fha mortgages in mi: Don't spend your income tax refund - you're going to need every penny of it to purchase a home with the new FHA guidelines in force. - 01/23/10 11:14 PM
Just as we suspected would happen, FHA has now had some major changes and it is now going to cost you more out-of-pocket money to purchase a home.             New - Sellers concessions are limited to 3% of the purchase price.             New - Upfront mortgage insurance premium is increased to 2.25%. Here is an example of what the lower sellers concessions to the buyers will look like for you: If you are purchasing a $50,000 home the seller will only be able to  contribute $1500 to help you with closing costs, pre-paid items and/or tax prorations.   (This same purchase before … (8 comments)

fha mortgages in mi: "You mean I'm financing my closing costs??" - what it really means when you ask for sellers concessions - 09/18/09 04:56 AM
One of the most confusing aspects of the purchase process for home buyers is sellers concessions.  They've heard their mortgage lender mention it, in lieu of the buyers needing to bring to closing all of their closing costs, pre-paids, etc.    It's also been discussed with their buyers agent during the process and while sitting down to write an offer on a home.   It is still confusing to most buyers though unless you draw it out for them - who is really paying for what, and what it means to them in the amount they will finance.  The table below is an … (16 comments)

fha mortgages in mi: Credit scores - FICO scores for mortgages - I need a 700 credit score? - 09/15/09 08:08 AM
 
Jeff Belonger was kind enough to allow this wonderful article to be re-blogged (re-published) and since it is such a terrific article about FHA and credit scores I knew it would help many of you who have the same questions.
Thank you Jeff.  Once again, you have come to the forefront with a wealth of knowledge about FHA mortgage products.
 
 

Yes, credit guidelines have gotten tougher, but NO, you don’t need a 700 credit score.
 
 
Here we go again, with realtors making things sound semi easy. There was a question on Trulia last week, and … (4 comments)

fha mortgages in mi: First time home buyers are starting to realize the bargains in Macomb County MI - February 2009 real estate market report - 03/04/09 09:35 PM
I had a nice surprise this morning when I reviewed the home salesin Macomb County MI for the past month (February 2009)One of the things I picked up on during the month was the feeling that first time home buyers were starting to feel comfortable again about our market and realizing that many home mortgages now are less than or comparable to what they are paying to rent an apartment or a house.The data that I reviewed this morning gave weight to the "feeling"  that I've had and I'm excited about it.383 homes in Macomb County that were priced under $150,000 … (18 comments)

fha mortgages in mi: Pleading for help from real estate professionals nationwide - let's counter the misinformation with the truth - 11/16/08 08:52 PM
****Added for clarity:  The Macomb Daily did not print erroneous information.  A commenter to the article stated information that was not factual - in fact it was completely untrue!****
 
In Saturdays online edition of The Macomb Daily an article was written about the condition of the real estate market for the month of October 2008. It was a fine article, nothing earth shattering that those of us who are in the real estate industry in this area don't already know, but helpful to those who aren't 'in the know'.   I didn't take exception to much in the article itself, and … (16 comments)

fha mortgages in mi: What's been happening with Chesterfield Township MI real estate? - 06/09/08 12:47 AM
It certainly has been a busy spring in our fine area of Macomb County MI.  During the month of May twenty two homes sold, and 5 homes were rented.Sales prices ranged from $95,750 for a home on Forbes that sold, to $207,900 for the home on Leopard that recently found new owners.  What I found most striking is that the list - sell price ratio was 98%.   Home sellers in Chesterfield Township MI are pricing their homes to sell and the buyers are realizing this trend.  
Many of the homes that sold were to buyers utilizing FHA mortgages with the home … (5 comments)

 
Kris Wales, Real Estate Blog & Homes for Sale search site, Macomb County MI (Keller Williams Realty - Lakeside Market Center)

Kris Wales

Real Estate Blog & Homes for Sale search site,...

Macomb, MI

More about me…

Keller Williams Realty - Lakeside Market Center

Address: 45609 Village Blvd., Shelby Township, MI, 48315

Office: (586) 536-5453

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A partner for your real estate needs in Macomb County.Looking for a full time real estate professional with overa decade of experience in Macomb County MI and it's surrounding areas?  Feel free to get to know me and how I conduct my business by reading here and visiting Chataboutmacomb.com and Macombhomes.comI'm a firm believer that the best real estate relationship is a partnership. We work together to achieve your goals - whether it be in purchasing your first home or selling your present home to purchase another orto relocate.Please feel free to email me at any time. I would enjoy chatting with you and getting to know you.


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