Dan's Michigan Mortgage Blog

Effective this past Friday two new government rules took effect.  These rules known as QM (Qualified Mortgage) and ATR (Ability to Repay) made headlines throughtout the country and the real estate community as a whole.     Many have misinterpreted these new rules to believe the process of gettin...

With the robust housing market we have seen so far in 2013, many markets are seeing bidding wars break out.  With the inventory of quality homes shrinking and pent up demand.  Many would be homeowners are turning to new construction as an answer to the lack of inventory.   An up tick in new const...

So does the recent rise in mortgage rates have you thinking twice about buying or building a home?  While I certainly understand that nobody want's to pay higher rates for their mortgage.  The reality of life is with the recent trend in mortgage rates, it is clear that rates are only likely to go...

As a mortgage lender since 1991 it seems like there is one area that tends to be the biggest source of frustration for clients and that has to do with documenting the cash they need to have for down payment, closing cost and payment reserves.  I am going to highlight some of the most common chall...

Click Here for a link to the USDA's new Eligibility Areas It seems like the only guarantee in real estate lending lately is the fact that things are guaranteed to change.  Like with every other government agency and product, the USDA's Guaranteed Rural Housing Program is no different.  While this...

We knew it was coming.  HUD in it's desire to raise funds for the Mortgage Insurance Fund has made several changes to the calculation of mortgage insurance for FHA insured loans.  While on the surface these changes may not seem like a big change, you have to look deeper to understand the severe i...

***** FUNDS FOR THIS PROGRAM ARE NO LONGER AVAILABLE ***** As part of the National Mortgage Settlement the Michigan State Housing Development is offering First Time Homebuyer’s grants of $3,000 to $5,000 to be used toward the purchase of their home.   There is a total of $15 million dollars avail...

EFFECTIVE IMMEDIATELY THIS PRODUCT OPTION IS NO LONGER AVAILABLE.   HOWEVER, WE DO STILL OFFER A CONVENTIONAL MORTGAGE OPTION WITH A MINIMUM DOWN PAYMENT OF 3%.  PLEASE SEE ME BLOG FOR DETAILS ON THIS PROGRAM. We are pleased to offer mortgage options that allow for NO Monthly PMI (Private Mortgag...

The key to a fast loan process is often times centered on documentation and the clients cooperation.  Clients who provide the required documentation quickly can help to insure that their loan is processed quickly.  A clients cooperation is essential to making sure that the mortgage process goes a...

That's right, did you know that we offer a special first time homebuyer program that will allow for a down payment as low as 1%.  Best of all, this product is not limited to rural housing area's.  While this product is intended for first time homebuyers, some clients who have previously owned a h...