This is the ultimate buyer’s market in Ann Arbor, Michigan. That means that people should be buying. That requires those of us in the real estate business to make sure that our clients know why to buy, where to buy, how to buy and what to buy!
If you are looking at Ann Arbor Area foreclosure deals, talk to us; banks hire us to sell these properties so we know about them before they hit the market. If you want free buyer reports, let us know.

See video below discussing timing and buying opportunities from Keller Williams Realty.

Our buyers mirror what buyers want across the Nation.  We are here to help you with your financing resources and the help you find the best investment.  According to the National Association of Realtors®, this is what buyers want from their agents.  We are committed to delivering and hope you become Ann Arbor Area real estate raving fans in the process. 

There are pockets of buying opportunities in many Ann Arbor Area neighborhoods and condos. Let’s discuss your Ann Arbor Area Real Estate investment strategy. To search for all Ann Arbor homes, click here.
If you like this article, press like at the top. Like us on facebook too.

Kathy Toth and Team, Ann Arbor Area Real Estate Experts: Ann Arbor Market Center Keller Williams Realty

Michigan FHA

Looking to purchase a home in the Michigan area? There are many areas to research during the process, and one of the most important decisions you will make is how to finance such a large purpose. While exploring your financing options, you may want to consider an FHA Home Loan, especially if you are a first-time homebuyer.

They are particularly appealing to first-time buyers because of the low down payment, which may be as low as 3.5 percent, compared to a conventional loan where the minimum is 10 percent. A couple of other benefits are that most of the closing costs can be factored into the loan, and it is easier to qualify for an FHA loan opposed to other methods if you have less than perfect credit.

The term FHA Loan may lead some people to think that the government lends the money, but this is not the case. Rather, a bank or mortgage company lends the money and the loan is backed by Housing and Urban Development (HUD). For this reason, if you were to default on the loan, HUD guarantees that not all of the money will be lost to the lending institution, and they will be repaid some of the loan amount.

To be eligible for an FHA Loan in Michigan, you must meet the following requirements:

• Able to make at least a 3.5 percent down payment
• The home you plan to purchase must be your primary residence
• The residence must either be a home, condo or manufactured home
• For the last three years, you must have had stable income

The following are the maximum loan amounts in Michigan for which you can qualify and are broken down according to county:

The most common loan limit for an FHA Home Loan in Michigan is:

• Single family home: $271,050
• Duplex: $347,000
• Tri-plex: $419,425
• Four-plex: $521,250

If you are looking to purchase in the metropolitan area, the loan limits increase according to county:

Kalamazoo and Van Buren:

• Single family home: $286,250
• Duplex: $366,450
• Tri-plex: $442,950
• Four-plex: $550,450

Lapeer, Lenawee, Livingston, Macomb, Monroe, Oakland, St. Clair, Wayne (Warren-Troy-Farmington Hills metropolis):

• Single family home: $297,500
• Duplex: $380,850
• Tri-plex: $460,350
• Four-plex: $572,100

Berrien (Niles-Benton Harbor MSA):

• Single family home: $298,750
• Duplex: $382,450
• Tri-plex: $462,300
• Four-plex: $574,500

Washtenaw (Ann Arbor MSA):

• Single family home: $345,000
• Duplex: $441,650
• Tri-plex: $533,850
• Four-plex: $663,450

Now that you may have an idea of where in Michigan you may want to purchase, it’s time to find a lender and move forward with the process. It is always important to find one that you trust and can go to with any and all questions, so make sure to do your research on the bank or mortgage company before you commit to anything. You can search for an FHA lender on HUD’s web site

Guest blog written by
Michael Blumreich
FHAMortgageCenter.com.

One of the contingencies of selling or buying an Ann Arbor Area home is a pest inspection.  In Michigan we have termites and carpenter ants.  If you have uncovered these pests in the home inspection, you will want to deal with this concern.  Both Sellers and buyers want to protect their asset. Since carpenter ants love to eat dead wood, they could be eating away the core of your home.  They also love moisture, so you will want to ensure faucets don’t leak inside or outside. 

I found a blog site with many carpenter ant pictures which migh be helpful for quick id.  

See video below detailing what they look like and how to get rid of carpenter aunts.

How To Kill Carpenter Ants on Howcast

So my Mom had an infestation in her bedroom door.  Yes, she heard them munching at night.  We don’t know how they got there but she removed the door from the house and never saw an ant again.  She hire professionals who treated the house.

When you uncover a defect, you have 3 choices.  You may reject, accept or counter the issue.  Discuss all options  and outcomes when buying your Washtenaw County home or condo.   Be very careful to have a pest inspection for Ann Arbor Area lake property; many homes have high water tables.  

If you are looking for help in selling or buying Ann Arbor Area Real Estate, we are here to help.  We cover Washtenaw County – servicing Chelsea, Dexter and Saline.  Your Home Sold Guaranteed.

Ann Arbor home buyers not that per Fannie Mae & Freddie Mac starting June 1^st on all new loan applications taken for conventional loans a credit report will not only be pulled at the beginning of the application but it will also be pulled 5 days before closing.

What does this mean for the conventional borrower?  It means you absolutely cannot take out any additional credit or even have an inquiry into your credit report from the time you start your loan application until after you close.

There’s a new product coming out called Compare that will clearly define the differences in the initial credit report and the re-pull before closing.

The re-pulling of credit will apply to conventional loans; FHA, VA and Rural loans (USDA) are exempt from credit re-pulls at this time.
Let’s summarize with a quick Do’s and Don’ts of getting a mortgage:

DON’T:

• Take out any new credit during your loan application and until after you close.
  • This means no furniture shopping, new window treatments and ‘especially’ no ‘buy now pay later’ type of accounts
  • Add to your current debt load as of time of application until after you close.

DO:

• Create paper trails for all deposits into your asset accounts.
• Write letters of explanations for anything out of the ordinary; e.g.:
  • For inquiries into your credit report – for any reason – over the last 90 days.
  • For Any derogatory credit issues
  • For any job gaps
  • Save money before, during and after; owning a home is not easy – it takes work, energy and money.

I have been in the Real Estate Industry for 15 years and am an expert in today’s mortgage market.  Please contact me to get your questions answered, to share ideas and learn and to apply for a mortgage – I’m ready to help!

Candace also hosts a Radio Show, ‘Local Lifestyle; Focus Ypsilanti’ the Last Saturday of Every Month from 12 – 1 PM on 1290 WLBY, www.1290wlby.com

Candace B. Pinaud
Leave No Stone Mortgage Lending
a division of Ann Arbor Mortgage
Leave No Stone Unturned
www.LeaveNoStone.com
734.476.3366
734.661.0379 Fax
 
Follow Candace B. Pinaud on Twitter:  http://twitter.com/candacepinaud
 
22 E. Cross Street  Historic Depot Town  Ypsilanti, MI 48198

Ann Arbor Real Estate Podcast for May 2010:

This month’s edition covers Ann Arbor real estate market activity and then we’ll promote responsible upgrades and the tax credits available for home owners who invest in energy-efficient systems and improvements.

Features special guest Terri Murphy of US Learning.

Related Posts

Ann Arbor Real Estate – Market is Changing
February Ann Arbor Podcast – Ann Arbor Market Activity

Termites are wood-destroying critters which eat wood and may love to eat your home.  In Michigan they usually enter from the ground and or from the dirt around the house.  Your house could be their next meal.  To identify them, Orkin has a pest identification page and will give you a free inspection per the web site.

You can watch the termite video for prevention ideas.

In Ann Arbor Michigan we usually have mud tubes made by subterranean termites.

• Mud tubes on interior or exterior walls.  These look like little tubes of mud and are little highways for the termites to travel through.  They’re made of mud and, well, termite excretions.  Brushing off the tubes doesn’t eliminate them..
• Mud tubes hanging from the ceilings.  From an engineering standpoint, these are rather awesome little stalactites of achievement for such a small insect.
• Sawdust or droppings.  These are easiest to spot when there’s a small spread of dust next to the wall, or beside a fence post or deck post.  Some termites have white or black pellet droppings known as frass.
• Visible wood damage.  Termites create tunnels in the wood, and once you know what you are looking for,  you can detect the pattern.

As a home buyer, you will probably want to have the home inspected for termites, or wood destroying ants.  Your lender might require this report.  Most inspectors bundle this with the inspection,  just be sure to ask what the charge is.   If they are discovered, uncover the damage and activity to determine cost of repair or mitigation.  Usually the seller will pay for treatment, but this is negotiable.  Sometimes there was termite evidence but  they have been gone for years. 

In Michigan you can prevent termites by a treatment plan, and:

• Keep all lumber and firewood several feet away from the house
• Keep all wood supports/porches away from the foundation, and remove all wood-to-earth contact.
• Keep mulch and wood chips away from the foundation
• Repair any leaks at faucets or watering systems
• Keep plants away from foundation  

I purchased a house with termites; it had a termite contract from Terminex.  You can sell a house with termites as long as there is full disclosure.  There was a court case in Brighton, MI of the seller being sued for damage.  He disclosed he had termites, but got rid of them.  He did not hire a professional to get rid of them and in fact drove them further into the house.  There was $70,000 dollars of damage discovered by the buyer when they renovated the bathroom. 

Ann Arbor Real estate can have termites, especially by the Chain of Lakes.  Just have the house inspected.  Ask your Ann Arbor Area Real Estate Experts for our industry resource list.

Do you want to work with a REALTOR who knows the Ann Arbor schools inside and out?  Then you may want to work with an insider. Not too many REALTORS can say they have been an Ann Arbor school teacher and buyer agent. Consider aligning yourself with Skyline High School expert when you are looking for Ann Arbor Real Estate.

Wendy is bigger than life, market savvy, and can show you the ropes.

When you want to work with the best Ann Arbor Buyer Representative, call 734-669-0337 and start packing.