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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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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!

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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!

 

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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. 

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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.

 

 

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The FHA 203k home improvement loan is one option for today's home buyer.  It allows all sorts or repairs and upgrades to be financed into the mortgage.  Best of all it keeps the down payment low.  Many Kalamazoo area home buyers have taken advantage of this program and used it to fix up outdated properties.  We also have a special incentive for buyers looking to do energy star improvements to the home Check it out!

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The National Association of Realtors recently published the 2015 Remodeling Impact Report  its defiantly worth looking at.  The report ranks projects likely to increase value.

  1. Kitchen Renovation
  2. Bathroom Renovation
  3. New Master Suite
  4. New Wood Flooring
  5. Etc (see report)

The report goes into a lot of detail including estimated costs and how much the value is increased.  If you are thinking of renovating your current home or purchasing a home and renovating it this report is a must see! I'm a big do it yourself and have personally renovated quite a few homes; whether you are a DYI or hiring a contractor this is simply some great information to have on hand.  Thinking you would like to hire a pro but wondering how the heck you are going to pay for it?  You aren't alone.  Here at Amerifirst Home Mortgage we have a whole array of renovation loan programs that can help you find a way to fund your home renovation.  Give me a call to discuss your options or check out some more information here. 

 

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With the USDA Rural Development option, you can borrow 100% of the appraised value. This means you don't need to come up with the down payment. In fact, you can actually borrow 2% more than the appraised value, and use the extra to make some light repairs or home improvements. The main requirement for a USDA Rural Development mortgage is that the property must fall within certain geographical areas, outside the city limits of major metropolitan centers.

Now, this doesn't mean you have to live "way out in the country." While that is an option if it appeals to you, many areas that fall under the Rural Development umbrella are actually more suburban than you'd expect. As an example, rural development in northern Indiana covers most areas except Gary, South Bend and Fort Wayne. Other villages, towns and areas are eligible.

Under the Guaranteed Loan program, USDA Rural Development guarantees loans made by private sector lenders like AmeriFirst Home Mortgage. A loan guaranteed through RD means that, should the individual borrower default on the loan, RD will pay the private financier for the loan. You work with AmeriFirst and make your payments to us.  More infomation can be found here 1stclassmortgageservice.com/index.php/rural-development
 

 

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When it comes to getting a mortgage timing is everything.  "When are we going to close?" is the question we get asked more often than anything else.  The Real Estate Agents, buyers, and sellers all need to know when closing is going to occur.  One of the biggest challenges with Rural Development financing is closing time frames.

The Michigan RD offices current turn times:

2 Day Turn Times

* We try to keep this as up to date as possibleThis email address is being protected from spambots. You need JavaScript enabled to view it. us if you need more info

With RD the basic process works as follows:

  1. Offer accepted
  2. Start loan process & order the appraisal
  3. Appraisal received  (after 1 - 2 weeks)
  4. File goes to underwriting
  5. Once files back from underwriting it is sent to RD for there approval.
  6. This is where we sometimes get caught in traffic.  Sometimes RD turns files in a matter of days, sometimes weeks or even months.  The file will literally sit up there in a stack and they review them in the order received.  They get to it when they get to it.  Current turn times are posted above.
  7. File comes back from RD, our underwriter clears it for closing
  8. Closing scheduled a few days later.

 

So what's all that mean?   Basically if a normal loan takes 30 - 45 days to close, take whatever the above turn time is for RD and add it to it.   Generally speaking you will see those RD turn times very fast in the beginning of the year, then as spring hits and things pick up they get more and more backed up, by November/December they are starting to catch up again and the cycle continues.

Although RD approval is more of a formality it still is a requirement that the RD fairies bless the file prior to closing, so we are often stuck waiting.

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