Friday, March 20, 2009

Ann Arbor area Mortgage Update

Ann Arbor area real estate mortgage update. In addition to all the buzz about the $8000 first time home buyer credit, there are other good things happening for people looking to borrow for a home purchase - particularly the Rural Development Loan programs which offer some really great terms for borrowers.


HomePath Mortgage
This wonderful program is for buyers who are purchasing a property owned by Fannie Mae. No appraisal is required, credit score requirements are low, seller contributions up to 6% are allowed and here’s the best part – there is NO PMI. And here’s the second best part – this is available for primary and vacation homes as well as rental properties and the buyer may own up to 10 financed properties. Go to www.homepath.com to see if the property you plan to sell is eligible.

Coming May 1 – HVCC
You may have heard about the Home Valuation Code of Conduct. What that means for you and me is that we will have no control over the appraiser for our transaction. A non-related third party will be ordering all appraisals. This action meets the secondary market concerns regarding appraiser independence.

FHA Reminder
New loan limit for Washtenaw County is $345,000 and the credit score requirement for FHA loans has changed to a minimum of 620 effective tomorrow.

Rural Development Loans
I’ve been hearing that some lenders are out of RD money. We still have plenty of these funds to lend. Don’t think that the property necessarily has to be rural in order to qualify for this zero down loan. All of Livingston County is eligible and most of Washtenaw qualifies except for the cities of Ann Arbor and Ypsilanti.



Mortgage update thanks to Peggy Willson of Huron Valley Financial

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