Jim Papatheodore

About Jim Papatheodore

I have been a mortgage loan officer in the State of Michigan since 2000. I primarily assist clients in Genesee, Oakland and Livingston counties, but am happy to help anyone in the State of Michigan. NMLS ID 131478

Tips for Buying a Home in the Spring

2019-04-04T08:16:31-04:00

  Tips for Buying a Home in the Spring What is the best time of year to buy a house? Anytime, really. But spring, especially, is a great time to buy a home. The weather is warming, the grass is greening, the birds are chirping, and people everywhere are thinking of going outdoors and enjoying their homes [...]

Tips for Buying a Home in the Spring2019-04-04T08:16:31-04:00

Why Mortgage Insurance?

2019-01-18T17:29:40-04:00

Mortgage insurance?  What is it and why do you need it?  For a lack of better words, mortgage insurance or PMI (private mortgage insurance) is really foreclosure insurance.  It protects the mortgage lender against the borrower defaulting on the mortgage loan and will pay a certain percentage (coverage amount) towards the remaining balance in the [...]

Why Mortgage Insurance?2019-01-18T17:29:40-04:00

Should you get a second opinion on your mortgage pre-approval?

2018-12-12T21:36:57-04:00

Should you get a second opinion about your mortgage pre-approval? So, you are pre-approved for a mortgage loan and your shopping for homes.  You can't wait until you find your new home and can already see yourself living there....how exciting!  Wait a minute, what do you mean I am not approved, I have an accepted [...]

Should you get a second opinion on your mortgage pre-approval?2018-12-12T21:36:57-04:00

Are There Exceptions to Bankruptcy Waiting Periods When it Comes to Mortgage Loans?

2018-10-18T12:06:15-04:00

When it comes to applying for a mortgage, most options have a seasoning period (waiting period) before you will qualify for that particular home loan.  For example, conventional loans have a 7 year waiting period, FHA has a 2 year waiting period, Rural Development is 3 years and VA can be as little as 1.  [...]

Are There Exceptions to Bankruptcy Waiting Periods When it Comes to Mortgage Loans?2018-10-18T12:06:15-04:00

Michigan Mortgage Rates Surge

2018-10-04T12:56:17-04:00

Yesterday was a not so good day for mortgage rates.  It was the single worst day in almost two years according to Mortgage News Daily.  The spike was caused by yesterday's economic data that investors seen as a good sign of increasing economic growth.  Do not be surprised to see mortgage rates in the high [...]

Michigan Mortgage Rates Surge2018-10-04T12:56:17-04:00

MSHDA Step Forward – Michigan Down Payment Assistance

2018-09-26T19:48:43-04:00

Effective October 8th 2018, potential home buyers in the State of Michigan may qualify for $15,000 in forgivable down payment assistance.  The Step Forward Down Payment Assistance (DPA) is a 0% interest, non-amortizing second mortgage on the property that is forgiven at 20% per year and discharged at the end of the 5th year as [...]

MSHDA Step Forward – Michigan Down Payment Assistance2018-09-26T19:48:43-04:00

Michigan Rural Development Loan Limits for 2018

2018-06-14T19:41:47-04:00

Rural Development released update loan limits for the Michigan Rural Development loans on June 13th, 2018.  I am please to say that we have seen an increase in loan limits in Genesee, Livingston, Oakland, Washtenaw and other surrounding counties. If your income is below the loan limits and you have a lower down payment, you [...]

Michigan Rural Development Loan Limits for 20182018-06-14T19:41:47-04:00

Michigan VA Home Loans – Exciting Site Condo Changes

2018-05-29T19:50:17-04:00

Great news!!  Here in Michigan we have quite a few site condos.  Michigan has offered single family detached housing as Site Condominiums as a way to provide housing through a faster and more efficient development process.  A site condo does not share any common walls and the property owner owns the land that the home [...]

Michigan VA Home Loans – Exciting Site Condo Changes2018-05-29T19:50:17-04:00

Mortgage Insurance Tax Deductibility – Premiums Paid in 2017

2018-02-15T20:43:08-04:00

The President signed the Bipartisan Budget Act of 2018, H.R. 1892, on Feb. 9, 2018.  The deduction applies to "qualified residences".  Generally, that includes the borrower’s primary residence and a non-rental second home.  As with mortgage interest, borrowers can deduct mortgage insurance premiums that they have paid on both their primary residence and one other qualified [...]

Mortgage Insurance Tax Deductibility – Premiums Paid in 20172018-02-15T20:43:08-04:00

Mortgage Rates Surge After Inflation Data

2018-02-14T19:13:38-04:00

Mortgage rates surged again today after the Consumer Price Index (CPI) was higher than expected.  If you are shopping for your new home, be sure to check with your mortgage professional to see how the recent rate increases have changed your payment and amount you qualify for.  Also, keep in mind that lenders will continue [...]

Mortgage Rates Surge After Inflation Data2018-02-14T19:13:38-04:00