2024 Conventional Loan Limits jump as home values have continued to increase throughout 2023. Each year, the FHFA adjusts the conforming loan limits based on its third quarter House Price Index (HPI). This report shows a 5.5% increase in home values. The 2023 Conventional loan limit is set at $726,200 for single family homes. Using the rate… Read more »
Reduce Your Michigan Mortgage Rate with an FHA Streamline Refinance
The FHA Streamline Refinance program is available for Michigan homeowners looking to save on interest payments. This program allows you to refinance to today’s low rates without the need for a new appraisal, making it ideal for homeowners with little or no equity. You may qualify for a mortgage refinance to reduce your rate by… Read more »
The Family Opportunity Mortgage: An Affordable Solution To Buy A Home For Your Parents
Are you considering a long term care or assisted living facility for your parent’s housing? These options can be very costly and something independent loved ones may unwilling to consider. Using the Michigan Family Opportunity Mortgage, you may be able to buy a home for your parents with a low down payment and affordable mortgage… Read more »
Do I need a Mortgage Pre-Approval to buy a Home?
A mortgage pre-approval is given when a loan officer has looked in depth into your finances and has calculated the amount that you are likely approved to borrow to buy a home. They will base your pre-approval on estimated monthly payments, loan amount and mortgage rate. Homebuyers may need a mortgage pre-approval before they are… Read more »
How to Qualify for a Mortgage with Student Loans in 2024
Student Loan Begin Repayments The rising cost of education has meant that a significant number of graduates are left with student loans to repay when they enter the workforce. These debts can, unfortunately, make it more difficult for people to become homeowners. While student loans may limit your buying power when it comes to buying… Read more »
DSCR Loan Guide: No Income Mortgage Loan for Investors
Qualify for a no income home loan without using your personal income documents or tax returns with a DSCR Loan. As a real estate investor, this loan program allows you to avoid the high rates and points commonly associated with private loans or commercial financing. Additionally, you can bypass the lengthy approval processes and strict… Read more »
How to Refinance a Land Contract: What Homeowners Must Know
If you bought a home with a contact for deed, you may be researching how to refinance a land contract. When it comes to real estate, there are several financing options available for both buyers and sellers. One such option is a land contract, which allows for an alternative route to homeownership. Although this method… Read more »
Buying a Home For Sale by Owner in Michigan – Dream or Nightmare?
With limited housing inventory, many buyers are seeking ways to buy a home For Sale by Owner (FSBO) in Michigan. Buying a home in Michigan is one of the most significant milestones in one’s lifetime, and it can be both exciting and overwhelming if you do not do the proper research. In recent years, more… Read more »