Ann Arbor Undressed

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FHA Loan Limits Increase for Washtenaw County

FHA upgraded their loan quidelines this week in Washtenaw County. I'm pretty sure they did it all over the United States. For us in Washtenaw County that includes Ann Arbor, Saline, Dexter, Chelsea, Ypsilanti, Milan and other smaller townships and cities this is very good news.

This is a result of the American Recovery and Reinvestment Act, which was passed into law on February 17th, 2009.

These are for Single Family Homes and Condo's.

· Lenawee County $297,500
· Livingston County $297,500
· Monroe County $297,500
· Wayne County $297,500
· Washtenaw County $345,000 (up from $271,050)

FHA loans require only 3.5% down payment that may be gifted funds.

Minimum credit scores of 620 required and they are assumable.

Let us know if you need to speak to a lender, we ONLY work with Top Notch Local Lenders in Washtenaw County. Lenders that give you personal one on one service, lenders that know our area and ONLY work with local appraisers.

Call or email me for a list of good lenders in Washtenaw County.

Search Ann Arbor Homes for Sale

 

Missy Caulk, Ann Arbor Realtor

Missy Caulk & Team can be reached at 734-926-9797 or email: Missy@MissyCaulk.com

Our Team of 6 agents are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.

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Stay strong, stay faithful, stay honest, stay loving, stay true to who you are, most importantly stay true to who God is as you'll be who you are, and you'll be happy, you'll be you, you'll be free. -Jamie Caulk

 

7 comments • Missy Caulk-Ann Arbor-Realtor® Ann Arbor Real Estate • February 28 2009 07:27PM

Teachers, EMT's, Law Enforcement, Fireman Buy a HUD Home

Want To Buy a HUD home in Ann Arbor?

I took a class yesterday at my office, Keller Williams in Ann Arbor. Our broker has signed our office up to be able to help our buyers purchase HUD ( Housing and Urban Development) homes in Michigan.

These homes have gone through the 6 month redemption period in Michigan and are ready to be sold. In Michigan our law states that each home owner who looses their home in Michigan must be allowed 6 months to catch up on their past mortgage payments, and penalities and get their home back.Most do not have the means to do so, but the banks still wait those 6 months before they put them on the open market.

You can search this site McBreo for homes that are ready to be purchased. If you see one that you want to bid on, then give me a call to meet with you and submit the offer.

Why?

HUD only works through people who have been approved to purchase through their web-site. There are about 40 pages of documents that must be submitted.

Many of the homes ONLY open up to investors after being made available to buyers wanting to occupy the home. However, many investors are buying them after those two weeks, so the best time to purchase is when you see something right away.

Last month when my Team Leader was teaching this class for the first time, he bid on a home in Ypsilanti, MI. He got it for $4800.00. Yes, you heard me right. Four thousand eight hundred dollars. The home sold in 2003 for $79,000. It is an all brick ranch across from the old Byer Hospital in Ypsilanti.

I searched the area where my lake cottage is located in the Irish Hills Area of Michigan where there are many lakes.  There was a lake house between Round Lake and Devils Lake in Irish Hills, listed at 45,000.  It was gone.

If you are a first time home-buyer, investor or looking for lake property this is a great place to pick up homes.There are special rates for Teachers, EMT's. Fireman, and Law Enforcement Officers. You can purchase these home for 50% off the asking price if it is in a revitalization zone, with 100.00 down. It is called the Good Neighbor Next Door Program.

States in Blue also working with McBreo

 

Other states also offer HUD listings from McBreo, see map.

You can begin looking here.

I can be reached at Missy at MissyCaulk.com

734-821-0757

 

 

 

 

 

 

*** Originally posted on Ann Arbor Real Estate Talk by Missy Caulk***

 

Missy Caulk, Ann Arbor Realtor

Missy Caulk & Team can be reached at 734-926-9797 or email: Missy@MissyCaulk.com

Our Team of 6 agents are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.

Find Homes for Sale in Ann Arbor
Find Homes for Sale in Saline

Find Ann Arbor Real Estate Information
                                   Get a FREE Home Evalutation of your Homes Value

                                  Missy Caulk Ann Arbor REALTOR® Google Profile



QR Code for Ann Arbor Real Estate Talk

Move In Nashville

Stay strong, stay faithful, stay honest, stay loving, stay true to who you are, most importantly stay true to who God is as you'll be who you are, and you'll be happy, you'll be you, you'll be free. -Jamie Caulk

 

15 comments • Missy Caulk-Ann Arbor-Realtor® Ann Arbor Real Estate • January 11 2009 11:04AM