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

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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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 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 .

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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

 

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Great News!

I love saying that because it seems over the last five or six years everything's been, heads up this bad thing is happening.  Not this time, there are two changes that are great news for the housing market.  Conventional 3% down is back & FHA has reduced there monthly mortgage insurance!  Let me explain . . .

First a little history on the way this all went down.  Back middle of December 2014 Fannie Mae announced that they were bringing back the 3% down conventional loan program.  The program had gone away a few years ago during all the tightening.  The new 3% down program has some fairly tight credit qualification, but overall is a great option for first time buyers with a good credit history.  When compared to FHA at the time the mortgage insurance was less in most cases.   Personally I think what happened after the Fannie announcement is FHA did a little math and figured out that they were going to lose the pool of buyers that had good credit. Then the loans they would end up with in their portfolio would be the more troubled loans.   Think 1000's of loans, when your looking at x% go into foreclosure now; losing the strong loans means  x% that go bad is a lot higher.  Not good if your FHA!

So here were are less than a month later and FHA announce a huge reduction in monthly mortgage insurance.  Which means the FHA program is more attractive now to most buyers seeking low down payment options.

Lets look at an example: (note PMI and rates vary based on a number of factors such as credit score, so specific borrower will see slightly different numbers.)

  Conv. Old FHA New FHA
Purchase Price $150,000 $150,000 $150,000
Down Payment $4,500 $5,250 $5,250
Upfront PMI $0 $2,533 $2,533
Monthly PMI $158.84 $161.54 $101.71
PMI Paid After 5 yrs $9,530.40 $12,225.40 $8,635.60

One more thing that should be mentioned.  With the 3% down conventional the interest rate is higher than FHA, how much higher depends on credit and other factors. Expect to see roughly a .5% higher interest rate.  That combined with the higher PMI makes the FHA option rule over a 3% down conventional in most cases.  The one down side to FHA is that the mortgage insurance never goes away.  I'd love to see FHA go back to the days where the MI dropped off when the loan reached a 78% loan to value.  So I suppose buyers who are going to be in the home for many years may be better off with a conventional 3% down loan over FHA.  However most people move every 5 years or so.

Check out the short video I made for more information or give me a call!

Published in Jeremy's Blog

So maybe you heard rumblings of something happening at RD.  Well there certainly are changes being made.  Some positive some not so great.  First off lets talk about timing.  RD is not out of money, for the last week of November they are not accepting application, but that's not so bad, they anticipate being caught up on all the files Dec. 1St when they start accepting applications again.  If we can go from 3+ week turn times to a couple days, well that's fantastic!  For UP TO DATE Turn Times follow this link.

Here is an outline of what affects real estate agents in regards to the guideline changes:

1.  Barn are O.K.

2. Site value requirement removed (should have any land split issues)

3. Pools are O.K.

4. No more Realtor admin fees. . . .  I know that one hurts. - Follow this link for an update on this

It should be noted that we are still waiting to see how all this unfolds but come Dec. St these changes will go into effect.

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.

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Thinking of Selling? Hire a Realtor!

So we do a handful of loans every year that are FSBO (for sale by owner).  I always help the buyers and sellers out with the paperwork & thru the whole process.  I always shake my head and wonder why don't these people just hire a Realtor.  They think they are saving a buck or two in commission that's why.  The agents out there will tell you and I've heard it for the last 14 years I've been in business, statistically you sell your house for more if you hire a Real Estate Agent.

Case & Point:  On a recent transaction I was involved with the house appraised 45k higher.  If that seller would have used a agent to help price, market, & sell the home they would have sold it for a whole lot more.  Now granted they save them selves from paying a commission, but at what price?

Looking for a good agent?  Give me a call or drop me an This email address is being protected from spambots. You need JavaScript enabled to view it. I'll hook you up with a great one!

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Fannie Mae has announced the discountinuance of special financing options for properties listed for sale at www.homepath.com.  More specifically the homepath financing and homepath renovation financing products for both home buyers and investors.  In order to take advantage of these programs with the current enhancements there must be a fully executed purchase contract dated on or before October 6, 2014. 

Don't worry we have lots of other options for home buyers and investors!  For buyer looking for low money down options check out Rural Development for example.  Got repairs?  Well we have renovation programs for everyone including investors.

At the end of the day the elimination of these programs is a good single that things are looking up for the real estate market and thats great news!

Published in Jeremy's Blog

You may have heard some of the buzz in the news about a qualifed mortgage rule rolling out in the begining of January.  I want to try and dispell some of the rumors because the media as always makes this sound like a big deal.  The fact is Lenders are already doing this and its business as usual.  QM requires lenderst to do things like verify income & assest.  Bascially QM is 10 year late and is being put into place to help prevent some of the loans that were being done back in the mid 2000's.  Check out this short video about QM.  Also here is a link for Uncle Sam's FAQ on the topic.  QM FAQ

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