Ed and Cindy Knight

Hi Don the condo prices vary depending on the complex. The units for sale right now run from $60,000 - $338,000.

We live in the area so know it well. If you would like we can run a list of them or you can search on the link below. If you are not working with an agent yet we can help you sort thru them. - Yesterday, 20:34

Romaida if you are working with a real estate agent your best bet is to ask them for a referral. I have personally used the same mtg rep for 21 years and never once had a rejection or found the costs were higher than he quoted. Try Bill Sassin at 586-532-0600 he is very well versed in FHA loans. In this market you need honestly and trust. Many times a rep will tell the buyer everything is fine only to find out days before closing there is a problem and they can not do the loan. Or they quite a certain amount of money only to find out at closing they need much more.

Just as an FYI if you are looking in NW Macomb you might want to also look into the Rural Development loan.

As for the fixer upper that depends on your ability to do the work, how much you want to do and what it will cost. Right now buyers are moving to the foreclosures because they have great prices only to find out that after they fix it up with cash and credit they may have been better off just paying a little more. - Thu Jul 9 2009, 10:15

David to my knowledge there are no companies in MI doing this. It has to be a non profit and approved by HUD. I checked tons and non are offering this in MI at this time.

If there were a program the mortgage reps and agents in MI would know. - Fri Jul 3 2009, 06:14

David your mtg rep is right, you can not use this for the down payment in this area. HUD did at one time come out and say you could use the $8000 for the down payment then retracted it. They came back out and said you could use it in addition to the 3.5% but as a loan. However, the approved company used for the loan in this area said they are not participating and the loan has to come from someone approved from HUD and not from anyone involved in the transaction.

You may already know this but the credit is 10% of the purchase price with a max $8000 and you have to qualify. Also, you can always file an amendment on your taxes and get it this year and just apply it to your loan. It won't reduce you payment but will at least be applied to your mortgage balance and save you some interest.

Hope this help. - Wed Jul 1 2009, 12:35

Hi Justin sorry to hear about your situation but it does not surprise me because we are seeing that a little more these days. One thing to consider right now is the market and here's why. If you do a lease option you will be agreeing to today's prices, coming up with an option fee (usually non-refundable) and stating you will close at a certain time. All things that in this market can change.

You would be better off doing a normal lease with a clause that says you will have the 1st right to purchase, if they decide to sell. That way you are not locked into a price and you will not lose your option fee if something changes.

I ran our system and came up with about 63 homes. You can check the link below for the ones I picked up to $1799 a month. Once in you can run your own criteria.

Hope this helps - Thu Jul 2 2009, 09:54

Sorry Melissa this one had several offers and went pending on May 28th. It actually sold back in 2003 for $229,500 but went back to the bank and was listed at $121,200, May of this year. There should be a closing soon and you can find out the actual sales price then.

I know this area well and homes area are selling for more than $130,000 if not bank owned and in good condition in that area. The highest I saw in the past few months was $165,000 in the same area, not bank owned and very nice.

If you are not working with an agent you can check the link below to view homes within minutes of hitting the market. - Sun Jun 28 2009, 19:25