Grand Blanc, MI

Al Serra Hummer has out sold every other Hummer Dealership in the United States for the 3^rd year in a row! They sold approximately 900 Hummers. http://hummer.alserra.com/

With all the gloom and doom on the news, I hope this gives Genesee County a reality check. Try to eat at Logan's, Out Back Steak House, Olive Garden, ect on Friday or Saturday night with out having to wait 45 minutes to an hour. Record home sales are happening in Genesee County. Last year we had our 3^rd largest transaction year, we are way ahead of the year to date sales this year already. The prices are down, we have to sell to level the prices out and create a demand.

My husband and I were attempting to find our kids a used camper for the summer. That was nearly impossible. The used trailers went like hot cakes and the salesperson at General RV Birch Run Michigan said the new trailers are selling just as fast!

I wish the news media would talk about these positive issues...

Al Serra, Congratulations for more reasons than one!

More buyers use ChangingStreets.com than any other website to find their homes in Genesee County, as a matter fact 11,359 different people visited last month alone, why? We like to think it is the whole experience, easy to use site, experienced people to assist when you are ready and great lenders.

That great web traffic also means that ChangingStreets.com agents have helped more buyers on average than any other firms agents in our market, we love buyers. To increase the buyers experience we have been working with loan officers to provide you a reputable, reliable mortgage source.

http://www.changingstreets.com/buying_a_home/mortgage/

You can request a pre-approval at the above link, no private information, and we will not sell your information, we are in the client experience business, not the data collection business.

A pre-approval from a proven reliable lender, that is Smart, Easy, Sane.

First Time Home Buyer Tax Credit as Down Payment or: Dirty Deeds Done Dirt Cheap

I think this is an important discussion to have so I am going to post this blog a few days in a row to make sure it gets out. There is a lot of confusion concerning the First Time Home Buyer Tax Credit especially now that FHA has approved the funds to be used towards down payment and I am looking to simplify things for you like I have been trying to do with all of my blogs.

This one, I feel is of great importance because I hate to be the one to you know: burst the bubble, but as I hear folks industry wide rejoice at the possibilities of borrowers being able to use their tax credit as a down payment for their new home I would like at least make a few points to the contrary.

1. Premature Jubilation: Everyone right now is scrambling to get the info to you that you can now use your tax credit as a down payment for an FHA loan. The thing they don't realize is that until lenders roll out a program which allows you to use your tax credit in such a way, it makes NO difference whatsoever. So before you get yourself all worked up, we first have to actually have it available for you.

This is most easily show with this example- in July of last year FHA approved funding for the Hope fro Homeowner program in which they were going to refinance people that were having trouble making their mortgage payments. This was the program that was supposed to stabilize our housing market. Instead, no Lender ever even touched the program, and it was ultimately just discontinued in January 2009.

2. There's a Snake in that Grass. Please also understand that they are not just letting you use your money for your down payment. What they want to do is give you a loan that you can in turn pay back. Now, if that suits you, then fine. But understand that this is not the same as the free stimulus that it is meant to be. Ultimately you allowing someone to give you a loan on that money it is going to benefit you, not them. Just understand that it is NOT in your best interest to take free money and turn it into a loan. DON'T LET THE VULTURES GET TO YOUR MONEY!!!

So, I shouldn't take it? I am not saying that it can't help anyone...but use your head, weigh your options, ask more than one person, and always read the fine print. If you don not absolutely NEED to use the money as a down payment...DON'T.

You may not even be thinking about it now, but there are so many good ways to use this money, please do not get ripped off before you even have the chance! Here are just a few examples of what to do:

Pay down the principle balance of your mortgage. In fact, if you get $7500 and put it directly on your principle balance of a $100,000 mortgage, that one payment will cut 4 years and $60,000 in interest payments right off of your mortgage!

Pay down high interest credit cards. Pay that high credit card loan off, use the boost in credit score to get a better credit card at a lower interest rate, let the paid off card sit there open with no balance and enjoy a great credit score for quite some time and save thousand on future mortgages, credit cards, car insurance...you name it.

Invest it. Ok, so maybe the stock market isn't so hot now, but if you can find something safe that it sure to yield, it is a win-win for you my friend. Heck, even a high yielding savings account or a 2-year CD will make you great money.

Take advantage now, because the tax credit goes away if you close on your new home after November 30th, 2009. Happy Home Hunting to you all!

For more in-depth help, go to our website:

www.iconmortgagelending.com

*This has been an Emily inspired blog.

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

Search Grand Blanc Homes for Sale

Or Search all the foreclosed properties in our area by clicking

Search Foreclosures Only

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

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.