55% is the max approval I've seen lately with Freddie Mac's LP (Loan Prospector). However it's challenging to get approvals over 45%, typically need excellent credit, a lot of reserves, good down payment, and previous mortgage history.
You are correct that Freddie Mac permits blended ratios between occupant & non-occupant co-borrowers. The occupant doesn't even need to make any money at all, and the non-occupant's income can qualify for both of their debts.
Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct... more
Depends on the level of home you are looking to build. I work with several builders and typically those over $500k will be in the $180 sq ft range to start, where as the those under that level will vary based on fit and finish. I have several plans that fit many price ranges, so if you want to talk more specifics, please feel free to reach out to me.... more
Dan is correct, there are no FSBO's on Trulia, though a quick google search will bring you to many sites that do. I would consider finding a good local broker here on Trulia to help maximize your return. Good luck !... more
You would be best served by asking that question to the lender you worked with to purchase the home. If I remember correctly, by selling that quickly you will be required to repay the MSHDA assistance. I'm not sure if there is any penalty beyond that. Again, check with your lender.
If you answer you find out is not a problem and you'd still like to sell, I'd be happy to meet with you to help with the seller process. Call me at 616.240.1413.. Bob Trout, Berkshire Hathaway HomeServices.... more
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I work with many first time buyers in the Grand Rapids area. Since I'm a retired teacher many of my clients over the past 8 years have been younger teachers eager to buy in the down market. Prices have come back some, but with interest rates as low as they are it's still a great time to buy.
I would suggest you might contact your own bank/credit union mortgage department. Other options in this area they my clients have had success with are Lake Michigan Credit Union and Mortgage One. Contact me if you want specific loan officer names. I often go with first time buyers to their first mortgage appointment to help explain things to to be sure that the right questions are asked and answered.
There are homes available in the Midtown/East Hills/Eastown areas. As you can guess most are older and the price and condition will depend on the care and updating that have been done.
As a buyer a buyers agent costs you very little, $295, in my broker's case. The rest of the commission comes from the seller's side. All compensation is made only after a successful purchase has been made.
I'd be happy to work with you and help you buy that first home. Please contact me at the following:
Bob Trout, Realtor
Berkshire Hathaway HomeServices, Michigan Real Estate
email: email@example.com... more
Best thing you can do is ask a local Real Estate Agent. I am a mortgage specialist in Michigan, I can provide you with a Pre-Approval for financing if you are interested. The application would only take 20 minutes, I also have connections in the Grand Rapids area, and could line you up with a great Real Estate Agent if you are interested.
I look forward to hearing from you.
Sr. Mortgage Specialist
First Mortgage Corporation
Cell: 586-306-8994... more