Financing Options Available For Home Buyers

Our office, REMAX Platinum, had our weekly sales meeting yesterday and Michigan United Mortgage gave a presentation on some of the home mortgage options available for buyers. Please Note that FHA is upping their down payment requirements. These are listed below. Remember, I am not a loan officer, but if you would like more information, call (810.844.2280) or email(mnovak@remax.net) me and I can give you the name of a couple of lenders that I have worked with in the past. Money is still available and for buyers this is a fantastic time to purchase. As a realtor, I have been able to help many new home buyers purchase their first home.

USDA Rural Development (Owner occupied only)

Zero down (with income and location standards)

6% concessions maximum

FHA Mortgage (Owner occupied only, Loan Limit $297,500 Livingston & Oakland/$271,050 Genesee/$345,000 Washtenaw)

3.5% down payment (effective 1/01/2009)

6% concessions maximum

VA Mortgage (Owner occupied only, Loan amounts up to $417,000)

Zero down

4% concessions maximum

Conventional Mortgage (Loan amounts up to $417,000)

Owner Occupied (Primary Residence) and Second Home

5% down in certain zip codes

10% down - most of Southeast Michigan

Concessions:

> 90% CLTV = 3%
>75% & < 90% CLTV = 6%
<75% CLTV = 9%

Investment:

20% down

2% concessions

**Concessions are defined as any Interested Party contributing (seller, Realtor, Lender).

Livingston County MI Real Estate Rocks!