4175 Gleaner Hall Road

OWN A BIT OF  ANN ARBOR REAL ESTATE HISTORY! AN ENDURING CLASSIC. ONE OF THE MOST INTERESTING HOMES YOU WILL SEE. AUTHENTIC VICTORIAN WITH 34 ACRES OF WOODED LAND SURROUNDS THIS HOME, SOLITUDE & YET NEAR ALL AMENETIES HIGHWAY.SPACE FOR 2-3 HORSES, AND CHICKENS ALREADY ON GROUNDS. ONE OUT BUILDING IS A HANDY MAN’S PARIDISE, WITH DOUBLE DOOR ACCESS. NEWER FEATURES INCLUDE- WINDOWS,ROOF& GUTTERS.OUT BUILDING’S ROOF WAS REPLACE IN 2005. THE DRY BASEMENT IS READY FOR STORAGE. THIS HOME HAS BEEN LOVINGLY KEPT. ACREAGE MAY BE DIVIDED.

Related Links

See Extra Photos and a Virtual Tour for 4175 Gleaner Hall Road

Visit our website for an in-depth property detail page

Looking for more Listings in Ann Arbor, Michigan?

Please visit our website for a complimentary MLS search

Additional ANN ARBOR AREA REAL ESTATE Listings

8790 Silver Drive

LOVELY RANCH WITH ROOM TO ROAM! QUIET DEAD END STREET WITH ACREAGE & POLE BARNS. PERFECT FOR FAMILIES, SMALL BUSINESS OWNERS, HOBBY LOVERS, CAR COLLECTORS. ONE FLOOR OF GRACIOUS LIVING – SPACIOUS FAMILY ROOM WITH BRICK FIRE PLACE OPENS TO KITCHEN AND DINNING AREA. PLENTY OF STORAGE WITH OUTBUILDINGS AND GARAGE. SEE FOR YOURSELF ALL THE WONDERFUL FEATURES THIS HOME HAS – GREAT PRICE FOR THIS PIECE OF REAL ESTATE IN DEXTER – SHORT SALE

Related Links
See Extra Photos for 8790 Silver Drive
Visit our website for an in-depth property detail page
Looking for more Listings in Dexter, Michigan?
Please visit our website for a complimentary MLS search

Additional DEXTER REAL ESTATE Listings

Island Hills Estates Subdivision: 3147 Sandhill Drive

WANTED-HAPPY FAMILY HOME! GREAT HOME FEATURES PARK LIKE SETTING IN FENCED BACK YARD WITH PAVER PATIO AND DECK WITH ADDITIONAL SEATING. AS YOU ENTER YOU SEE A GRACIOUS FOYER THAT LEADS YOU TO A FORMAL LIVING AND A DINING ROOM. THE OPEN KITCHEN BOASTS AN EAT IN AREA WITH SLIDING GLASS DOORS TO THE DECK/PATIO AREA. THE LARGE FAMILY ROOM ADJOINS THE KITCHEN. THE SLEEPING ROOMS ARE NICE SIZED WITH GREAT CLOSET SPACE. YOU’LL BE PLEASANTLY SURPRISED WITH THE SIZE OF THE BASEMENT THAT IS WAITING FOR YOUR TOUCH. A GORGEOUS PIECE OF DEXTER REAL ESTATE.

Related Links
See Extra Photos and a Virtual Tour for 3147 Sandhill Drive
Visit our website for an in-depth property detail page
Looking for more Listings in Dexter, Michigan?
Please visit our website for a complimentary MLS search

Additional DEXTER REAL ESTATE Listings

Fannie Mae, the largest source of mortgage money in the country, is working to reduce foreclosure inventory or “real estate owned” properties (REOs). Fannie Mae is promoting The Home Path financing program for owner-occupants, second-home owners and investors.

The HomePath financing program offers:

3 percent down payment options for owner-residents

10 percent down payments for second-home buyers

15 percent down payment plans for investors on Fannie Mae REO properties

No declining market restrictions

Rehabbing like 203K

Fixed rate, adjustable, or interest only terms

Earnest money deposits as low as $500.00

Purchasers need to borrow at least $50,000 and usually need to a 660 credit score.

The down payment (at least 3 percent) can come from savings, employer, gift, grant, or a loan from a nonprofit organization, state or local government. The program offers no appraisal requirements and no mortgage insurance.
Many deals fall apart over appraisals, so eliminating this improve certainty and cost reduction. Eliminating mortgage insurance can equate to an approximate 0.75 percent savings on an interest rate (5.5 percent instead of 6.25 percent).
Special financing makes sense, especially now, given the credit-tightening restrictions making the sale of REO and conventional homes increasingly difficult. Check out this HomePath program for Washtenaw homes and condos here. The Michigan FHA limits still apply. Check out Ann Arbor foreclosure deals.

We are here to help with your Ann Arbor Real Estate search and consider us your Ann Arbor Real Estate Experts.

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.

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

5138 Pontiac Trail, Ann Arbor