Today's real estate market offers one of the most cost effective time in history to buy a new home. With the inventory of foreclosed properties, also known as Bank Repos, or REOS (Real Estate Owned), it becomes an incentive and a golden opportunity for first time home buyers here in Livingston County Michigan.
With great deals in the Brighton, Howell, Hamburg, Pinckney, and Hartland areas, there are even better deals to be found in the Fowlerville area, with more acreage available if that is your objective in searching for a new or existing home. The current inventory of existing homes for sale here in Livingston County is at a 25 year high.
Financing options are plentiful with the FHA, VA, Conventional and Rural Development 100% financing programs. The FHA 203k program also allow you to borrow the money for financing if any repairs are necessary to bring one of these foreclosed homes to minimum standards to pass inspection for mortgage financing. Please click here to obtain financing information. Mortgage Center.
Currently our business has taken off for the Months of December 2008 and January 2009. Where is the market going? Where is the slow season from the holidays? Is this foreclosure market an indicator of how of a new wave, and that there is no seasonal influence? How is your Business doing and what are you doing to be successful?
Buying a foreclosed home in Brighton, Howell, Fowlerville, Hamburg, Pinckney, and Hartland Michigan has become a feeding ground for first time home buyers. The availability of the FHA, VA, and 100% Rural Development financing programs has allowed the inventory here in Livingston county to stabilize.
These bank owned properties some times called Bank Repos or REOs, are great bargains as we approach the bottoming of the declining market here in our county.
Buying an new Home, Bank Owned, Forclosed, or a home about to go into forclosure is really becoming simple for the consumer. Rural Development offers an excellent option to consider for financing these properties.
Rural Development Mortgage Financing Overview
USDA Government 100% Financing Sometimes good credit and a steady income are not enough to qualify for a home loan at a commercial lending institution, such as a bank, or savings and loan company. More rural families and individuals may be eligible to become homeowners with the help of a USDA guaranteed home loan. When the federal government agrees to guarantee a loan, lending institutions can help buyers while incurring less risk. Through USDA's Guaranteed Rural Housing Loan Program, people can qualify for mortgages, even without a down payment. This program will allow for the financing of Bank owned, forclosed, Bank Repos, Short Sales, and homes about to go into foreclosure.
Credit History Criteria Quick Facts
Provide modest housing for moderate income families in non urban areas
Low one time Guarantee Fee of 2% for purchases and .5% for refinances
Up to 102% (with Guarantee Fee) financing based on appraised value versus purchase price
Seller contributions and third party gifts allowable
No statutory maximum lending limits
No Monthly Mortgage Insurance (PMI)
Not restricted to first time home owners
Loan funds on a purchase can be used for repairs, the Guarantee fee, and most lender fees
Property Requirements
Primary residence only, no rentals or income producing properties
New or existing stick built, modulars, and condos / PUD
Manufactured units must be new with the dealer approved by RD
Well and septic inspection for private systems
Conventional type appraisal
Properties with in-ground swimming pools are not acceptable
No set lot size limit
The site value should not exceed 30% of the total appraised value (exceptions possible)
Income and Ratios
Income is projected forward including projected pay raises
Verification of Employment and current paystub or acceptable alternitive documentation
Self employed, two years tax returns and current P&L statement
Non taxable income such as child support or social security can be grossed up by 125%
No Minimum credit scores - limited credit usage is not consider as negative
Cannot be delinquent on a federal government debt
Applicants with less than a 620 middle credit score will have the following items considered for loan approval. More than 1 30 day late in the past 12 months. Debt written off in the past 36 months. Collections opened in the past 12 months or older ones that are still open Acceptable mitigating circumstances may offset certain adverse credit issues.
We specialize in FHA, VA, 100% Rural Development, and Conventional type Mortgages in Livingston and surrounding counties in Michigan. Brighton, howell area of Michigan acts as the hub of our community. Brighton is located just off of I-96 and US 23. We can and do service all areas of Michigan
What should I do if I'm feeling excluded from certain neighborhoods when searching for a new home?
Immediately contact the U.S. Department of Housing and Urban Development (HUD) if you ever feel excluded from a neighborhood or particular house. Also, contact HUD if you believe you are being discriminated against on the basis of race, color, religion, sex, nationality, familial status, or disability. HUD's Office of Fair Housing and Equal Opportunity has a hotline for reporting incidents of discrimination: 1-800-669-9777 (and 1-800-927-9275 for the hearing impaired). Read more about FHA/HUD financing by clicking here FHA Financing FAQ .
And always remember, it is wise to obtain a mortgage preapproval prior to searching for a home. With a preapproval in hand you will know what price range you can qualify for and afford. This help your Realtor search for the perfect home for you. It will also allow them to make an offer when you find that home so that someone else doesn't get it while you are searching for a mortgage preapproval. To begin the preapproval process click here www.44mortgage.com .
James Lasota Branch Manager American Mortgage Centers (517) 586-4030 jim@44mortgage.com
What should I look for when deciding on a community? - www.44mortgage.com
Select a community that will allow you to best live your daily life. Many people choose communities based on schools. Do you want access to shopping and public transportation? Is access to local facilities like libraries and museums important to you? Or do you prefer the peace and quiet of a rural community? When you find places that you like, talk to people that live there. They know the most about the area and will be your future neighbors. More than anything, you want a neighborhood where you feel comfortable in.
A professional Realtor can help you find the community that meets the criteria you are looking for. We work in partnership with multiple Realtors that are fantastic at finding the right home in the right neighborhood for homebuyers, especially first time home buyers. To search our preferred Realtors click here http://www.44mortgage.com/site_map.html?map=5 .
It is always wise to obtain a mortgage preapproval prior to searching for a home. With a preapproval in hand you will know what price range you can qualify for and afford. This help your Realtor search for the perfect home for you. It will also allow them to make an offer when you find that home so that someone else doesn't get it while you are searching for a mortgage preapproval. To begin the preapproval process click here www.44mortgage.com .
James Lasota Branch Manager American Mortgage Centers (517) 586-4030 jim@44mortgage.com
How can I determine my housing needs before I begin the search? - American Mortgage Centers
Your home should fit the way you live, with spaces and features that appeal to the whole family. Before you begin looking at homes, make a list of your priorities; things like location and size. Should the house be close to certain schools? your job? to public transportation? How large should the house be? What type of lot do you prefer? What kinds of amenities are you looking for? Establish a set of minimum requirements and a "wish list." Minimum requirements are things that a house must have for you to consider it, while a "wish list" covers things that you'd like to have but aren't essential.
It is most important that you find a Realtor that can and will assist you in determining these needs. We have several Realtor of whom we work with and exhibit the professional actions we require in our business model for customer care. You can find these Realtors by following this link from our website http://www.44mortgage.com/site_map.html?map=5 . You can search their website and contact them to begin the interview process in obtaining a Real Estate Professional in your area.
We also highly sugges you become pre-approved for a mortgae prior to any home search so we may identify you objectives and mortgage needs. you may get pre-approved by clicking www.44mortgage.com or giving us a call
Start by asking family and friends if they can recommend an agent. Compile a list of several agents and talk to each before choosing one. Look for an agent who listens well and understands your needs and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need. For a list of preferred realtors that we know, trust work with on a regular basis please click this link. http://www.44mortgage.com/site_map.html?map=5 . You may enter their websites through our porthole and begin searching for properties.
Victor Bals Branch Manager American Mortgage Centers 517-586-4030 Vic@44mortgage.com
How does the lender decide the maximum loan amount that I can afford?www.44mortgage.com
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA, monthly mortgage payments should be no more than 31% of gross income. While the mortgage payment combined with non-housing expenses should total no more than 43% of your income. The lender also considers cash available for down payment, closing costs and credit history. When determining your maximum loan amount. For more information on qualifying for a mortgage, please give us a call.
Victor Bals Branch Manager American Mortgage Centers 517-586-4030 Vic@44mortgage.com
The most significant advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord.
Owning a home has many benefits. When you make a mortgage payment, you are building equity which is an investment. Owning a home can also qualify you for tax breaks that actually lower your out of pocket costs. But given the freedom, stability and security of owning your own home, it is worth it. For more information on renting vs buying, please give us a call and we will gladly crunch the #'s for your particular situation.
Victor Bals Branch Manager American Mortgage Centers 517-586-4030
If any of you are wondering about mortgage interest rates in Brighton Michigan compare to other communities across the country, you would be surprised. From state to stae theese rates differ by as much as .500%. I understand that Brighton, Howell, Pinckney, Hartland, Hamburg, Whitmore Lake, and Fowlervile are considered declining markets however, this seems a bit unfair.
We want to be competitive for our clients and to do so we would like your help. If anyone sees these fluctuations as we do, please let us know. Our interest rates are posted daily at www.44mortgage.com. As interest rates are moving up and down by the minute, it gets crazy. What is the best way to look out for our clients who wish to buy a home or to refinance. In the time it takes us to complete a mortgage transaction, usually 21-30 days, the client may have locked in on an interest rate. Then by the time we close, interest rates may have dropped by as much as .75%. We are stuck and they are locked. We cannot give them the lower rate due to we are locked in with a lender. If we pull that mortgage from the lender we have chosen, and go to another lender to get the better rate, we as a broker stand the chance of loosing our ability to broker to the lender we had originally locked in with, thus potentially hurting future clients with brokering to that lender. Wow! It gets nuts being a mortgage broker.
We as a mortgage broker, have 117 lenders we have to compare interest rates on a daily basis and see ranges of rates varying of up to .5%. Boy I hope the Government gets control of this situation and stabilize this market.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
;)
;)
