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

This is a story of a home owner who purchased a home with extensive fire damage.  They brought this 1870's historic home back to life using a FHA 203k Renovation mortgage to complete all the needed repairs and more.  A piece of Kalamazoo, Michigan's history has ben restored!

 

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Great news!  It keeps getting easier and easier to finance manufactured homes.  Here are four possible ways to finance manufactured homes!  The basic programs that will work for manufactured homes are:

  • FHA - 3.5% down
  • FHA 203k Renovation - 3.5% down
  • VA - 0 Down
  • Conventional - 10% down

Some other things that are a little different with manufactured homes:

  • Doublewides only
  • Structural inspection needed
  • Must be on Permanent foundation
  • Affidavit of affixture required

Generally looking for a 630 score or higher, a small savings, good rental history, etc. . . 

Follow This Link For A Flyer

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AmeriFirst Home Mortgage is hosting an event Tuesday August 15th 2017 at the Greater Kalamazoo Association of Realtors.  Nancy baker from MSHDA will be presenting information on MSHDA loan limits, down payment assistants, home buyer education, and so much more.  Hope to see all the Kalamazoo Area Realtors there!

Download the attachment for more info!

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In celebration of National Homeownership Month the USDA's Acting State Director for Michigan announced the top 10 rural development lenders in Michigan.  We are proud to say that again for 2016 Amerifirst Home Mortgage is number one!  In fact Amerifirst had a 16% market share for the program in 2016.  The second lender on the list pulled a meer 5.7% market share.   Simply put Amerifirst dominated the Michigan market with this program!  

The Rural Development program gives home buyers the opportunity to purchase a home with no money down.  If you would like more info on the program or to find out what area's qualify for the program check out RD Area Maps or give Jeremy a call at 269-488-9494.

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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

HUGE Announcement!!!!

The USDA made some major improvements to the Single Family Housing Guaranteed Loan Program also know as a Rural Development loan.  The upfront guarantee fee changed from 2.75% to 1% of the loan amount and the annual fee changed from .5% to .35% of the average scheduled unpaid principal balance for the life of the loan.  What's that mean???? 

Here is a 150,000 example:

  Old Program New Program
Upfront Fee $ 4,241.63 $ 1,515
Monthly Fee $63.75 $43.84

Now the really cool thing is the RD loan program is once again in many cases much more attractive to home buyers than an FHA loan.  Lets run a quick comparison.

FHA VS RD  $150,000 price, assuming 4% interest rate, $200 for property taxes, & $80 for insurance

  FHA Rural Development
Principle & Interest $703.15 $723.36
Insurance $80 $80
Taxes $200 $200
Mortgage Ins. (PMI) $101.71 $43.84
Total payment: $1,084.86 $1,047.20
     
Down Payment Required $5,250 $0
 So RD saves $38 per month and is zero down!

For more information feel free to reach out to me or download this flyer!

Published in Jeremy's Blog

Great News!

Effective Oct. 1, 2016 HUD homes financed with FHA-insured financing are eligible to be purchased with only $100 down.  This sales incentive is for properties in Michigan and Ohio.  You can get a list of HUD homes for sale in your area at HudHomeStore.com or give me a jingle and I will hook you up with a local Real Estate agent that can get you into the homes.  We can use this program on a standard FHA 203b loan, FHA 203b with a repair escrow, or a FHA 203k Renovation loan.  More information about repair options click here.  Check out the video below for more info!  Visit our marketing library to download a flyer for this program!

 

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

Real estate agents and licensed Realtors® in the greater Kalamazoo area can earn continuing education credits while learning about a great financing option for home buyers. Today's housing market is full of fixer uppers, bank-owned (and vacant) homes and other problem-listings. The FHA 203k home improvement loan is one option for today's home buyer.

Thursday, February 25th, 2016 real estate professionals will hear from national renovation lending expert Joseph P Daly on how to put the FHA 203k to work selling these misfit homes. Check out the information from Joe below:

Renovation Mortgages 101:

Mortgage Solutions for a Challenging Market

As a REALTOR® in today’s market you face many challenges. There are many external factors affecting the housing and mortgage lending industry and in order to survive you need to change the way you think to open new doors.

A recent study by the NAR showed over 40% of the homes being sold today are distressed properties. These numbers are staggering. Some reports have these numbers even higher. These homes come on the market and RELATORS® get new listings. Sounds like a win-win right? There is one big problem. Many of the homes need repairs and lenders don’t like that, especially if your buyer is looking at FHA 203b or what most just call an FHA loan. So what do you do? The answer has existed since 1978.

That answer is an FHA 203k loan.

This mortgage allows the buyer to purchase a home and make any necessary improvements they desire and any required by the bank. Follows the same guidelines as traditional FHA loans. Only requires the buyer to put 3.5% down. Allows for up to a 6% sellers assist.

  • Who: Joe Daly, FHA 203k Loan Specialist & National Program Director
  • What: Renovation Mortgages 101
  • When: Thursday, February 25th, 2016
    • Schedule:
    • 10:00 am - 12:00 Program
    • Lunch provided after the event
  • Where: Greater Kalamazoo Association of REALTORS®
    • 5830 Venture Park Dr.
    • Kalamazoo, MI 49009
  • Fee no cost!
  • See attached flyer below to registar for the event.

Past FHA 203k classes have received rave reviews: A Real Hunger for the FHA 203k

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January 21st at the Greater Kalamazoo Association of Realtors, come check out our lender panel discussion.  This is a great opportunity for real estate agents to learn more about TRID, recent FHA changes, and more.  Breakfast is at 8:30 am followed by a 9:00 am program.

 

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