About Genesee County, MI

Grand Blanc has always been on of highest selling areas in Genesee County. The home prices in Grand Blanc now make it even more attractive, search all the homes for sale in Grand Blanc (including Grand Blanc foreclosures) by Clicking

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Or Search all the foreclosed properties in our area by clicking

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I would caution you that many of the best deals are no longer foreclosures, they are owner occupied homes that are extremely well taken care of and priced very competitively with the foreclosed and distressed homes.

ChangingStreets.com will give you listing and price history, photos, room sizes and you can request a showing right online, search have fun and please email if we can make your home shopping experience better.

Info@changingstreets.com

Governor Granholm Consolidates to reduce cost

As most of us are aware the 2009 Michigan budget is living with shortfalls. Too assist with the budget issues, Governor Granholm is attempting to consolidate 18 state departments into 8.

The Michigan Association of Realtors® (MAR) supports streamlining government to prevent tax increases. In 2005, MAR in efforts with the Michigan Chamber of Commerce funded an initiative to change the way the state approaches the budget process. The Price of Government (POG) approach is to budget for outcomes. If this approach would have been used, perhaps we wouldn't be in the budget situation we are now.

Let's hope the consolidation works in the long run. Change can be difficult, we are witnesses that change is needed. As of May 2009, these changes have not yet been implemented.

(Source: MichiganRealtor March 2009, May 2009)

Angie Ridley
Complete Realty, LLC
810 744 4600

Serving Mid and Southeastern Michigan

Possible Property Tax Relief?

In Nov. MI voters maybe asked to make major decisions about property taxes. House Speaker, Andy Dillon (D-Redford) says Michigan's tax system is too complicated. Property taxes continue to increase while values decrease. Representative Brian Calley (R-Portland) would like to add to the ballot a constitutional amendment to prohibit property tax increases when values stay the same or decrease. If the Legislature doesn't put Calley's amendment on the ballot, he will ask for signatures from the people of Michigan. He will need to collect 300,000 registered voter signatures.

We have to think on the side of caution and make sure the full research is done before we vote. How will this effect budgets? The Michigan Association of Realtors® Public Policy Committee is watching the proposals closely. The Michigan Association of Realtors® will review the proposals and share the information. As always the Michigan Association of Realtors® is looking out for home owners and property rights.

As if May 2009 the Legislature will be polling the Michigan consumers for ideas as well. To be successful the plan will have to be simple...

(Source: MichiganRealtor March 2009, May 2009)

Angie Ridley
Complete Realty, LLC
810 744 4600

Serving Mid-Southeastern Michigan

First Time Home Buyer: Conforming at a glance

The following was a general overview of the Conforming loan programs such as those offered by Fannie Mae or Freddie Mac and a guide to figure out if this is the loan program for you.

Availability: Available in all areas.

Type of Homes they finance: 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, Modular, Stick-Built, or BOCA-code properties are acceptable in some circumstances but not likely to be accepted. Working Farms, unique properties, and dome-homes will not qualify.

Down Payment Required: 10% or greater in conjunction with Private Mortgage Insurance. 20% to meet conforming loan standards. In general, funds for down payment can be a gift from family.

Private Mortgage Insurance: Emphasis on the "Private" since it is obtained through a private asset insurance company such as MGIC, PMI, RMIC, or RADIAN. Generally 1% is billed monthly, though some discounts can apply. No PMI is required with 20% down.

Interest Rates: Vary greatly between lenders. Careful shopping will be required in obtaining the best interest rates. With a 20% down payment, rates are generally lower than FHA or RD financing.

Maximum Loan Amount: $417,000.

Income Limits: No income limits apply.

Credit Requirement: Varies from lender to lender. In general, a 720 FICO and 3 credit references at least 24 months old with no late payments is required, though a lower FICO is required with a down payment of 20% or greater. 36 months from Bankruptcy or Foreclosure with 3 credit references established after the discretion.

Reserves: Varies between lenders, but in general, 2 months or greater of mortgage payments are required. Can come from retirement savings, checking or savings account.

Repair Escrow: Acceptable with certain programs, but good luck finding a lender that accepts them.

General Overview: For borrowers with great credit history and available down payment sources. Interest Rates will blow away government financing if you have the means to qualify.

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 Farms, unique properties, and dome-homes will not qualify.

Down Payment Required: 3.5%. Can be a gift from family, friend, or employer. Down payment assistance is only available from grant programs.

Mortgage Insurance: 1.75% financed into your loan and and .55% is billed monthly.

Interest Rates: Vary greatly because of the great variance between lenders offering FHA financing and the Yields paid to those making the loan for you. Careful shopping will be required in obtaining the best interest rates.

Maximum Loan Amount: Varies by county. Most counties in Michigan fall at $278,000 or lower.

Income Limits: No income limits apply.

Credit Requirement: Varies from lender to lender. In general, a 620 FICO and 2 credit references at least 12 months old with no late payments is required. 36 months from Bankruptcy or Foreclosure.

Reserves: Varies between lenders, but in general, 2 months of mortgage payments are required. Can come from retirement savings, checking or savings account, or as a gift.

Repair Escrow: Available on HUD-owned properties with no contingency plan.

General Overview: Available to all borrowers meeting credit standards, emphasis on credit requirements in regards to payment history within 12 months, credit discretions explainable to underwriter are acceptable, easy qualifying with acceptable credit references.