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Even with Great Credit, There are No Low or No Doc. Loans Anymore! - 11/06/09 03:24 PM
It's been pretty common knowledge for the past 18 months that the stated income, no document, no income, and low document loans are gone. However, I think that a lot of great customers with really high credit scores- say 740 and up, don't know that in the past they probably got through the mortgage process easier because of something called alternate doc. I will list below the difference between a truly full document loan and alternate doc. (the norm of two years ago):
Full Document :
2 years W2s 2 years tax returns if you have any self employment income (even if … (4 comments)

Homestead Exemption on Two Properties in MI - 11/06/09 01:39 PM
I recently learned that the MI congress passed a law stating that home owners who buy an owner occupied home and retain their previous primary residence while they attempt to sell can keep the homestead exemption for up to three years on both properties. This is a huge benefit to move up buyers who are having a tough time selling.
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Condo Insurance- Dishonesty Coverage increased to $47,040- Fannie and Freddie Change. - 11/06/09 12:57 PM
We are seeing another Fannie and Freddie change, this time when it comes to condo coverage that the condo associations and/or management companies must have. It's regarding dishonesty coverage. Fannie and Freddie used to only require $10,000 dishonesty coverage. This is related to liability insurance. Horror stories are popping up all over the county where employees of the associations or management companies were embezzling the dues that was coming in.
See a related story below about what happened near Chicago.
http://www.nbcchicago.com/news/local-beat/willow-springs-condo-van-witz-management-complaints-56662742.html
 
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$6,500 Tax Credit For Repeat Homebuyers! $8,000 Credit for 1st Time Buyers Will be Extended! - 11/03/09 10:31 AM
There's a lot of buzz that the first time home buyer credit of $8,000 may be extended. So far it's passed the Senate and now must pass through the House.
Some are saying it's helped the economy, some are saying it hasn't. I specialize in working with first time home buyers, and I can definitely say that business picked up for me personally all summer and this fall.
I found this  article online that spells out who the repeat homebuyer credit may work for. Basically, a repeat home owner would need to have owned their existing home for five years in order … (3 comments)

 

Danell Merren

Grand Rapids, MI

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Providence Home Mortgage/ICCF

Address: 920 Cherry St SE, Grand Rapids, MI, 49506

Office Phone: (616) 719-4513

Cell Phone: (616) 437-7831

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