I specialize in custom FHA insured lending solutions for Minnesotans.

These are confusing times, but there are still solutions available that can give many people peace of mind, stability and predictability. Call or email for details.  Your questions are important to me.

Roger Watland,

Lending consultant

763-439-6009

e-mail question for Roger Watland

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For Minnesotans 62 and over, sometimes a reverse mortgage is the best solution.  Sometimes it is not.

It is my job to help you discover for yourself, using independent resources, if a reverse mortgage will best assure your plans and aspirations for the future.

FHA HECM Reverse Mortgages available for purchases or for your present home, with case numbers assigned after 2-24-2009, Limit increased to $625,500 

It's hard to keep up with the rescue package provisions and new HUD mortgagee letter updates.  This is great news for some people with homes that did not get full credit for their value under the old limits.

Dig a bit deeper into the reverse mortgage pages (links in the left column) and you will find access to official HUD reverse mortgage counselor training.  If you want a birds eye view of the updates reverse mortgage specialists receive on a daily basis, sign up here for Reverse Mortgage Daily email updates (link on right of the page).  The varied comments of reverse mortgage professionals to the breaking reverse mortgage news articles are sometimes more interesting than the news itself:)

<a href="http://s914.photobucket.com/albums/ac344/rogerwatland/?action=view&current=FrtImportanttoYou.jpg" target="_blank"><img src="http://i914.photobucket.com/albums/ac344/rogerwatland/FrtImportanttoYou.jpg" border="0" alt="FHA HECM Reverse Mortgage"></a>

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Minnesotans that wish to purchase a "fixer upper", a Bank Owned home (REO-Real Estate Owned) or remodel the home they now own, an FHA insured renovation loan may be the answer.  Your loan is based upon the total of the current value of your home plus the price of the proposed renovation.  Example: If your home's current market value is $200,000 and the proposed renovation costs $50,000, total and the appraised value of the home "as if improved" is $250,000+, you may borrow as much as 97.75% of $250,000.

For purchases and refinances after January 1, 2009, the maximum loan amount will be limited to 96.5%, still a great option, given that the prices of homes and remodeling are generally much more affordable now.  

Please be advised: Remodeling can interfere with your daily routine. 

Twin City metro area FHA loan limit for 1 unit single family homes, including 203K has been increased to $365,000 for 2009, effective for case numbers after 2-24-2009.

What We Do

• Free consultations
• Award-winning service
• Evening and Weekend Appointments OK
• Speedy pre-approvals and effective letters for purchase offers

Serving all of MN including the following cities:

Anoka Chaska Fridley New Hope Shakopee Apple Valley Columbia Heights Golden Valley North St. Paul Shoreview Blaine Coon Rapids Hopkins Oak Grove South St. Paul Bloomington Cottage Grove Inver Grove Heights Oakdale St. Anthony
Brooklyn Center Crystal Lakeville Osseo St. Louis Park
Brooklyn Park Eagan Maple Grove Plymouth St. Paul Burnsville
Eden Prairie Maplewood Richfield Vadnais Heights Cambridge Edina Mendota Heights Robbinsdale West St. Paul Champlin Farmington Minneapolis Roseville  White BearLake Chanhassen Falcon Heights New Brighton Savage
 

(Search 203K Mentor on www.appraisersforum.com for more info)

 homeloans@usfamily.net

rogerw@RiverCityMortgage.com

Call Us Today! 763-439-6009

9:AM-9:PM M-F

Weekend: 12 PM to 6 PM Saturday and Sunday

River City Mortgage & Financial acquired American Mortgage Corporation effective March 2009.

River City Mortgage appears to be an excellent match and offers in house underwriting, direct lending.  The staff, support and personnel are the best I have had the pleasure to associate with to date.

$8,000 First time home purchase tax credit rules

 MLS Listings in 50 States

 Bank Owned Listings (REO)

Remodeling costs reference

covering foreclosed properties

 Link to HUD Renovation Loan related Mortgagee Letters

HUD Explains why FHA 203Kis ideal for fixer uppers and handyman specials!