Northern Michigan Mortgage

VA Loan limits have changed for 2020

Walter Ray — Thu, 23 Jan 2020 14:36:51 +0000

HI Folks,

BIG change to VA loan limits for 2020! The loan cap has been removed Previously the limit in Michigan was $510,400…now the sky is the limit. All you need to do qualify for the amount you want. This is Great news if you are looking to purchase that dream house you want or you may want to look into refinancing. Rates are the lowest they have been in a long time. Please give me a call today to discuss your options.

Thank you for your service!!!!

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Zero Down Rural Development Loan Qualifications

Walter Ray — Mon, 19 Dec 2016 05:56:49 +0000

Are you looking for a way to buy a home with Zero down? That only means your actual down payment is Zero. You are still responsible for closing costs. Up to 6% closing costs can be paid by the seller. That would be something for your realtor to negotiate. Then a USDA Loan might be what you are in the market for. These are government backed loans that are meant to help people get into homes with no money down. Here are some the basic requirements:

Verification of Employment for past 2 years
12 months of “on time” rent or mortgage payments
$75,650 max income (2 people)
Full credit report, with a median score of 640 and at least 2 eligible trade-lines.
29:41 ratios (29% of your income before tax housing costs and not more than 41% total debt (including taxes)

Existing Manufactured homes are Not eligible under this program. However, New Manufactured homes on a permanent foundation do qualify. Most areas of Michigan are eligible for these loans. Please contact me to see if the area you are interested in is eligible and to see if you qualify today! Contact me here.

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Got a question?

Walter Ray — Tue, 13 Dec 2016 17:42:07 +0000

HI again, OK…it’s time for me to start taking questions. I’m looking for topics that you would like to hear a little more about. If you have something in mind, please Contact me and I’ll be happy to answer your questions. Please Contact me here.

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For Sale By Owner

Walter Ray — Mon, 05 Dec 2016 05:53:52 +0000

OK…So How can a mortgage lender help someone that is trying to sell their house on their own? First of all, let me say that I am a strong advocate for having a good realtor working on your behalf. One if the biggest things that owners have to deal with is people wanting to stop by and look at your home. That may not seem like a problem but if the majority of those people that are interested in you home are Not Pre-Approved, how do you know if they can even qualify for the loan to make the purchase? By specifying that each potential buyer must be pre-qualified before you show your home, you can save a lot of time and be showing your home to the right buyers. I can help by running credit, verifying income and available funds to close. You wouldn’t want to accept an offer from a potential buyer, remove your house from the market, only to discover that they can afford the payments or even qualify for a loan. Please contact me today to arrange to get your potential buyers pre-qualified so that when you get that offer you can count on closing the deal.

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Credit score under 600 loans

Walter Ray — Mon, 28 Nov 2016 04:30:45 +0000

Are you, or someone you know, looking for a home and you have a credit score under 600? Odds are you will be or have been turned down by just about every bank around. They will tell you to come back with a better score. At Approved Mortgages, we may be able to help you or your friend get the home you want. With an FHA Loan. Yes, the banks do FHA loans also but most banks prefer to only deal with borrowers with better than a 600 (or even 620) credit score. We write to actual FHA specifications and they allow you to have a credit score down to 580 and still only put down 3%. They also allow scores between 580 – 500 with 10% down. What’s the catch? There is no catch. You still need to qualify for the loan with income, no late payments or NSF fees in your bank account and no bankruptcy within the last 4 years. But you still can qualify and get approved for a loan and buy that home you want so you can start building equity rather than keep renting. If you (or someone you know) would like to see if you qualify for an FHA Loan, please Contact Me Today and I’ll be happy to help.

Additional Conditions may apply.

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Mortgage Pre Qualify vs Pre Approval

Walter Ray — Mon, 21 Nov 2016 06:18:41 +0000

Pre Qualify vs. Pre Approval

These sound like they should be one and the same but there is a difference when you are looking for a house.

Pre Qualify: A simple process where the buyer is asked a series of questions regarding income, monthly debt (credit cards, car payments, etc.), and a few other items. From that, we can figure out, roughly, what price home you can afford.

Pre Approval: A more in depth look at your ability to purchase a home. You will provide things like 2 months pay stubs, 2 years taxes, Social Security number, drivers license, 2 Years Residency History, 2 Years Job History, Current bank statements. With this information, we will pull your current credit report and then issue a Pre Approval that you can give to your realtor so they can begin showing you available homes in your price range.

To get Pre Qualified or Pre Approved, please Contact me Today and I’ll be happy to help with this no fee service.

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6 Things That Affect Your Mortgage Loan Rate

Walter Ray — Fri, 11 Nov 2016 20:18:20 +0000

A lot of buyers have one question for the lender when they start the process of looking for a home…”What is the interest rate?” OK…I wish there was an easy answer. A lot of different things can affect what interest rate you will get with your loan. Below are 6 of the main factors that go into a loan rate:

1. Credit Score: Your credit score is something mortgage companies use to determine how reliable you are in paying your bills and exactly how much debt you currently have. It’s a good idea to talk with a mortgage professional before you go out looking for a new home. We can pull your credit score and see if there are any items on the report that shouldn’t be there so you will be able to get them correct and raise your score. Always keep in mind that the better your credit score the lower your interest rate.

2. Home Price/Loan Amount: The difference between that price of the home and the amount that you are putting down will be your Loan Amount. Usually, you will find that your loan rate will be a bit higher for a smaller loan than it will be for a larger loan.

3. Down Payment: When purchasing a home, it is common to find that the more you put down on a new home, the better your mortgage rate will be because lenders seem a smaller amount of risk in lending money.

4. Loan Term: The term of the loan is, how you long you take to repay the loan. Typically, a new home owner would take out 30 year loan to make the monthly payments lower. If you took out a 15 year loan, you would be able to repay the faster and save thousands on your loan but your payments would be higher.

5. Interest Rate Type: Interest rates come in two different types: Fixed and Adjustable. A fixed rate loan amount will not change over time where an adjustable rate loan may start off a bit lower at the beginning but could increase gradually over time.

6. Loan Type: There are sever different types of loans that are available: Conventional, FHA, VA, Rural Development and 203(k) loans. Each one has a different purpose and an different interest rate.

As you can see, it’s little more complicated that just saying, this is you interest rate. And this is why it’s a good idea to get Pre-Approved before you go out looking for that new home. Please contact me today to begin the Pre-Approval process.

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Hello world!

Walter Ray — Thu, 20 Oct 2016 15:42:55 +0000

Welcome to Northern Michigan Mortgage. I will be updating you on some of the latest things happening for home buyers on regular basis so please keep checking back. I’ll also include some really fun things that are happening here in Northern Michigan so Stay Tuned

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