Home Buying in Ann Arbor>Question Details

Mdp8045, Home Buyer in Ann Arbor, MI

Do I need to have money saved up in order to get a pre-approval letter?

Asked by Mdp8045, Ann Arbor, MI Wed Jan 23, 2013

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Hi

you do not need to have money saved up for a pre-approval letter, but you will have to have the funds required by the time of closing and you will have to document the source of that income. if you go FHA you can have a 100% gift of funds for downpayment from a family member, and you can negotiate for the seller to pay closing costs. if you find a home in the USDA area then you can get 0% down financing if you qualify.

you can get a pre-approval by filling in the online application at http://www.mtgcaptial-mi.com
0 votes Thank Flag Link Wed Jan 23, 2013
Unless you go with MSHDA, then you could represent how much money you plan to put down and could get a preapproval letter. However if you make an offer that gets accepted, then you would need to show the downpayment money for formal application or demonstrate you will have it by closing.

Recommended lenders with great rates can be found at http://www.LendAnnArbor.com
Info on MSHDA and other loan programs can be found here. http://www.therealtytour.com/Buyer-Resources/Buyer-Finance/F…

Feel free to contact us at http://www.SalineRealty.com if you would like to access MLS listings directly or wish further assistance.
0 votes Thank Flag Link Wed Jan 23, 2013
No; and if you haven't been a homeowner in the last three years you could be eligible for a $3000-$5000 grant through the MSHDA. Your lender can provide an application for that when you're ready to buy.

Let me know if you need lender recommendations- some are better and faster than others. This link will provide some details about that grant:

http://www.michigan.gov/mshda/0,4641,7-141--291018--,00.html
0 votes Thank Flag Link Wed Jan 23, 2013
Hi Mdp

You can always get a free approval letter.
And you can get a USDA loan without any money down if buying a home covered by USDA.

Otherwise good luck.

Good luck.
Perry

http://www.trulia.com/blog/perry_mistry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Wed Jan 23, 2013
You need to speak with a lender. There will be cost associated with a loan, but there are also different loan options that may allow you to roll the cost into the loan. A lender will be able to explain the options that are available to you based on your financial situation.
0 votes Thank Flag Link Wed Jan 23, 2013
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