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!
Yep, you read it right! White Castle Hamburger Stuffing. My son purchased his first home(in Livonia MI), thanks to my real estate help, this past June and decided that he would host Thanksgiving Dinner. Trust me, I was more than thrilled to say YES, WE WILL BE THERE!
Anyways, his stuffing for the bird was White Castle Hamburgers. Below is the recipe that he found on the web and I will tell you, it was YUMMY. Tasted like sausage stuffing.
White Castle Hamburger Stuffing
1 White Castle Hamburger per each pound of turkey (no pickles)
rip up the hamburgers, add chopped celery and wet it down with chickent stock
stuff in bird and roast
ENJOY!
"Professionally Bringing Home Buyers & Sellers Together"
Livingston Diversity Council is a grass roots group made up of local business people, private citizens, educators, government officials and clergy. This group was founded 20 years ago. The mission of the council is to create a more welcoming community. One of the activities that this group offers is a mini-series. The next mini-series is scheduled for Dec. 2, 2008 and the topic is understanding and learning about various religious traditions within our community. To learn more about the Livingston Diversity Council go to: www.livingstondiversity.org
Buddhism.Judaism.Christianity.Islam
What do these religions have in common, and what makes them unique?
Join us for the fourth Member Mini-series
and find out!
Understand the religious traditions of others in our community.
Come to learn...
Come to share...
Come to understand.
Steve Spreitzer of Michigan Roundtable for Diversity and Inclusion will be the moderator.
We are very grateful to Steve for arranging for the following four speakers:
Topics to be discussed and shared:
Tuesday, December 2nd
6:30-9:00 pm
Cromaine Library Crossroads Branch
1788 N Old US Highway 23
Howell 48843
South of M59 on Old 23
Great news to help everyone with the expected higher heating costs this winter! The Michigan State Housing Development Authority is offering a low cost loan program to make energy efficient improvements. To be eligible for the loans, homeowners can not make over $74,750, but if you are a landlord, there are no limits. Loans for single family homes are available for up to $50,000 and $100,000 for landlord (landlords do not have income requirements). This figure is based on location of the home. Interest rates will vary from 4 up to 8% and are based on household income. If you do not have equity in your home, you can borrow up to $50,000. For more information call 517.373-8017 or log onto www.michigan.gov/mshda
"Professionally Bringing Home Owners & Sellers Together"
Livingston County Real Esate Rocks!
FUNDING FOR USDA RURAL DEVELOPMENT AVAILABLE
I am not a mortgage lender but have had many clients use Rural Development to fund their home purchase. Some of the pluses of this program are:
*YOU DO NOT HAVE TO BE A FIRST TIME HOME BUYER
* Zero down financing for eligible borrowers and eligible properties
*No monthly mortgage insurance premium. A 2% rural development fee is rolled into loan
*Bankruptcy or foreclosure in past three years is acceptable with unique circumstance letter and credit score of 620+
6% Seller Concessions are allowable
*Well & Septic inspection with water test required
*Existing Home Certificate required with appraisal
*Borrower cannot own another property.
*Purchase of appliances or small repairs can be rolled into loan if appraisal suffices. Repairs MUST be done prior to close or 150% of cost must escrowed by borrower or seller.
*Property can be new construction, site condos, PUD's (whereas these properties are difficult to finance as FHA)
All of Livingston County MI is eligible. Use the USDA Property website: http://eligibility.sc.egov.usda.gov Other areas in Michigan are also eligible, check out the web site or call me and I'll find out if your area is eligible for USDA Rural Development Financing 810.844.2280
"Professionally Bringing Home Buyers & Sellers Together"
Livingston County MI Real Estate Rocks!
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I unite home buyers and home sellers SUCCESSFULLY in Michigan's challenging real estate market! As a CDPE and SFR I can help homeowners avoid foreclosure & save their credit.
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