$550K home in Ann Arbor, MI with less than 20% down --> Mission Impossible?

Asked by bluvector, Ann Arbor, MI Wed Jun 20, 2012

My wife and I currently live in Augusta township, and have a goal to move to west Ann Arbor by the time our son will start school in 2 years and to significantly reduce my wife's commute.
Naturally, we have been keeping an eye out for properties for a year or so with intentions to become familiar with the prices in our target area. As with anything, most homes for sale are a compromise.(price or amenities) That is, until last week.
Our Financials:
Total Income: 185K (base salary) 12K
Current home just refinanced in Jan. 2012
-Owe 187K. Estimated sell price =170K
Current home mortgage/taxes/insurance =1700 (15 year at 3.25%)
Cash: ~60K as of June 2012 (we save 3100-3900 per month)
Credit Scores: 780
No car loans, no credit card debt. Student Loans ~350/month

My first thought is to rent our current home and use as a long term investment.
I'd need a lender that would allow me to buy a 550K second home, but also do a 80/10/10 or similar loan. Creative suggestions?

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
bluvector, Landlord, Ann Arbor, MI
Sun Jun 24, 2012
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 concern. I could be wrong, but do not see the harm listing the generic info.
0 votes
Eric Michael, Agent, Northville, MI
Sat Jun 23, 2012
Nick,

I agree with Dave, below. Don't put your financials and personal situation out there for all to see.

I have an incredible agent that works Ann Arbor. Let me know if you'd like her contact info.

AA is a little too far for me to work and I refer all of my business out there to her. I get nothing but rave reviews!

Eric Michael

734-564-1519

EricMichael@Remerica.com
0 votes
Tom Stachler,…, Agent, Ann Arbor, MI
Wed Jun 20, 2012
Please stop by our website for credentials and agent reviews and then give me a call if you wish to help work these details out. Thanks. http://www.TheRealtyTour.com
0 votes
David Wallner, Agent, Ann Arbor, MI
Wed Jun 20, 2012
Nick,

My suggestion is to NOT broadcast your financial information on the internet. Talk to a reputable mortgage lender to work out a strategy. I am happy to help with real estate needs but I do now write loans.

Regards,

David Wallner
Prudential Snyder and Company
734 649-2710
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more