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Macomb County MI Real estate

Macomb County MI real estate blog

A new year – and many new exciting things

January 5th, 2015 · 1 Comment · Buyers agency, fha mortgages and first time home buyers

I’ve been neglectful to this blog through 2014, but this year I hope to change that.  I miss writing about things that I see happening with the real estate market in Macomb County, as well as sharing with everyone the new & exciting things that I see happening.

One of the biggest changes that happened towards the end of 2014 was Fannie Maes decision to open up the conventional mortgage market to a 3% down product again.  These were quite popular before the “mortgage meltdown” years ago.  (Thankfully that is in our rear view mirror now.)

The 3% down mortgage is showing us that the mortgage market is finally opening up a little bit.  You still have to qualify for the mortgage, much in the same way that you do with any mortgage.  It will compete with the FHA mortgage ( 3 1/2 % down) that we are so familiar with.  I like that home buyers, especially first time home buyers, will now have another low down payment mortgage to compare and choose from.

As always, talk with your banker, your credit union rep, or your mortgage lender about the differences in each mortgage (PMI rates, closing costs, minimum credit scores, etc).

Happy New Year everyone!   Here’s to a fantastic 2015!

Kris Wales – a partner for your real estate needs in Macomb County MI
(586) 536-5453
http://macombhomes.com
Kris@macombhomes.com

 

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1 response so far ↓

  • 1 Doreen Leach // Jan 16, 2015 at 11:02 am

    I was wondering, I have been trying to find out if a person can be fined for living in a home without the certificate of occupancy. All of the necessary repairs have been made and there is an appt. for reinspection. Will I have move my property out of the house or can it stay there?

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