Amazing Torch Lake Home

There is little debating Torch Lake is one of the most beautiful lakes in the world. This home sits on one of the greatest spots on torch lake, a cove in the middle of the lake with a sandy bottom  and no neighbors to the north for over a 1/2 mile. It is like your own private cove with caribbean blue water.

The house has a little going for it as well, 6 bedrooms (four with private baths), five and half baths, fabulous master suite with deck overlooking the cove, full walk out with wet bar, and huge family area, and fire pit.

I have had the pleasure of staying in this house and it lives perfect, a great modern house with room for everyone, with a cozy-up north feel. You feel like you should be relaxing, it is not hard!

The home has over 44oo square feet but lives much larger with the abundant deck and patio space. Three of the bedrooms (on every level of the photo to the right) not only open to a patio or deck they also have there own bathrooms complete with large showers and separate whirlpool tubs. There are three additional bedrooms on the top level, one with a private bath the others share a bath.

When building the home the builder took great care to pay tribute to one of the worlds most beautifullakes. With tons of knotty pine, field-stone, hardwoods, the home truly feels indigenous to the cove it over looks. The colors mirror those found in the lake at different times in the day, the sand, the turquoise water and the sky are all represented in this fabulous home the current owners called “Spirit”.

6 bedrooms

5.5 baths

4446 Square Feet

$1,200,000   For more information contact Andy Goggins, ChangingStreets.com 810.845.0300

Tax Credit to Expire Soon!

The $8,000 first time buyer tax credit is set to expire on 04/30/2010. This means you have a little time left to take advantage of a great give away. $8,000 means that for many first time buyers they can upgrade their new homes or cover payments for 6-11.5 months! You need to move quickly and take the following steps:

Get pre-approved! This will allow you to make an intelligent decision on how much to spend, what you want to afford and how much money you need for a down payment.

Search for homes on ChangingStreets.com, if  it is listed it is one ChangingStreets.com. Search by location, price, style!

Contact us via email or phone, as a buyer you get an agent for free! Ok nothing is free, the seller pays, but  it is free to you and you get the benefits of an experienced agent that will take you and your deal seriously and have fun doing it. They will negotiate the best price, assist with home inspection and show you homes.

This all need to be done by 4/30/2010 to qualify for the tax credit so there is little time to waste.

Here is more information on the tax credit

More here on creative ways to get a home

Don’t miss out call us today! 810.733.3374

AH! House Envy!

This is how we roll in the D! I am in love, twelve times so far! I feel dirty, I am full of lust, my stomach is tingly. I am feel as though I am cheating…on my home! I have spent the last hour peeking through the windows of our areas most fantastic homes (not really, I did it online), and it was fantastic!

Oakland County Short Sale listings

 

Short Sales, they are everywhere, over 8200 in the metro area MLS system. What use to be a stigma is now the norm, not only are short sales endorsed and regulated by the federal government (as of 04/05/2010) they are encouraged. So, as is the American way the banks loss is your gain.

Check out the over 80 short sales in Clarkston

or the over 60 short sales in Birmingham

or the over 150 short sales in Rochester

or the over 130 short sales in Royal Oak

or the over 80 short sales in Novi

If you are buying a home there are some screaming deals in those short sale listings, short sales are often in much better condition than foreclosures at the same or lower prices. You will need a smart agent and some patience when pursueing a short sale. You can search for foreclosures and short sale listings at on ChangingStreets.com. Simply click on advanced search, click the foreclosure tap on the top of the map frame, scroll down and fill out your criteria. No log in, no sign in, just results.

To learn more about short sales vs. foreclosures from a seller perspective go here.

To find an agent that understands short sales email me at ShortSales@ChangingStreets.com.

Creative Ways to Tap Home Buyer Tax Credit

This could be the best opportunity to buy a home in many of our lifetimes.  The challenge is that there are many that would like to buy a home, but don’t have a down payment to do so.  In Michigan, there’s no way to get the credit at the closing table to use for the down payment.  So, buyers have to get the down payment in other ways and then AFTER closing, file for the tax credit with the IRS.

Where can a typical home buyer find the down payment funds for an FHA mortgage?

• GIFT – FHA allows the down payment, and all funds to buy a home, to be from any blood relative or someone that has a vested interest in the buyer’s well-being. 
• BONUS – An employer can choose to give a valued employee a bonus and that bonus can then be used for the down payment.  A bonus can also be given sooner than normal so that a buyer can purchase a home.
• RETIREMENT PLAN LOAN – most 401(k), 403(b), ROTH IRAs, etc. allow a loan or a premature distribution to be taken out for the purpose of buying a home.  Check with your plan administrator or tax advisor regarding possible tax consequences.
• GRANT – there are many organizations that will give a home buyer a grant to buy a home.  Check with friends & family for the availability of these programs.
• LOAN AGAINST AN ASSET – just as one can use a loan from a retirement asset for a down payment, so can you also use the proceeds from a loan against any asset you own.  Just make sure the asset’s ownership & value is documented and that you don’t get the loan from a relative or interested party.
• SALE OF ASSET – you can sell a motorcycle, boat, car or just about anything and use the funds for a down payment.  Make sure the asset’s ownership & value is documented – you’ll need a bill of sale and a copy of the check from the buyer of the asset.
• LIFE INSURANCE POLICY – many life insurance policies allow for borrowing against their built up cash value. 
• HOME EQUITY LINES OF CREDIT – if you currently own a home and are looking to buy your next one, you can tap into the equity in your current home for the down payment on the next one.  Again, check with us before acting on this to be sure you meet all qualification requirements for the new mortgage.

 

Call Mary LaCroix at (248) 877-8587 or email me at mlacroix@firstmichiganbank.com

FHA Mortgage Loans…Frequently Asked Questions

FHA Home Loans – FrequentlyAsked Questions

ABOUT THE FHA

The Federal Housing Administration (FHA) is an agency of the federal government which insures private loans that are issued for new home purchases and refinances.  The FHA is part of the Department of Housing and Urban Development’s Office of Housing (HUD).  The FHA does not issue loans directly to the public.  They assist lenders like us in offering these benefits to you by reducing our risk in issuing these loans (insurance).

Where FHA Mortgages Come From

FHA loans do not come directly from the FHA. The FHA guarantees home loans, reducing the risk to lenders and offering increased borrowing power to qualified applicants. You may get better interest rates thanks to FHA home loan insurance.

FHA loans are particularly helpful for who want a home, but have little or no money saved for a down payment; including those just graduating college, newly married couples, and also those who have had credit problems in the past because of foreclosure or bankruptcy.

The “guidelines” to get approved for an FHA-insured loan are often more flexible than conforming (Fannie Mae and Freddie Mac) loans.  This can include lower down payment requirements, lower minimum credit score requirements, and higher “housing” and “total” debt-to-income ratios.  Debt-to-income ratios are a reflection of the percentage of your monthly income that will be needed to make your monthly mortgage payment (housing ratio) as well as your mortgage payment plus all other monthly debts that are shown on your credit report (total debt ratio).  See my section on getting prequalified for a mortgage to learn more about the process.

• Fannie Mae has recently announced that they will no longer approve loans with a maximum total debt ratio over 45%.  For example, if you made $4,000 per month, you would be limited to total debt payments of $1,800 for a “conforming loan” approval, versus possibly being able to go as high as 55%, or $2,200 for an FHA approval. This could be the difference you need to get approved to purchase your home!

FHA Loan Mistakes to Avoid

• One major mistake potential homebuyers can make when applying for an FHA home loan is to make a major credit purchase. Don’t cloud your debt-to-income ratio with a big purchase before applying for your FHA insured home loan. Your debt-to-income calculation is based on your current debts and the percentage of that debt against your income. Major credit purchases will seriously alter that ratio, sometimes enough to weigh against you for your FHA loan. If you can afford to pay off any outstanding loans such as auto loans before applying for your FHA loan,that might be a good decision. Don’t put yourself at a financial disadvantage to do so but if you are able, eliminating debt helps when you apply for your FHA loan, BUT DON’T CLOSE ANY CREIDT ACCOUNTS JUST YET.   Consult a financial planner or ask us more about this advice.

FHA MAXIMUM LOAN LIMITS AND HOW THEY ARE SET

 

The FHA set limits on the maximum loan size a borrower can get under this program, and these limits may differ by county and state.  The limits are also affected by what “type” of home the property is – a single family, duplex, triplex and fourplex dwellings.

If you find that FHA mortgage loan limits in a nearby county are more lenient, you may wish to consider buying a home in the area with the higher limit. If you live on the edge of two counties, find out which one offers the best FHA loan limits before making your home purchase.

 

A large majority of the counties in Michigan, like Genesee County (Flint, Grand Blanc, Fenton, Flushing, Davison, Clio, etc) are limited to a $271,050 loan amount for a single family home, $347,000 for a duplex, $419,425 for a triplex and $521,250 for a fourplex.

 

Several counties vary though, for instance:

 

Kalamazoo and Van Buren (Kalamazoo-Portage) are limited to a $286,250 loan amount for a single family home, $366,450 for a duplex, $442,950 for a triplex and $550,450 for a fourplex.

 

 

Oakland (Warren, Troy, Farmington Hills, Clarkston, Rochester Hills, etc.) and Wayne (Detroit, Livonia, Dearborn, etc) are a little higher at $297,500 loan amount for a single family home, $380,850 for a duplex, $460,350 for a triplex and $572,100 for a fourplex.

 
WASHTENAW (Ann Arbor, MI) has the highest limits in Michigan of $345,000 loan amount for a single family home, $441,650 for a duplex, $533,850 for a triplex and $663,450 for a fourplex.

 

• Widget for FHA Loan Size Limits   

This may not seem like a huge variance throughout Michigan, but you might be surprised to know that in some Counties in Florida the single family loans can be as high as $387,500 and single family home loans in California can be as high as $729,750!

 

Call Mary LaCroix at First Michigan Bank (248) 877-8587 or mlacroix@firstmichiganbank.com

Zero Down Payment Loans Still Available

VA Guaranteed Loans – these are from the Veteran’s Administration and you must have served in one of the nation’s branches of the military to be eligible.   A VA Funding Fee is required by law (currently 2.15% on no down payment programs for a first time use), but the following persons are exempt from paying the funding fee:

•  
  • Veterans receiving VA compensation for service-connected disabilities.
  • Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive retirement pay.
  • Surviving spouses of veterans who died in service or from service-connected disabilities (whether or not such surviving spouses are veterans with their own entitlement and whether or not they are using their own entitlement on the loan).

Rural Housing Development Authority Loans (RDA) – these loans are for properties in rural areas only, but are another great way to finance a home.  Single Family Housing Section 502 Guaranteed Loans require no down payment and no monthly mortgage insurance, and are loans made by approved mortgage lenders to qualified low and moderate income individuals and families in rural area.  For more information go to

http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

FHA - The lowest down payment available to most home buyers is the department of Housing Urban Development’s FHA program.  FHA requires only a 3.5% down payment

How To Have Minimal to NO Closing Costs

Through careful structuring of your real estate contract and home loan program, you may be able to drastically minimize or even eliminate the closing costs and pre-paid items associated with your purchase.  This can add up to a lot of cash kept in your possession!

If you want your closing costs covered by the loan, you need to increase the price and have a stipulation with the seller that they will pay the closings costs and pre-paid expenses equal to the amount by which you have increased the price.

The loan amount will be the purchase price or appraised value, whichever is less. As long as the home appraises for the increased price, you will have the closing costs paid as part of the deal.

As your lender, we may also be able to structure a home loan program that allows us to give you a credit towards your closing costs or we can structure the loan so that we pay some or all of the closing costs for you!

 

Call Mary LaCroix at First Michigan Bank (248) 877-8587 or mlacroix@firstmichiganbank.com

Search Metro area Foreclosures

Would you like to search foreclosures only? That is easy Search Metro Detroit Foreclosure Listings Here. Streetsmarts applies on the foreclosure site as well, please feel free to chat with with us, give us a call or email. We will assist you quickly and competently.

Short Sales vs. Foreclosures

Despite the efforts of many people the number of distressed mortgage holders is growing in America. Over seven million home owners are now delinquent on their mortgage, some estimates say 25% of homeowners are underwater (that is is way higher in Michigan). It is time to face the reality that is good people are in bad spots.

Being behind on your mortgage is not a shameful thing anymore in Michigan, how many homeowners can take the blame for massive job loss? What is important is that homeowners in this position are making educated decisions.

Here are a couple facts about foreclosures that should freak anyone out that may be heading in that direction.

1. A foreclosure will keep you from purchasing another home for 5 years, minimum.
2. A foreclosure can come with a deficiency, meaning the lender or their assigns may come after you for the difference between what you owe and what they sell for.
3. A foreclosure will further erode your neighbors value.

A short sale will avoid number 2 above which in my opinion is good enough. President Bush passed an act that let banks and borrowers do a short sale without having to pay the IRS for the amount forgiven or having to face a deficiency judgement down the road.

The other benefit is that a short sale or pre-foreclosure sale will harm your credit, but you will recover quicker and be allowed to purchase a home with a Fannie May mortgage after two years.

The fact that the home will not be sitting vacant (in most cases) will help maintain neighborhood values.

There really is less stressful way to handle a distressed mortgage, and we can help. We will try and take the stress out of the situation for you and your family by facilitating a short sale on your property. As always you can feel confident in speaking with ChangingStreets.com. For more information on how we can help you avoid foreclosure please give us a call at 810.733.3374

Sell

Selling Your Home with ChangingStreets.com

 You want a competent, knowledgable,  experienced, detail and results oriented team selling your home. There is no substitute in this market. Our team covers two states, the experience we gain in each market, makes your listing stronger. Talking about all the websites we that will show your listing is a waste of your time, talking about top of the line photography, is like breathing…you demand all things, and we supply them and many, many more.  We approach the listing of your home in a three step process…marketing, negotiating, project management. For a confidentail meeting about the listing of your property and the many options we have for you, please give us a call, email or click the chat button. We will make your selling experience Smart, Easy, Sane.

Selling Your Home Step-By-Step… The Smart > Easy > Sane way.

 As you probably know, you’re not the only one who’s selling a home in your community. But did you know that some 100,000 people join you each week? With those kinds of numbers, it’s easy to see that competition is pretty fierce. So, the better prepared you are, the better your experience will be and the better (and likely faster) outcome you can expect. Let’s keep this Smart > Easy > Sane!

 1. Make a Good First Impression.

A well-maintained home will generally sell faster and for a higher price than a similar home that looks drab or run-down. When you prepare your home for sale, take a critical look inside and out. If you’re having trouble being objective, ask your ChangingStreets.com agent, a neighbor or a friend to help. (you can even go to ChangingStreets.com and look at photos of other people’s homes and get ideas on what looks good).  And don’t take the input to heart. Everyone has things—big or small—to clean up, repair or replace.

Three tips> a clean refrigerator front, a bowl of green apples,  and look at all door knobs and light switches.

 2. Know the Market.

Your home will be competing with similar homes for sale in and around your neighborhood, so it’s a good idea to know which homes are on the market and what their asking prices are. Take a walk or drive around the area to look for signs and check web listings. You can contact ChangingStreets.com and they will set you up with a neighborhood portal that will keep you informed of all the new listings, sales and price changes in your neighborhood.  Your ChangingStreets.com agent will be the expert to provide you information on area homes for sale. All of this will help you when you work together with your agent to determine the fair market value  and right price of your own home.

 3. Price Your Home Correctly.

 Pricing your home too high can discourage offers from serious buyers. On the other hand, pricing your home too low won’t leave you much room to negotiate. That’s why intelligent pricing is so important. Work with your ChangingStreets.com agent to determine the best list price for your home.

4. Make Sure Your Home is Marketed Effectively.

It’s tough to sell your home if no one knows it’s for sale. A ChangingStreets.com agent can create a plan that provides maximum exposure and the correct message for your home using our web site, direct mail and other marketing tools. This unique combination of services means your home is properly  marketed every single day until it’s sold.

 

5. Prepare for Showings and Open Houses.

Showings and Open Houses let potential buyers personally tour your home to see if it fits their lifestyle. Your goal should be to create an environment where potential buyers can visualize how the space will fit them. This includes removing items from your kitchen counters and arranging your furniture to create a simple, spacious appearance—so it’s easier for buyers to see themselves living there. Your ChangingStreets.com agent will provide you with not only a detailed list but also an implementation plan.

 

6. Negotiate the Terms of the Sale.

Buyers and sellers usually expect to negotiate the price and terms of a home sale. You can speed up this process if you evaluate and respond to offers and counteroffers in a timely fashion. Don’t worry if you’re not personally comfortable negotiating; your ChangingStreets.com agent has great experience and will help you through this process by handling all negotiations and sharing with you all the market information to assist in making smart decisions.

7. Review the Home Inspector’s Findings.

A home inspection is part of the process—stay calm. After the inspection results are delivered, many buyers request certain repairs. As the seller, you should receive a written copy of the inspection report as well. Be sure to review it carefully so you understand the nature and extent of any problems and repairs a buyer may request. Your agent should help you respond to the inspection, clearly stating what you will take care of, how and when.

8. Sign the Purchase Agreement.

Once you reach an understanding with the buyer, it’s time to sign the purchase agreement. Review this document carefully and discuss it with your ChangingStreets.com agent. The purchase agreement will specify the terms and conditions to which you have agreed. 

9. Prepare for Closing. 

The closing process involves an attorney and/or title company representative, the buyer, listing and selling broker/agent, and you, the seller. This important meeting will include the final transaction, which is transferring the home from your possession to the new owner. Make sure you bring all equipment warranties, instructions and maintenance or operation information to provide to the new owners—and don’t forget the keys and garage door openers too. ( We will remind you, we know this can be a crazy day!)

10. Have an agent with StreetSmarts.             

Even the strongest planned transaction can run into obstacles. That is where experience and perseverance come into play to solve your problems and handle all the issues that come up during the transaction.

 

The goal is simple—to raise the expectations of consumers. To empower you with information that will make the experience Smart > Easy > Sane. We save our clients time and stress. Period.

At ChangingStreets.com® we love what we do and we do what we love. We are in a rapidly changing industry and we pride ourselves on keeping our clients ahead of the curve. We’ve got StreetSmarts. We’d love to go to work for you in selling your home… and buying your next one, too!

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