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Home Buying in East Detroit : Real Estate Advice

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Activity 6
Sun May 18, 2014
aftervince1973 answered:
Get a flexible credit loan. This program assists homeowners who have recently been through a foreclosure, short sale or have recently emerged from bankruptcy. ... more
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Sun Dec 29, 2013
Nancy Knupfer answered:
Typically you need to have a substantial down payment, show a history of on-time payments, and show that your financial situation would improve enough within the time period of the land contract so that you would be able to get a mortgage at the end of the land contract term.

Nancy Knupfer
Associate Broker/REALTOR
Keller Williams Realty
... more
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Wed Jun 19, 2013
Michael Meram answered:
Hello, I would love to help you sell your current home and help you find a new home that best suites your needs
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Fri Nov 30, 2012
Lauren Quigley answered:
Dear Coretta,

Most lenders are requiring a 620 credit score or greater at this time. The most inexpensive loan product requiring the least down is FHA at 3.5% down. So it looks like you'll have to wait abit for both figures to increase. Fannie Mae/Freddie mac homes offer 3% downpayment however many of their homes require costly repairs before you can occupy the dwelling. (ie. missing furnace, or missing kitchen cupboards, etc.- very few are close to move in ready.)
Do you need some help with credit repair? I know a reputable person for you be in touch with if you want help with that,

Lauren Quigley, ABR,
... more
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Wed May 30, 2012
Darrell D. Drouillard answered:
I had a friend that put it into perspective very easily for me awhile back - people with bad credit worked real hard to get there. It takes work to actively overspend, avoid paying bills that you owe, and seek a lifestyle outside your means. It can sometimes take years of neglect to get scores low enough to call it "bad credit." People who work so hard at using other peoples money with no intent of repaying for so long is what keeps the rental market so strong. Good luck. ... more
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Tue May 31, 2011
Don Tepper answered:
Definitely get a Realtor, as the others advise.

As I understand it, a lot of property in Detroit is virtually worthless. So prices can be very low.

A couple of quick observations:

If you rent, make sure the property isn't in foreclosure, and isn't heading there. Otherwise, you could find yourself homeless in a few months.

If you buy, do it right. Make sure there's a good title search, and that you buy title insurance. You want to make sure there aren't any liens or judgments attached to the property.

As for whether there will be a down payment: If you buy conventionally, the lender would require one. (Unless you're doing a VA loan, or some other program that doesn't require a down payment.)

If you're dealing with owner financing (or something else, such as a lease-option), that's fully negotiable. The seller would prefer a down payment. You'd be better off with as small a one as possible--or none. Again, though, that's negotiable.

So, go and get a Realtor. Make sure it's one with some experience and one who understands creative financing.

Hope that helps.
... more
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