Jeremy Drobeck ~ (269) 488-9494 ~ Apply Now ~ Contact Us

We will be putting on a lunch n' learn event at the Greater Kalamazoo Association of Realtors!

If you are interested in learning more about HUD Homes and all the unique things that come with them this is a must attend event.  Some of the items covered will be:

  • Loan program options
  • Special $100 down FHA financing
  • FHA 203b with a repair escrow
  • FHA 203k Renovation loans
  • The HUD lead based paint process
  • How to submit an offer on a HUD property

When: Tuesday, March 28th, 2017

12:30 - 2 pm  @ GKAR Classroom 5830 Venture Park Drive, Kalamazoo, MI 49009

Lunch will be provided

 

Published in Jeremy's Blog

This is a heart touching story of a number of local businesses including AmeriFirst Home Mortgage coming together to help some of my buyers.  It was wonderful to be involved with this project and the family certainly deserved everything that was given to them. 

Published in Jeremy's Blog

I was recently interviewed by the Allegan County News for an article entitled "FEMA Flood Map Work Might Hit Your Wallet" the article was spot on and went into some great points about home potential changes could affect home owners if there properties were moved into the "Flood Plain".  If you a curious how close your property is to a flood zone now you can look it up here on FEMA's website. Take a quick read of the article and if you have any questions feel free to give me a ring (269) 488-9494 .

Published in Jeremy's Blog

I recently did a short interview on a local Kalamazoo Radio Station.  The interview was with host and long time real estate agent David Howard from Century 21 C. HowardSome of the questions answered were about low down payment loan program options.

 

 

Published in Jeremy's Blog

This event was held at The Greater Kalamazoo Association of Realtors on May 21st, 2015

Moderator:  Jeremy Drobeck, AmeriFirst Home Mortgage

Panelists:

  • John Denny, Northpointe Bank
  • Scott Cowherd, Kalamazoo Mortgage
  • Steven Woloszyk, PrimeLending, A PlainsCapital Company

Attendees learned about underwriting concerns, tools & tips for credit integrated disclosures coming Aug. 1st, red flag items, and much more.

Coordinated by the GKAR Education Committee

Published in Jeremy's Blog

Big scary changes coming in August 2015 to the real estate industry - NOT! - What is TRID?

Did you hear?  TILA RESPA Integrated Disclosure Rule or TRID will be here August 2015.  There are some different in's and outs to the rule but the jist of it is that disclosure of figures has to be done 3 days prior to closing.  I've heard lots of rumblings that closings are going to be delayed in the industry.  Good news our compliance team has been working hard to ensure we are prepared.  With the systems we have in place borrowers will be provided with disclosures well in advance to prevent any delay in closing.  Check out these videos for more information.

Q&A on TRID

How Will TRID Affect Real Estate Agents

 

Published in Jeremy's Blog

This event is going to be a ton of fun and great opportunity for real estate agents to bombard lenders with questions. 

Location Greater Kalamazoo Association of Realtors

  • When: May 21st, 2015
  • Time: 8:30 - 10:00
  • Catered made to order omelets @ 8:30 - - Presentation @ 9:00 am

Moderator:  Jeremy Drobeck, AmeriFirst Home Mortgage

Panelists:

  • John Denny, Northpointe Bank
  • Scott Cowherd, Kalamazoo Mortgage
  • Steven Woloszyk, PrimeLending, A PlainsCapital Company

Hear about underwriting concerns, tools & tips for credit integrated disclosures coming Aug. 1st, red flag items, and much more.

Coordinated by the GKAR Education Committee

Published in Jeremy's Blog

Mark Jones President and CoFounder of Amerifirst Home Mortgage does and interview for the Lori Moore Show.  Mark talk about the housing market in 2014 and what it will take to see an uptake of first time buyers in there 20's.

Published in Jeremy's Blog

When it comes to tax foreclosures real estate investor can find some great buys.  However often investors go in blind and don't find out about a major pitfall with tax sales until they go to resell the home.  In a previous post we did about the tax auction we explain the basic process of how to acquire one of these properties and with the sale right around the corner (Aug. 18, 2014) it time to hear the rest of the story.

Check out the video below where we interviewed some people who know first hand what's involved with passing clear title.

Most of the times a property purchased at the auction will have a clouded title.  The basic problem is that when the property is resold the title company wont insure it and therefor the buyers lender won't lend on it.  This is because the county didn't notice the previous owners property, well they did according to their rules, but not enough to get the title company comfortable issuing insurance.  The county is only required to mail out a notice, rather than have the previous owners actually sign acknowledging they received it.  So its possible to have someone comeback years later claiming they have an ownership interest in the property.  Not good!!

So what's the solution.  Really there are two options, if the county is willing to help, the investor can deed the property back to the county and the county can go in front of a judge and have things cleared (this takes about a month).  The other option if the investor doesn't want to hand the property back over the the county is to hire an attorney and private investigator to properly notice the former owners.  Assuming they don't make a claim the investor can get clear title.

At the end of the day none of this is all that big of a deal as long as the investor does all this upfront.  Investors should do the following:

  1. Budget for these expenses it can cost $1,200 to $2,000 to get clear title.
  2. Start the process right away - don't wait till the house is fixed up and you have a buyer to start what could be a 3 month process.  Start it immediately after purchasing the property.
  3. Do your homework - many title companies can help determine what steps will be necessary before you purchase the home.  So if you are drooling over a particular property talk to your local title company about it prior to the auction.

Check out our interview with Mary Balkema (Kalamazoo County Tresurer), Curt Dinkelmyer (head of Devon Title Company),  Jeremy Cole (Tax Auction Investor), & Martha Wilbur (home buyer).

 

To view properties for sale at auctions in Michigan visit www.tax-sale.info

Published in Jeremy's Blog

Looking to buy a HUD home?  FHA recently changed the program around to make it easier for buyers to purchase properties and renovate them.  Now buyers can overbid on HUD homes, obtain FHA renovation financing (203K), and they don't have to bring in the difference!

Heres the deal.  For properties that are FHA foreclosures (you can find a list at hudhomestore.com) an appraisal has already been completed on these homes.  For buyers obtain FHA financing they are required to use that apprasial.  In many cases buyers are offering more than what that home sold for.  If they offer more than what that appraisal put the value at and they are obtaining FHA financing buyers would have to bring in the difference.  HUD made some changes to the program late in 2013 that now allows those buyers to take out a FHA 203k Renovation Loan and FHA now allows a new appraisal to be completed.  What does that mean?  Basically, if the new appraisal supports the value the buyer no longer has to bring in the additional cash.  They will simply need their 3.5% required down payment.  If you find yourself getting ready to bid on a HUD REO give us a call and we can go over all of the different options!

 

This topic is so important we went to some other industry experts to get there opinion on the topic!  Joe Daily Renovation Lending Manager at Amerifirst and David Howard from Century 21 C. Howard comment on the program changes.

 

Published in Jeremy's Blog
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