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Grand Rapids : Real Estate Advice

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Activity 6
Wed Aug 3, 2016
Bobhatch51 answered:
Have to refinance (due to lower income.) because my income does not qualify now for a 30 year loan. It could be that if the interest rate for the ARM is lower that might make me be able to qualify due to my lower income. (I now have a 4% arm loan) ... more
0 votes 7 answers Share Flag
Fri May 24, 2013
Russ Douville answered:
I'd like to help you, but I can't go below 620. Even if I could, it may not be the best thing for you. You typically see higher rates/fees with scores below 640, and you'll often run in to higher down payment requirements as well.

My suggetion would be to talk to a housing counselor who help you get your credit and finances "mortgage ready" and then refer you to a lender that meets your needs.

I've included a link to a site to find a prepurchase housing counselor in your area.

Best of luck in your search.
... more
0 votes 5 answers Share Flag
Mon Jul 18, 2011
Patti Ann Kasper answered:
This can be a bad situation waiting to happen. Your parents are obviously emotionally attached to their home but that is no reason you should have to overpay or spend money on repairs - especially items that are "deferred maintenance". Family dynamics can be very tricky and it is difficult to make everyone happy.

In the end, the property has to appraise in order for the lender to give you a mortgage. Interview real estate agents and ask them to prepare a market analysis which compares recent sales of similar homes. If their asking price is over and above the market, you might be better off finding something else. There is a FHA product (203K rehab loan) that allows for repairs, but there are lots of hoops to jump through and generally the interest rates are a little higher.

Personally, I avoid doing deals with family because I don't want there to be any hurt feelings or uncomfortable Thanksgiving dinners. Sometimes it is better to keep family and business separate.

I don't mean to be rude, but this is more of question of family dynamics - I wonder what Dr Phil, Ann Landers, or Dear Abby would say?
... more
0 votes 6 answers Share Flag
Wed Oct 3, 2007
Sandra Jimenez answered:
703 3rd Ave NW is selling for $74,900. It is a 3 bdrm 1full bath, 3/4 bath rambler with partial unfinished basement. Finished sq ft is 2419.
1 vote 1 answer Share Flag
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