Agency  (HUD, NSP, MHFA Approved)

Encs.                                                                                      

DIRECTIONS to CHASKA, Mn.(southwest of Minneapolis, southwest of Eden Prairie)

From the West:  Highway 212 or Hwy 5 east to Mn.41(also Chestnut Street), go south to Seminar; see below

From the South:  go N. on 169 to Mn.41, turn north, go over the river to Seminar; see below

From the North/East: 169 south to 212 west OR 35W South to Highway 62 or I494, West to US 212, west several miles to Mn.41, exit 41(also Chestnut Street), turn left/south, go south to the Seminar; see below.

DIRECTIONS to the SEMINAR in CHASKA: to be determined

POSSIBLE SEMINAR LOCATIONS:

Carver Co. CDA, 705 Walnut St., Chaska– the Seminar entrance is in the back of our building.  Please part on Walnut or in the lot on the northwest corner of our building, behind the Snap Fitness building, not in front of it.

AMERICAN LEGION – 102 4th St., downtown Chaska, 3 blocks from the Minnesota River bridge.

CHASKA HIGH SCHOOL – Pioneer Trail, Chaska

VALLEY FREE CHURCH – Engler Blvd., Chaska

705 Walnut Street, Chaska, MN  55318   www.carvercdaorg         Ph 952-448-7715   Facs. 952-448-6506

 

DIRECTIONS to CHASKA, Mn.(southwest of Minneapolis, southwest of Eden Prairie)

From the West:  Highway 212 or Hwy 5 east to Mn.41(also Chestnut Street), south to Chaska Blvd., left 1 block to Walnut, left to our office/seminar building; see below

From the South:  go N. on 169 to Mn.41, turn north, go over the river and you’re in Chaska Blvd., right 1 block to Walnut, left to our office/seminar location; see below

From the North/East: 169 south to 212 west OR 35W South to Highway 62 or I494, West to US 212, west several miles to Mn.41, exit 41(also Chestnut Street), turn left/south, go to Chaska Blvd., left 1 block to Walnut, left to our office/seminar location; see below.

DIRECTIONS to our OFFICE: We are located in downtown Chaska, 1 block NE of Chaska Blvd. (old Hwy 212) and Hwy 41 intersection, behind the Walgreen’s and in the same building as the Subway, 705 Walnut St.