My name is Andy Boyum, and I am The Minnesota Mortgage Guy. I am a Mortgage Loan Consultant - NMLS #205668, employed with Loan Depot, LLC - NMLS #174457. The Loan Depot corporate headquarters is located in Foothill Ranch, California with our local branch (NMLS #2022735) located in Eagan, Minnesota. I am licensed to originate residential mortgages in the entire state of Minnesota, however I primarily serve my local market of the 7-County Metro Area.
I have been in the mortgage industry since 2005 and I believe being a loan officer is much more than just knowing how to close a loan. Having been involved in hundreds of mortgage loan transactions throughout the years gives me valuable insight as to where the mortgage landscape has been, where it is right now, and even more importantly - where it is headed.
During my mortgage career I have been able to gain unique perspective as to what potential roadblocks and hurdles may be encountered during the loan process and how to avoid them. Conversations with me will be much more than simply how to navigate a single loan transaction, but a deeper understanding of how to truly take control of your financial future.
I have been in the mortgage industry since 2005 and I believe being a loan officer is much more than just knowing how to close a loan. Having been involved in hundreds of mortgage loan transactions throughout the years gives me valuable insight as to where the mortgage landscape has been, where it is right now, and even more importantly - where it is headed.
During my mortgage career I have been able to gain unique perspective as to what potential roadblocks and hurdles may be encountered during the loan process and how to avoid them. Conversations with me will be much more than simply how to navigate a single loan transaction, but a deeper understanding of how to truly take control of your financial future.
Services
A conventional loan is a home loan that is not guaranteed or insured by the federal government and conforms to the loan limits set forth by Fannie Mae and Freddie Mac.
Conventional loans can be taken out for as short or long a term as you wish, and are available in fixed and adjustable-rate products.
Conventional loans are offered privately and then sold to Fannie Mae/Freddie Mac.
Because they are not guaranteed by the government if the buyer defaults, they are a higher risk for lenders.
It is for this reason that conventional loans require a higher down payment.
Conventional loans can be taken out for as short or long a term as you wish, and are available in fixed and adjustable-rate products.
Conventional loans are offered privately and then sold to Fannie Mae/Freddie Mac.
Because they are not guaranteed by the government if the buyer defaults, they are a higher risk for lenders.
It is for this reason that conventional loans require a higher down payment.
An FHA loan is a home loan the Federal Housing Administration insures and allow relaxed lending standards to help homeowners who don't qualify for a conventional mortgage.
Typically an FHA loan is one of the easier types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit.
For FHA loans, down payment of 3.5 percent is required for maximum financing.
Borrowers with credit scores as low as 580 can qualify for an FHA loan, and those with 640 or higher can typically qualify for lower rates than conventional financing.
Typically an FHA loan is one of the easier types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit.
For FHA loans, down payment of 3.5 percent is required for maximum financing.
Borrowers with credit scores as low as 580 can qualify for an FHA loan, and those with 640 or higher can typically qualify for lower rates than conventional financing.
A VA loan is backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military.
While the VA does not lend money for VA loans, it backs loans made by private lenders (banks, savings and loans, or mortgage companies) to veterans, active military personnel, and military spouses who qualify.
There are three types of VA loans: purchase loans, interest rate reduction refinance loans (or IRRRL, also referred to as a VA streamline refinance loan), and cash-out refinance loans.
While the VA does not lend money for VA loans, it backs loans made by private lenders (banks, savings and loans, or mortgage companies) to veterans, active military personnel, and military spouses who qualify.
There are three types of VA loans: purchase loans, interest rate reduction refinance loans (or IRRRL, also referred to as a VA streamline refinance loan), and cash-out refinance loans.
Zero Money Down - 100% Financing for clients meeting specific property and income eligibility guidelines.
According to the United States Department of Agriculture - "The Office of Rural Development assists lenders in providing low and moderate income households living in a rural area the opportunity to make homeownership a reality and to improve the economy and quality of life in rural America."
The biggest advantage of a RD loan is that there is zero down payment needed.
So even if you have money that you could use to put down on a property you do not necessarily need to do so if the home is RD Eligible.
According to the United States Department of Agriculture - "The Office of Rural Development assists lenders in providing low and moderate income households living in a rural area the opportunity to make homeownership a reality and to improve the economy and quality of life in rural America."
The biggest advantage of a RD loan is that there is zero down payment needed.
So even if you have money that you could use to put down on a property you do not necessarily need to do so if the home is RD Eligible.
Are you looking to purchase and renovate/remodel a new home, second home, or investment property?
Maybe looking to completely rehab or renovate your existing home?.
A renovation loan such as an FHA 203k or a FannieMae HomeStyle loan lets you purchase or refinance and rehabilitate a property with one loan closing.
The projected rehabilitation costs are held in an escrow account and disbursed as work is completed and inspected.
The loan amount is based on the lower of the projected market value following repairs or purchase price plus renovation costs.*
Maybe looking to completely rehab or renovate your existing home?.
A renovation loan such as an FHA 203k or a FannieMae HomeStyle loan lets you purchase or refinance and rehabilitate a property with one loan closing.
The projected rehabilitation costs are held in an escrow account and disbursed as work is completed and inspected.
The loan amount is based on the lower of the projected market value following repairs or purchase price plus renovation costs.*
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