Financing in Ann Arbor : Advice

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wingtrl, Renter in Ann Arbor, MI
wingtrl asked:
Is possible to get a fha loan in michigan on a coop? Is it possible for my family and I to get a fha loan on a coop property in ann arbor michigan? If so what lenders do I need to go to? The property is in colonial squares if that helps.
0 votes Share Flag Mon Feb 24, 2014 Financing in Ann Arbor
Dan Tabit, Real Estate Pro in Sammamish, WA
Dan Tabit answered:
Q: Two Mortgages
Carverd,
You have good questions, but you need to ask them from a local contact who has more facts than you should post on a public site.
Last I knew, banks would not consider rent ... more
0 votes Share Flag Sun Dec 29, 2013 Financing in 48103
Missy Caulk &…, Real Estate Pro in Ann Arbor, MI
Missy Caulk & Team answered:
Do I really have to rent my condo for 2 full years before a lender will consider this income in regards to obtaining a new loan for a bigger house?
It depends on the lender but generally yes. Although I have seen some that will get through under writing with a signed lease once they review it. It depends on the reserves you have sa ... more
0 votes Share Flag Sat Dec 28, 2013 Financing in 48103
Kathy Toth, Real Estate Pro in 48103
A land contract, also called seller financing, is a way to purchase real property without third party involvement such as a mortgage company.  The contract is between the buyer and the seller.  Most… Read more
Blogged Mon Sep 9, 2013 by Kathy Toth Financing
Joycelewis412, Home Buyer in Sacramento, CA
Joycelewis412 answered:
How long after a foreclosure can you purchase a home?
Know if you can qualify for a mortgage after short sale, foreclosure, or filing bankruptcy. Check out http://www.whywaitbuytoday.com for details.
0 votes Share Flag Sat Aug 10, 2013 Financing in Ann Arbor
Dianna Lake, Real Estate Pro in Plymouth, MI
Dianna Lake answered:
Portfolio Loans
Edward,
Yes, I work with a Bank in the area that will do Portfolio loans. Please feel free to contact me at your convenience for more information.

Keller Williams Realty
40600 Ann ... more
0 votes Share Flag Tue Jun 4, 2013 Financing in Ann Arbor
Garett Hyman, Real Estate Pro in Ann Arbor, MI
Garett Hyman answered:
Is it possible to get a pre-approval letter for an "Offer Letter Mortgage" in Ann Arbor, MI? Looking for recommendations for recent
You can still be on the loan with your wife. However, only your wifes income will be used to qualify. Even though your credit score is higher than your wifes there is no benefit for you ... more
1 vote Share Flag Mon Feb 4, 2013 Financing in Ann Arbor
Tom Stachler, Real Estate Pro in Ann Arbor, MI
Tom Stachler answered:
What is a competitive interest rate for a vacant land loan with a 10 year term, 20% down, and excellent credit?
Check with Greenstone Credit who does a lot of vacant land. www.LendAnnArbor.com and let us know if we can be of any help finding property for you.
0 votes Share Flag Sat Jan 19, 2013 Financing in 48103
Allison Fish…, Real Estate Pro in 48103
Use a lender and title company that you trust! If you don’t have a good referral for either – talk to your Realtor.  An experienced Realtor has great contacts for someone that they have… Read more
Blogged Thu Aug 30, 2012 by Allison Fishwick Home Buying Home Selling Financing
Allison Fish…, Real Estate Pro in 48103
The key to making a successful offer is having a real estate agent that knows what they are doing and is informed about the current market.  The agent should have all of the paperwork you need and will… Read more
Blogged Thu Aug 16, 2012 by Allison Fishwick Home Buying Home Selling Financing
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Allison Fish…, Real Estate Pro in 48103
Are you one of them? The “word on the street” is some people are frustrated trying to refinance under the Home Affordable Refinance Program.  However, numbers don’t lie and statistics… Read more
Blogged Sun Aug 5, 2012 by Allison Fishwick Market Conditions Financing
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Allison Fish…, Real Estate Pro in 48103
As we covered in our last blog – real estate sales are UP from last year! This is an encouraging sign for the market - as it strengthens in many ways AND continues to shows signs of stabilizing. … Read more
Blogged Thu Jun 28, 2012 by Allison Fishwick Home Buying Financing Rent vs Buy
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Tyrene, Real Estate Pro in Detroit, MI
Tyrene answered:
Realstate investment via LLC
indeed i agree! since the changes in this industry u should be able to find many of bank lender 's that will finance easily with 30% down along with a credit score of 650 Dan.
0 votes Share Flag Sun Jun 24, 2012 Financing in 48103
Nick, Home Buyer in Ann Arbor, MI
Nick answered:
$550K home in Ann Arbor, MI with less than 20% down --> Mission Impossible?
The home we were considering sold in 3 days. We have decided to limit our home search to 300-400k so we can put 20% down.

As for listing my income, I sincerely appreciate the conc ... more
0 votes Share Flag Sun Jun 24, 2012 Financing in Ann Arbor
Tyrene, Real Estate Pro in Detroit, MI
Tyrene answered:
Purchasing investment home via LLC
Hello Dan not a problem ! I would be glad to assist you down the right path of home ownership, I know plus work with Banker's at JP Morgan Chase, Do you have a special Home you have yo ... more
0 votes Share Flag Sun Jun 3, 2012 Financing in Ann Arbor
Tyrene, Real Estate Pro in Detroit, MI
Tyrene answered:
Are there any hard money lenders in the Ann Arbor/ Ypsilanti area?
Yes indeed Ra Clayton it's many and the area, you will have to become more direct on matters far as what type of investment loan, how good is your credit, Do you have a credit history ... more
0 votes Share Flag Sun Jun 3, 2012 Financing in Ann Arbor
Renee Badall, Real Estate Pro in Ann Arbor, MI
Are you a homeowner?  Are you thinking of or trying to become a homeowner? Did you purchase a bank-owned home or other vacant home that was listed as 0% Homestead?  Are you trying to qualify to… Read more
Blogged Fri May 4, 2012 by Renee Badall Home Buying Financing Foreclosure
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Renee Badall, Real Estate Pro in Ann Arbor, MI
If you want to find out if Freddie Mac or Fannie Mae owns your loan, please check the following websites:Freddie MacFannie MaeYou must be the homeowner. Read more
Blogged Wed May 2, 2012 by Renee Badall Home Selling Financing Property Q&A
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Renee Badall, Real Estate Pro in Ann Arbor, MI
In late March/early April, a number of sellers in the process of a short sale were informed by the loan service company – Freddie Mac – that their short sales had been cancelled.  Many… Read more
Blogged Wed May 2, 2012 by Renee Badall Home Selling Financing Foreclosure
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Theresa Tayl…, Real Estate Pro in Ann Arbor, MI
Mortgage Rate Update30yr fxd – 3.875% APR – 3.902%20yr fxd – 3.625% APR - 3.692%15yr fxd – 3.125% APR – 3.190%10yr fxd – 3.000% APR – 3.040%30 yr fxd FHA… Read more
Blogged Wed Apr 18, 2012 by Theresa Taylor Home Buying Home Selling Financing
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