Category: First Time Home Buyers

2015 Regulatory Changes

January 7, 2015 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage Real Estate Market Review, Mortgage Tips, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

2014 was a big year from a regulatory stand point. We saw some big changes hit from Dodd-Frank, which put the industry on its head for a few months in the beginning of the year and had the markets unsure of how to react. The changes last year focused on the borrower’s ability to repay. […]

Happy New Year

December 31, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

Another year has almost come and gone, and as you are out there celebrating with friends and family, think about the goals you set at the beginning of the year and the goals you plan to set to start 2015. I know for me, they usually build on each other, it is how I continue […]

Pay it Forward 2014 Wrap Up

December 25, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage News, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

As the year comes to an end, I always like to go back and take a look at how my clients have done with the pay it forward promise. This is a program I instituted last year where I donate $50 to a charity of my client’s choice every time he or she does a […]

FHA Vs. Conventional With New 3% Down Payment Options

December 24, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage Tips, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

Until this month, there has been a clear line in the sand for which loan program made the most sense for a specific borrower. Common wisdom dictated that if you had sound credit and at least 20% to put down on a house, you would go with a conventional mortgage because the fee structure was […]

3% Down Payment Freddie Mac Program

December 19, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Lender, Mortgage Tips, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

Last week I discussed the 3% down payment Fannie Mae program and how that might impact borrowers. This new program is going to open up a lot of opportunities for homebuyers with good credit and small down payments by allowing them to still qualify for preferred pricing through conventional loans. But in addition to the […]

Happy Holidays

December 16, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage Tips, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

Have a happy and healthy holiday season this year! I can’t think of a better holiday gift than finding the house of your dreams. If you are in the market for a new house and need some help with a preapproval letter or understanding what you can afford, please contact me. Otherwise, be safe, be […]

3% Down Payment Fannie Mae Program

December 12, 2014 Marc Edelstein First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage News, Mortgage Tips, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

As I discussed on Tuesday, Fannie Mae and Freddie Mac have announced they will begin offering 3% down payment conventional mortgage loans. This is a big win for homebuyers, as it opens up a whole new avenue for home purchase for those with small down payments but who are ready and qualified in every other […]

New 3% Down Conventional Mortgage Programs

December 10, 2014 Marc Edelstein First Time Home Buyers, Michigan Foreclosures, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage News, Mortgage Preapproval, Mortgage Tips, Oakland County Mortgage Banker, Oakland County Real Estate, Wayne County Mortgage Banker 0 Comments

Fannie Mae and Freddie Mac have recently announced that they will begin backing conventional mortgages with as little as 3% down. This puts conventional mortgages into a new arena which they have not been in for almost 5 years, namely, the low down payment space. Until the announcement on Monday, the lowest Fannie and Freddie […]

Biweekly Mortgage Payments: A Holiday Gift to Yourself

December 5, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage Refinancing, Mortgage Tips, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

Whenever I do a mortgage for a client buying a new house, I discuss their options in detail with them. This includes various mortgage programs, such as FHA, conventional, VA, etc.; mortgage terms, such as 15 year fixed, 30 year fixed, 10 year fixed, etc.; and what types of mortgage are available, such as option […]

How to Get a Mortgage Closed in Less Than 30 Days

December 3, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage Preapproval, Mortgage Tips, Uncategorized, Wayne County Mortgage Banker 0 Comments

As the year comes to an end and we enter December, the crunch begins to meet year-end closing deadlines. There are a number of reasons why people want to close by the end of the year, but most of them revolve around taxes. And I find that every year during this first week of December, […]