Category: Mortgage News
And We’re Back……….
So it’s been a while, but now “we are back from a commercial break”, as my good friend Ken Kellner says over a megaphone in his tiki bar every time someone new walks in. Why is this relevant, you may be asking yourself? Well, during my “commercial break” I honed my writing skills, educated myself on the virtues […]
MSHDA
Last week, I talked about down payments and options for down payment assistance. I discussed what the “right” down payment is and ways to get help in putting that money down. Today, I’d like to talk about one of the best options available to Michigan residents for down payment assistance: the Michigan State Housing Development […]
Home Buying Tips for 2015
In 2014, the big stories were the impact of the new Dodd-Frank regulations, the new Fannie Mae and Freddie Mac programs, and the questions surrounding interest rates. The Dodd-Frank regulations were accounted for, changes were made, and the industry moved on. Interest rate hikes were a concern all year, and most analysts were just waiting […]
Pay it Forward 2014 Wrap Up
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 […]
3% Down Payment Fannie Mae Program
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
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 […]
What if I Miss My Closing Date?
A concern for anyone buying a house is missing a closing date. This can cost the buyer their earnest money, kill a deal, or leave them without a place to live if they are selling a house and buying a new one. There are dozens of reasons why buyers miss a closing date, but the […]
Is Mortgage Insurance Worth Paying?
The value of mortgage insurance is different for every potential home buyer. To some, it is a way to get into a larger house or into a house, at all. For others, it is an unnecessary additional expense, only offering an unnecessarily large budget or small down payment. So the value of mortgage insurance is […]
Are Foreclosures Still a Viable Option in Michigan?
The foreclosure inventory has waned over the last few years and the foreclosure price tags have come up. Where in 2010 or 2011 you could have purchased just about any Real Estate Owned home (foreclosure), it is now a much riskier gambit. This has led many of the talking heads to warn homebuyers of the […]
FICO Changes Could Help You Buy a House
FICO recently announced changes to how they will determine your credit score. These changes will help many borrowers on the cusp of eligibility, as they will now exclude medical bills in collection and paid or satisfied collections when determining your score. What this means is that tens of millions of Americans will see their credit […]