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The Grand Rapids Association of Realtors (GRAR), which administers the local West Michigan MLS, recently released the 2015 home sales year end statics. The numbers confirm that 2015 was a year for the record books for West Michigan homes sales. Number of New Listings Submitted to the Grand Rapids MLS Year-end numbers for 2015 show… Read more »
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Category: Buying a Home
Fannie Mae HomeReady Mortgage Program
Partnering with one of the nation’s largest conventional mortgage lenders, Riverbank Finance is now offering Fannie Mae’s new 3% down home loan program called the HomeReady Mortgage, which allows borrowers to obtain a mortgage with substantially lower payments that standard conventional home loans. For a home purchase or even a mortgage refinance, this new home… Read more »
Qualifying for a Mortgage with Student Loan Debt
If you are in the market for buying a house it is important to understand the implications of qualifying for a mortgage with student loans. Each year, at least 60% of college attendees take out some form of student loans to help with the ever growing costs of higher education. While this can be an… Read more »
5 Reasons to be Thankful in Real Estate
2015 has has given many reasons to be thankful in the real estate industry for this Thanksgiving season. Here are the top 5 reasons to be thankful. 1) Low Mortgage Rates Low mortgage rates mean higher purchasing power. With the low inventory for real estate in Michigan, low mortgage rates have increased buyer’s purchasing power… Read more »
TRID has Arrived for Home Loans on October 3rd 2015
What is TRID for Home Loans? The CFPB (Consumer Finance Protection Bureau) issued the TILA-RESPA Integrated Disclosure Rule (TRID) which will go into effect on 10/3/15. The purpose of TRID is to help home loan clients understand mortgage transactions by simplifying important forms and disclosures. TRID will be followed by all banks and mortgage lenders… Read more »
Freddie Mac 97 Home Loan Offers Alternative to FHA Loan
Buy a Home with only a 3% down payment with Freddie Mac’s 97% Home Loan! If you are a first-time home buyer or struggle to come up with a conventional down payment for a house, the FHA Loan is no longer your only option. Freddie Mac’s new Home Possible Advantage program is a conventional loan… Read more »
FHA Lowers Mortgage Insurance Premiums for 2015
The Federal Housing Administration has announced that they will be reducing the mortgage insurance premiums (sometimes called PMI or MIP) charged on all FHA loans. The rate reduction will be nearly half the current costs cutting the insurance premiums down from 1.35% to .85% annually. This is great news for new home buyers and those… Read more »
Updates for Fannie Mae Conventional 97% Mortgage Loans
FANNIE MAE CONVENTIONAL 97% MORTGAGE LOANS A Conventional 97% mortgage loan is a Fannie Mae home loan that allows homeowners to purchase a home with only a 3% down payment. It is a great misconception that all conventional mortgage loans require a 20% down payment however many options for alternative financing do exist with low down payments… Read more »
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