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 [...]
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So far m1admin has created 14 blog entries.
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 [...]
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 [...]
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 [...]
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 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 [...]
Here we are again discussing earnest money deposits. I have written about earnest money deposit before and have also talked about bank statements and how not to deposit any funds that cannot be proven. However, I feel there is still some information that needs to be explained to fill in the puzzle pieces. When it comes [...]
So, you're looking to purchase a home and you would love to use that first time home buyer program, but darn it you owned a home 5 years ago that you sold. Well, do I have good news for you! A first time home buyer is defined as someone who is purchasing a home as [...]
40,000,000 Credit Scores Could Improve on July 1st, 2017 Did your credit score improve July 1st? Here is why. Starting July 1 another portion of the National Consumer Assistance Plan will go into effect and it should have a big impact on credit scores. The Repositories; Equifax, Experian, and TransUnion will exclude public tax lien [...]
Fannie Mae announced last week that they would provide relief for those looking to purchase or reduce student loan debt. Before April 27th, 2017 a home buyer looking to purchase a home would have to count 1% of their student loan balances as a monthly payment and include that in their debt ratio regardless if [...]