Financing in Ann Arbor : Real Estate Advice

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Joykeeby, Home Buyer in Ann Arbor, MI
Joykeeby answered:
What is "hazard insurance' and do I have to have it. I am going FHA.. Thanks alot for the previous answers
My Condo has insurance and the bank wants me to get hazard insurance before they lower my loan payments
0 votes Share Flag Wed Apr 27, 2016 Financing in Ann Arbor
John A Goetz, Real Estate Pro in Ann Arbor, MI
John A Goetz answered:
Is possible to get a fha loan in michigan on a coop?
Some financing companies are now offering insured conventional loans at 3% down. There are a lot of advantages of this program versus FHA. I'd be happy to put you in touch with some l ... more
0 votes Share Flag Mon Mar 16, 2015 Financing in Ann Arbor
Dan Tabit, Real Estate Pro in Issaquah, 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 Saline, MI
Missy Caulk 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
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 Plymouth, 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, ABR,CDPE 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
TyrenePasco, Real Estate Pro in Detroit, MI
TyrenePasco 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
TyrenePasco, Real Estate Pro in Detroit, MI
TyrenePasco 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
TyrenePasco, Real Estate Pro in Detroit, MI
TyrenePasco 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
Susan Alvarez, Real Estate Pro in Longmont, CO
Susan Alvarez answered:
We live in CO, My husband got a job in MI for $60K more, we can't sell our house in CO thinking of renting it out can we qualify for home in MI?
Hello Leann,
I think that is wonderful that you will be able to buy in Michigan. Please don't give up on Denver. RE/MAX says home sales were 18 percent higher in August, comparing ... more
0 votes Share Flag Thu Sep 15, 2011 Financing in Ann Arbor
Tom Stachler,…, Real Estate Pro in Ann Arbor, MI
Tom Stachler, ABR,CDPE answered:
Need good mortgage broker in AA? 3 properties.
Dear Rollover

Go to www.LendAnnArbor.com to find a list of lenders that I have found to be very competent and competitive. You can also stop by my website for free direct MLS access ... more
1 vote Share Flag Thu Sep 15, 2011 Financing in Ann Arbor
Tom Stachler,…, Real Estate Pro in Ann Arbor, MI
Tom Stachler, ABR,CDPE answered:
I have a 572 credit score, am I still able to purchase my first home on my own?
Check with your lender, but last I heard you needed the high 600's min. Stop by our website listed below to tour properties and keep in touch or ask additional questions. Thanks ... more
0 votes Share Flag Thu Sep 8, 2011 Financing in Ann Arbor
Eric Veronica, Other/Just Looking in 43620
Eric Veronica answered:
How come interest is not paid on Escrow accounts?
Christie,

Very good question. The simple answer is that lenders are not required to pay interest, however, you do receive a benefit from escrowing your taxes and insurance. Includi ... more
1 vote Share Flag Mon Mar 21, 2011 Financing in Ann Arbor
Janet Sebile, Real Estate Pro in Rowlett, TX
Janet Sebile answered:
Does the lender keep the Escrow account at their institution?
Christie,
Missy is correct. I would just add one thing. If the lender keeps the note, then they escrow. If the lender sells the note to another institution, then the new owner sets ... more
0 votes Share Flag Fri Mar 18, 2011 Financing in Ann Arbor
Andrew Luett, Real Estate Pro in Chicago, IL
Andrew Luett answered:
My 3 bureau credit score ranged from 670 to 760. Is that bad for getting a low rate mortage?
Hey Ed,

Just following to make sure all your credit score questions were answered and mortgage needs met for your upcoming purchase.

Please feel free to email, call or go here: ht ... more
0 votes Share Flag Mon Nov 22, 2010 Financing in Ann Arbor
Daniel, Other/Just Looking in Baton Rouge, LA
Daniel answered:
Can a mortgage underwriter actually value a property at less than an appraisers appraisal? If so, is this becoming common? I've never heard of
You can always decline the application / loan and take your business to another bank. In cases of FHA loans, the appraisal is transferable
0 votes Share Flag Sun Nov 14, 2010 Financing in Ann Arbor
Rudy McDowell, Real Estate Pro in Bloomfield Hills, MI
Rudy McDowell answered:
Upside down my mortage fixed 5.875 owe $475k. To refinance to lower rate will need 145k upfront. Is it better to refinance or pay $900/month extra?
Hi again Flower:

Although we still do not require an appraisal for FHA streamline refis, guidelines have just change of Fannie Mae DU Plus Refi. Effective today, appraisals are re ... more
0 votes Share Flag Mon Oct 4, 2010 Financing in Ann Arbor
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