Michael L. Louden

NMLS# 400921

Branch Manager, Producing

Michael L. Louden
Branch Manager, Producing

NMLS# 400921
State Lic: CO # 100039010; MN # MN-MLO-400921; WI # 400921 ;
235 1st Ave E
Shakopee, MN 55379
Branch: (952) 777-2205
Mobile: (612) 578-8874
Fax: (952) 674-3838
mike.louden@academymortgage.com

Academy's My Mortgage App

Welcome!

It’s all about service at Academy Mortgage, and our company has been meeting the needs of homebuyers across the United States since 1988. I joined Academy because of its strong reputation for integrity-based mortgage lending, its unwavering commitment to responsible lending practices, and for its broad portfolio of mortgage solutions and tools.

Since joining Academy, I have helped many individuals and families attain the dream of homeownership. Whether you want to buy a new home or refinance an existing mortgage, I will provide a customized solution for you at competitive rates. No brokering, no middleman, no hassle, no surprises.

Academy is a direct lender, which means that my Branch and Regional Offices are equipped to complete the entire loan process in-house—all loan processing, underwriting, closings, and funding are handled locally. As a result, we have a proven track record of closing loans as quickly and efficiently as possible.

I will be in control of your loan file from start to finish, and I will be up-to-date on the status of your loan at all times. I understand the importance of maintaining continuous communication throughout the loan process and commit to providing you accurate, timely, and honest mortgage advice.

I invite you to put us to the test. Let me show you how simple and easy securing a mortgage can be.

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ARTICLES

Read these articles to educate yourself on the mortgage process and industry.
We are proud to be one of the top independent purchase lenders in the country. We achieved this distinction by continually providing exceptional customer service and by following responsible lending practices, especially in today’s rapidly changing economy.Adam Kessler, CEO, Academy Mortgage

NMLS# 400921

State Lic: CO: 100039010; MN: MN-MLO-400921; WI: 400921 ;

Corp Lic: CO: 3113; MN: MN-MO-40125689; WI: 3113BA and 3113BR;

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3 common concerns sellers have about FHA borrowers

For first-time homebuyers entering the real estate market, an FHA loan is an attractive option for an affordable residential mortgage for a number of reasons including lower credit score and down payment requirements.

The same features that make the FHA loan program so attractive for buyers doesn't always seem so great from the seller's perspective. When sellers learn that an offer is made from an FHA borrower, some get nervous. However, the reality is that many FHA borrowers are just as qualified and reliable borrowers as conventional mortgage borrowers. In fact, according to mortgage origination software company Ellie Mae, 70% of FHA loan applications from the previous 90 days were closed in Sept. 2017, only slightly below the conventional loan closing rate of 71.8%.

Here are some concerns sellers have about FHA loans and the truth behind them:

Concern No. 1: FHA borrowers have bad credit

FHA loans are available to those even with credit scores in the 500s or with no credit history at all. While this is good news for prospective homebuyers, sellers may worry that people with such low credit will encounter problems in the underwriting process, FHA Handbook explained. A poor credit score is generally regarded as a sign that someone is a more risky borrower.

If a seller accepts an offer from a buyer who then gets turned down for a loan during the underwriting process, the seller will have to try again to find a qualified buyer. Many times, a seller would rather the first buyer work out and move on with the sale.

FHA Handbook pointed out this shouldn't be a major concern for sellers; many FHA borrowers successfully obtain their loan in the end and are able to make the purchase.

Concern No. 2: The FHA requires a home inspection

An appraisal is needed for almost all home sales. The appraisal process simply means that an expert reviews key information and determines how much the property is worth. An FHA appraisal is a little bit more involved: In addition to determining the value of the property, an FHA appraisal also includes an inspection to make sure the home is compliant with the Department of Housing and Urban Development's minimum health and safety standards, according to FHA Handbook.

If a seller has, for example, an air conditioner that's broken and doesn't have the funds to repair or replace it, the home won't pass the FHA appraisal. If this happens, the seller must:

  1. Pay for a new air conditioner or for the appliance to be repaired.
  2. Schedule for a second inspection, and perhaps pay for it as well.

Sellers aren't keen on this extended appraisal process, nor are they excited to spend more money on the sale of their homes. Some think it'd be easier to simply say "no" to the FHA offer in favor of a buyer with a conventional mortgage.

Concern No. 3: FHA borrowers can't afford home upgrades or a large down payment

The low down payment is a big draw for people seeking out an affordable home mortgage. However, sellers worry about buyers who appear to be strapped for cash. Sellers wonder whether the buyer will expect the seller to make extensive home repairs as a condition of the sale. Additionally, if the home inspection turns up a problem with the home that the buyer can't afford to remedy after moving in, the seller might ponder whether the buyer will back out as a result.

Another concern is the appraisal showing that the home is overvalued, Bankrate explained. A buyer who doesn't have a lot of cash may want to negotiate a lower sale price when this is the case - something most sellers don't want to do. However, this may not be an issue if the buyer is willing to make the same down payment regardless of price or is willing to accept the original sale price of the home.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2016 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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Is refinancing my mortgage a good idea?

https://academymortgage.com/news/article/industry-updates/is-refinancing-my-mortgage-a-good-idea I want the actual article to beable to post on my website, not the url. ×

Your credit score questions, answered

Before you take out a residential mortgage, your lender will need to review some financial information with you, one piece of which is your credit report.

If you've never pulled your credit report or considered what your credit score might be, this part of the process might make you nervous. It shouldn't, though; your credit report and credit score will simply tell the lender how good you are at paying off debt and how much debt you currently have. The higher your score, the better, but that doesn't mean you won't be able to secure a good home loan with an unimpressive score.

Here's what you need to know about credit scores, credit reports and how they affect the mortgage origination process:

What's a credit score?

Your credit score is a three-digit number on a scale of 300-850. Everyone has multiple credit scores because different credit bureaus calculate them independently. To come up with the three-digit score, the companies use complicated proprietary equations.

Even though they don't share the equations with the public, FICO, the most well-known score-calculating company, explains how different factors impact your score:

What is a "good" or "bad" score?

Generally, scores that are 700 or above are considered good, and scores over 750-800 are considered excellent. These scores indicate you pay your bills on time and know how to manage multiple forms of debt, making you an excellent candidate for a home loan.

Scores of 550-580 or below are considered very poor. It would be difficult to get a loan of any kind with a score like this. If you discover that your score falls into this category, though, don't worry; there are plenty of strategies you can adopt to bring your score up.

Does everyone have a credit score?

No. If you've never opened a credit card or taken out a loan, you may not have a score, meaning you're "credit invisible." This can make taking out a loan challenging, but not impossible.

What score do I need to get a mortgage?

There's no clear-cut answer to this question because different programs have different requirements. People with credit scores as low as 580 may be able to get an FHA loan, and there's no minimum credit score for VA loans. The best thing to do is to reach out to your mortgage lender and talk about your options - you may have more than you think!

What's a credit report?

While many people talk about credit scores, your lender will want to see your entire credit report. There's a difference here; your score is just that three-digit number. The credit report details what factors went into the equation that resulted in your score.

Your lender will likely pull your credit report directly from one or more of the three main credit bureaus: Experian, Equifax and TransUnion. But don't wait for your lender to pull the report to discover what's included in it for yourself. Everyone has access to their own reports through the government-mandated website, annualcreditreport.com. You can get one free credit report each year from each of the three bureaus.

If you've never pulled your credit report, try it today. There's always a chance that there's an error included in it that could affect your score, and it's best to sort that out sooner rather than later. Plus, it's always nice to know what your lender will see ahead of time, so there's no surprises when you inquire about your eligibility for a home loan.

Academy Mortgage is one of the top independent purchase lenders in the country as ranked in the 2016 CoreLogic Marketrac Report. Visit www.academymortgage.com to find a loan, get a rate, or calculate your payment today.

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