Following up on my last post talking about property types, I would now like to discuss the various types of condominiums. There are a number of different types of condominium communities, some with freestanding units which look like houses, and others which are attached, giving the homes the traditional townhouse/condo look. And while there are […]

It is fairly common knowledge that there are houses, townhouses, and condos, and while the difference between a house and a townhouse or condo is pretty self evident, the differences between condos and townhouses can get pretty muddled. And the difference between what type of property you purchase can impact the rate and terms of […]

Lender Paid Mortgage Insurance and Single Premium Mortgage Insurance are an interesting spin on mortgage insurance. They are options for home buyers to pay an upfront fee (single premium) or higher interest rate to the lender (lender paid) in exchange for the lender paying the insurance. Based upon the length of time you plan to […]

As I discussed last week, mortgage insurance is a necessary evil for many prospective home buyers, especially those who are first time home buyers. It is a tool which allows individuals to buy the home of their dreams even if their credit is less than perfect or their down payment is less than 20 percent. […]

If you are looking for a low down payment conventional mortgage or an FHA mortgage, chances are you will hear about mortgage insurance. However, this is, unfortunately, another one of those areas of the industry rife with misconceptions. I have had customers who thought mortgage insurance would literally double their payments, and other who thought […]

The two most common types of mortgages customers ask about are the FHA and Conventional mortgages. And at their core, they are both very similar. They are both a type of loan which provides money to purchase a house. They both determine eligibility through debt to income and loan to value ratios, they both use […]

Many of my customers looking to buy a home come to me with some vague notion that they need a preapproval, but are unsure of what this really means. Some think it is a binding letter which means they are in an agreement with me for a specific dollar amount and that it can’t be […]

The USDA Rural Development Single Family Residence Guaranteed Loan Program is a loan program designed by the USDA to help bring home buyers into areas deemed rural. This program allows for 100% financing with no down payment requirement, flexible credit guidelines, and you can include closing costs and repair costs in the loan. This is […]

The Michigan State Housing Development Authority (MSHDA) created a program to help first time home buyers buy a home. This program offers up to $7500 to borrowers to act as a down payment, helping buyers purchase a home with no money out of pocket. This down payment assistance is great for anyone interested in buying […]

There is some buzz in the mortgage world about Fannie Mae’s HomePath program. It is a program I am often asked about, and have heard some pretty interesting misinformation that my clients have received from friends, family, and the internet. At its core, it is a program to help sell foreclosures currently owned by Fannie […]