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michigan foreclosure purchase: HR 5017: The Entire Text is shorter than my last status and it has sat in the Senate for over a month now. - 05/22/10 12:06 AM
Rural Housing Preservation and Stabilization Act of 2010 (Introduced in House) HR 5017 IH 111th CONGRESS 2d Session H. R. 5017 To ensure the availability of loan guarantees for rural homeowners. IN THE HOUSE OF REPRESENTATIVES April 14, 2010 Mr. KANJORSKI (for himself, Mr. HODES, Mr. WILSON of Ohio, Mr. HINOJOSA, and Mr. COURTNEY) introduced the following bill; which was referred to the Committee on Financial Services -------------------------------------------------------------------------------- A BILL To ensure the availability of loan guarantees for rural homeowners. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. … (1 comments)
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michigan foreclosure purchase: Well, RD is out of Money...What Now??? - 05/21/10 11:32 PM
Simple! Help us get the program refunded and continue funding independent from appropriations for the life of the program.
How, you ask? Again, Simple but it will take a few moments of your time and a couple of long distance minutes on next month's phone bill.
The bill in question is HR 5017, or S3266. Call Any or Preferrably ALL of the following individuals and DEMAND attention on this important issue. You can also look for my soon coming blog that will provide a form letter that you can send to each of these people via their website, and oh yes...I … (3 comments)
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michigan foreclosure purchase: First Time Home Buyer: FHA at a glance - 05/19/09 01:01 PM
First Time Home Buyer: FHA at a glance
The following was a general overview of the FHA loan program and a guide to figure out if this is the loan program for you.
Availability: Available in all areas.
Type of Homes they finance: Most property types. Single Family Properties and Multi-Family Properties will qualify. Site Condos are viewed the same as Attached Condominium Properties and are acceptable if they are approved condominium projects. You can search approved projects here: ******. Manufactured properties are acceptable if they meet individual lender requirements. Modular, Stick-Built, or BOCA-code properties are acceptable. Working … (0 comments)
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michigan foreclosure purchase: (First Time) Home Buyer’s Frequently Asked Questions - 05/08/09 01:02 PM
I will be adding to this list as I go along, but I wanted to start a nice comprehensive FAQ for homebuyers. I put "first time" in parenthesis because really this can apply to anyone buying a home, but this will apply mainly to the questions I get from first time homebuyers.
Q: Why buy instead of rent?
A: Well, pride of ownership and having something that is yours to do with what you want. A home is also a long-term investment for your future. Don't let all of the exploding market talk scare you. Real Estate prices go up and … (0 comments)
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michigan foreclosure purchase: First Time Home Buyer: How to Demand Transparency from your Loan Officer - 05/07/09 12:18 PM
There are so many ways for a loan officer to fool you and I have heard them all in my time in the business. Now I bring this knowledge to you in how to demand that your loan officer never fools you. I will also cite all of the documents that your loan officer is legally required to show you yet rarely will. I will make you as close to impenetrable as possible.
Interest Rate: Ah the interest rate. As a consumer it is always the first thing on your mind, and always the first tool you use to shop for … (1 comments)
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michigan foreclosure purchase: Michigan First Time Home Buyer: An Overall Guide - 12/09/08 09:34 AM
For a first time buyer, there is so much to worry about and so many levels of details to address, that I just want to provide a good general guide to how to start the process. You can refer to my other blogs for more detail, but I think this is a great overview.
Purchasing anything, will cost you money. A home is the biggest purchase you will ever make, but most people expect to spend less than when getting an apartment. Any decent complex will want first, last, and possibly a security deposit. That's at the very least $1000. Have … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Choosing a Loan Officer - 12/02/08 11:34 AM
Proceed with Caution: The weirdest part of talking to people about their loan experiences is that people usually are more particular about their Realtor than their Loan Officer. In reality, your Loan Officer is responsible for ten times more than your Realtor, especially in a foreclosure transaction.
They will be digging through every aspect of your life; they are exposed to some of your most sensitive information. They are responsible for organizing the entire transaction from open until close. Most importantly, this is the person that represents you, and your application to the powers that be, so you need to believe … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Escrow Account - 12/01/08 11:33 AM
What is it? An escrow account is basically a mandatory savings account to pay your taxes and insurance from. Every month you will pay your mortgage payment and a portion of that payment will go to the mortgage and a portion will go to the escrow account. When your tax and insurance bills come due, they will be paid from your escrow account company automatically. You will never see a tax or insurance bill, yet they will get paid.
Why do you need it? With almost all loans an escrow account is required by the lender you are getting your loan … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Pro-Rated Taxes. - 12/01/08 09:33 AM
Pro-Rated Taxes: Oh, the agony! Nothing causes headaches the way pro-rated taxes do. What exactly are they? It's your tax bill...and yes...it is YOUR tax bill. In most places in Michigan you get two bills for Property Taxes. One for winter and one for summer. In the vast majority of places, you pay these taxes in advance meaning you are paying in July for the tax bill between July of that year and July of next year; same for the winter bill Dec.-Dec. If you buy a house, let's say in August, the seller has already paid for the taxes through … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Don’t Get Taken Advantage Of. - 11/26/08 10:07 AM
It's so odd to me that so many people claim to have been mistreated by their mortgage lender. There is a litany of paperwork we are required to provide to you when you apply. I am sure there were plenty of less than reputable loan officers out there that didn't care to go through the numbers, but an even slightly educated borrower can't be taken advantage of. So, here's how to become an educated borrower.
The Good Faith Estimate. Make sure you get one, make sure you get one from several lenders, make sure you compare them row by row and … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: First Time Home Buyer Tax Credit - 11/24/08 10:29 AM
There is a whole bunch of confusion concerning this new First Time Home Buyer Tax Credit and I am looking to simplify things for you like I have been trying to do with all of my blogs.
I think that the most important thing to realize here is that it is not free money! It is not. It is in effect a no-interest loan from the government. It is to be repaid over a 15 year period. You won't be able to default because it will be taken out of your income tax refund of added to your charge every year.
… (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Assembling Your Purchase Team - 11/20/08 09:29 AM
If you are going to buy a home in Michigan, especially in this foreclosure driven market, nothing is more important than the team of professionals you choose to represent you. Consider these points in your search.
Rome wasn't built in a day. Do you not rush into any situation. Take at least a week to look around for reputable companies to deal with. Talk to friends and family, do some research on a few companies you target, and never consider only one source for information.
Your loan officer is the first step and most important step. This person will be digging … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Credit, or Reaching for Perfection - 11/20/08 09:17 AM
I know, seems so simple. Pay your bills on time, don't claim bankruptcy, but there is a lot more to it than that. So, what goes into a good credit score?
Good Payment History: Obviously.
Length of Payment History: One of the distinct disadvantages of a younger person.
Balance to Limit Ratio: For your credit cards it is essential to keep the balance below 50 percent. If you really want to have great credit, 30% is even better. The dollar amount is not important, it's the percentage.
Diversity of Accounts: Mortages, car loans, installment loans, student loans, credit cards, and charge … (0 comments)
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michigan foreclosure purchase: Michigan Foreclosure Purchase: What can the selling banks do or not do? - 11/19/08 12:44 PM
I have close a lot of foreclosure purchases over the last two years and have ran into some very odd demands from the selling banks. I would like to provide you with some of this information now on what these banks can and can not do that might help you in your own pursuit.
They can demand that you provide them with a pre-approval letter.
They can not demand that you obtain a pre-approval letter from any specific lender or broker. The doesn't mean you won't be told otherwise, but RESPA prohibits a seller, real estate agent, insurance agent, or anyone … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Credit Scores and What to Think about Your Score - 11/18/08 09:54 AM
I know it is hard to understand exactly what your credit score is, how it is calculated, and especially how it affects you when you want to buy a home. Here is a general, and easy to understand guide to your score in reference to obtaining a mortgage.
Below 500: Well I can't sugar coat it, you are in pretty deep. This is where it may be a good option to seek consultation from a good attorney or a non-profit credit repair service (emphasis on non-profit).
501-560: You score is pretty low, but not beyond repair. You will not be able … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: The Deadly Repair Escrow - 11/18/08 09:32 AM
Bum Bum Buummm. Enter scary music and cold sweats, you just fell in love with a home that has a broken furnace and a big orange stain where a bathtub used to be. Chances are your financing is going to resemble that orange gunk on the tile right?
There are options. With conventional financing, yes you will be sunk. The bank will only want a safe asset to secure. There are some programs that allow flexibility here like HomePossible, but it is very impractical.
The good news is, that with the foreclosure boom, came the need to repair existing homes as … (0 comments)
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michigan foreclosure purchase: Michigan Real Estate Purchase: Mortgage Insurance and WTF is this PMI? - 11/14/08 10:10 AM
We all hate it...but few of us know what it is. First, the insurance I am talking about is different than what you would get from AAA, which is home owner's insurance. A lot of first time buyers get that confused.
It is very similar though, except instead of you insuring your home, the lender is insuring its money. When you get a loan, if you put less than 20% as a down payment, the lender requires you to pay an insurance premium on this 20% that they are lending you. This is strictly for your lender and it is insurance … (0 comments)
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michigan foreclosure purchase: Michigan Foreclosure Purchase: The Time Table to the Transaction - 11/12/08 10:43 AM
We have talked about a lot of different aspects about buying a foreclosure property. I realize now that I have yet to give you the most important overview people want- a timeline expectation. Let me remedy that now by explaining what needs to be done and what the reasonable expectation should be.
You found your dream home, and you made an offer, now what? Well this is the second hardest time of the entire transaction- waiting to hear from the bank. This can take anywhere from a day to a week or two all depending on what bank owns the property. … (0 comments)
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michigan foreclosure purchase: First Time Home Buyers: The Credit Conversation and a Confidence Conundrum - 11/12/08 10:17 AM
Undoubtedly, one of the first concerns of a first time buyer is their credit. What I see in a lot of first timers is merely a confidence issue. Like I said, this starts with credit but permeates every aspect of the loan process. Much like any good team, confidence in each other is really the fuel that fires success. I have this conversation with all of my first time buyers. If you don't believe in me, don't use me. The same way that if I don't believe in you, I won't work for you. Especially in this foreclosure driven market, you … (0 comments)
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michigan foreclosure purchase: The Icon Advantage 100: Our Bread and Butter - 11/11/08 10:44 AM
Come find out how Icon Mortgage Lending empowers Michigan Home Buyers and let us give YOU the ultimate feeling of buying power. We know how important the bottom line is to you. You want to know upfront how much money is required to close on your new home. At Icon, we give YOU the ability to eliminate this worry all together. YOU have the power to chose to pay your costs at closing or to finance them. We think you should keep your money where it belongs- in YOUR POCKET! As always, we give our clients a full look at the … (0 comments)
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Matthew Watts
Grand Blanc,
MI
More about me…
Icon Mortgage Lending
Address: 3025 E. Hill Rd., Grand Blanc, MI, 48439
Office Phone: (810) 953-4266 x 205
Cell Phone: (810) 919-8138
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