Thanks for responding Jeff, So here are my questions:
I have 741 credit scores and would like to apply for a mortgage, looking for a loan ( of $150,000), and am not sure if what is more beneficial, either getting a loan from a bank in Michigan or going with a big name like Chase. Not sure if there is any first time home buyer programs in Michigan... Any thoughts?
Thanks in advance and, as always, eager to hear back from you.
Thank you very much for coming by my site and asking your questions. Answering in my blog allows others to benefit from your questions and my answers.
Now given the fact you are moving from NYC to Michigan, well I hope you have a friend on the ground here. Depending on where you are buying, there are some very good deals, but not all markets are done bottoming out in my humble opinion.
As far as lenders go, you could use one like Chase since they are an FHA lender and you can ask for the FHA 203b loan program. I believe that is one of the best FHA home loans out there. That will allow you to get into a house with a 3.5% down payment. However you may want to consider a conventional mortgage if you have a 10% down payment since it will allow you a lower interest rate.
Now as far as Michigan based lenders, you will find that there are a few good ones here. For example Quicken Loans is based here and also Flagstar Bank.
As far as finding a good Real Estate Agent, you may want to use HomeGain since they have a location service and also offer $150 rebate for using their services to find a good real estate agent that works with first time home buyers.
I know that buying your first home can be a scary thing. But if you carefully follow links on this webpage and use the NavBar in the left column you will find all the reliable information you should need.
Plus you can pick my brain here and I can be the loan consultant in your ear.
I wish you the best in your search. If you find my website helpful please pay it forward and tell others by "liking" us in your FaceBook and give us a shout out in your Twitter account. All you have to do is be logged into your accounts and use the buttons just below.
According to the FHA lending guidelines, is it possible for escrow to be paid out of packet instead of rolled into the loan? What are the guidelines for a 2nd time home owner? These are answered below…