Tag: downtown brighton

Seller Concessions

Seller concessions refer to an agreement in which the seller pays certain financing costs for the buyer of the home. i.e. Title insurance, Processing fees, Origination fees, Inspection fees, Transfer taxes The purchaser may request seller concessions during contract negotiations, or the seller may offer a concession during the listing process. Negotiations for seller concessions often used in a buyer’s market, often reduce the overall purchase price of the property; in a seller’s market, a buyer may ask for an increased purchase price to offset the requested seller concession. Example: A home inspection may reveal repairs necessary, a seller may offer Read More

2019 Loan Limits Increase!

Given the rapid run-up in home prices over the last year, it’s no surprise that loan limits will also be going up in 2019.  The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan limits for mortgages eligible for acquisition or guaranteed by the two government-sponsored enterprises (GSEs) Freddie Mac and Fannie Mae will be $484,350. The conforming loan limit as established by the Housing and Economic Recovery Act (HERA) is reviewed each year and adjusted as necessary to reflect the change in the average U.S. home price.   The new limit represents a 6.9 percent increase over the $453,100 limit for 2018, the percentage Read More

Max allowable DPA for MSHDA – Conventional

Step Forward Down Payment Assistance (DPA) Step Forward Down Payment Assistance (DPA) is federally-funded, forgivable and offered in 61 eligible zip codes in 10 Michigan counties. Step Forward has allocated $20 million to the Step Forward DPA program. Funds are limited and are available on a first-come, first-served basis. The down payment assistance is $15,000 and must be used in conjunction with a MSHDA MI Home Loan. The Step Forward DPA can be used toward the required down payment, closing costs, and prepaids/escrows on the purchase of a single-family principal residence. The remaining balance of the $15,000, if applicable, must be used Read More

MSHDA Step Forward Down Payment Assistance

Step Forward Down Payment Assistance (DPA) We have exciting news about a new, forgivable down payment assistance loan program launching October 8, 2018. Step Forward Down Payment Assistance (DPA) is federally-funded, forgivable and offered in 61 eligible zip codes in 10 Michigan counties. Step Forward has allocated $20 million to the Step Forward DPA program. Funds are limited and are available on a first-come, first-served basis. The down payment assistance is $15,000 and must be used in conjunction with a MSHDA MI Home Loan. The Step Forward DPA can be used toward the required down payment, closing costs, and prepaids/escrows on Read More

Energy Efficient Homes Made Easy

The Easiest Ways to Save Money with Energy Efficiency Making a budget is a lot easier than actually sticking to it–we know. But when you become a homeowner, it’s even more essential that you make an effort to live within your means. Your house is not only your biggest investment, it’s also the place you and your family call home. One nearly effortless way to live within your means is to make your home more energy efficient and this post will show you how to get started. These ideas will add up to savings little by little but one will Read More

Unmarried and Buying a Home

What You Need to Know About Buying a Home as an Unmarried Couple Buying a home with a loved one is an exciting next step. However, home purchases between unmarried couples come with a few challenges. And since buying a home presents a significant financial investment and personal commitment, it’s important to know the challenges you may face before you sign on the dotted line. Here are five things to plan for when buying a home as an unmarried couple. Have an Honest Talk About Finances Even if you have already rented an apartment together and think you’re fairly familiar Read More

Time for a Bigger Home

We may grow but our homes do not.  Starter homes are just that, for starters! Lets take into consideration the benefit of a larger home.  Of course the amount of space for living and storage; no more elbow bumping or closet overloads when a larger space is available! Well that’s just obvious.  Consider how you most utilize certain spaces in your home then focus on the amount of bedrooms, baths, sq ft. etc.  Do you like to entertain? Can you do so in your current home? Lets consider the possibilities of social gatherings, birthdays, and family holidays in a new Read More