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Macomb County MI Real estate

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Facts the media isn’t shouting loudly or clearly

October 8th, 2008 · No Comments · fha mortgages and first time home buyers, macomb county MI, tips for home buyers

Macomb County MI home buyers have had a rough time of it lately with the medias continual reporting of the “Mortgage Meltdowns” and “Bail out Madness”.

Guess what? I talked with a local mortgage broker yesterday and he stated the following:  As of August 30, 2008 fourteen out of fifteen mortgages nationwide were current. (I would love to hear the media keep a continual report going of those mortgages that are current with as much attention as they pay to those that aren’t.)

Here’s another quote:  You can still get a mortgage.

What’s available for Macomb County (and the Metro Detroit area) home buyers?:

Fha mortgages with 3% down payment.  (The down payment can be a gift from a family member or employer.) VA mortgages with zero down.   USDA rural home loans with zero down.   Conventional mortgages with 5% down.

Have you heard that home buyers can no longer receive sellers concessions to help pay their closing costs?  This is NOT true.  Let me say it again – this is NOT true.   Home buyers can still receive up to 3% of the purchase price to help with their closing costs using a conventional mortgage program or up to 6% of the purchase price for those buyers using FHA, VA or the USDA rural loans.

Want the facts without the scare tactics? Give me a call or send me an email.

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