What does certificate of eligibility mean? Metro Detroit real estate terms. Certificate of eligibility is the document given to qualified veterans which entitles them to VA guaranteed loans for homes, business and mobile homes. Certificates of eligibility may be obtained by sending form DD-214 (Separation Paper) to the local VA office with the VA form 1880 (request for Certificate of Eligibility).

Simply put no Certificate of Eligibility, no VA loan.  

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What does balloon mortgage mean? Metro Detroit real estate terms. Balloon Mortgage is a loan which is amortized for a longer period than the term of the loan. Usually this refers to a thirty year amortization and a five year term. At the end of the term of the loan, the remaining outstanding principal on the loan is due. This final payment is known as a balloon payment.

You wont find a balloon mortgage with many normal banks or lenders. Most times you find a balloon mortgage on a land contract home.  

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What does annual percentage rate mean? Metro Detroit real estate terms. Annual percentage rate (APR) is a measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans.

You will see this term on your truth and lending sheet from your mortgage lender. It is a great way for you to compare one lender to another, by using the annual percentage rate. The biggest confusion of this term is at closing because it is not your true interest rate. Your true interest rate is usually lower.  

For more information on Metro Detroit Real Estate terms, or if you are interested in buying a Metro Detroit home, please give me a call at 313-310-9855 or email me at yesmyrealtor@gmail.com

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Can I still get a nice home for under $65,000 in the Metro Detroit area.

Sure can.  You can still buy a nice home for under $65,000 in the Metro Detroit area.  Depending on which city it is.  No, you won't find a Northville, Plymouth, Novi, or Canton home for that price.

But you can find homes in Westland, Garden City, Livonia, Wayne, Dearborn Heights, Southfield, Taylor, Redford, and Lincoln Park for that price.  Depending on what city and where at sometime you can find a very nice home for that price.

So if you have a limited budget you can still find nice homes in Wayne, Oakland, and Macomb counties.

In fact currently there are over 917 houses under $65,000 in just these cities. 

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Question:   Where can I find a great Metro Detroit fixer-upper that is a great deal?

Answer:   First let's define a fixer upper.  It is a home that is priced below market and needs TLC.  It needs work and money to make it your home.  You can find fixer-uppers in most Metro Detroit communities.  Even wealthier neighborhoods like Birmingham, Northville, and Grosse Pointe have fixer uppers.  Finding one that makes financial sense takes work and time.

Buying a Metro Detroit fixer upper requires some savvy.  You need to know the costs of bring that property up to good condition.  There is no sense in buying a $70,000 Livonia home and putting another $50,000 into it.  Only to realize it is worth a $100,000.  You would have but $120,000 into a home that is worth $100,000.  You could probably pay $100,000 and get a move in ready home without all the work.

The key is to figure whether the property you're interested in is a wise investment.  It takes some work and financial accounting. You need to figure what the average house in a given area sells for, as well as what the most desirable houses in that area are like and what they cost.

The smartest buys in fixer uppers are homes that are so ugly that people won't buy them.  They are the simple homes to bring up to move in condition.  So try to find a "cosmetic fixer" that can be completely refurbished with paint, wallpaper, new floor and window coverings, landscaping and new appliances. You should avoid run-down houses that need major structural repairs. When you have to get into kitchen remodeling, roofs, basement repairs those are costly fixes.  A house price that looks too good to be true probably is. A smart Metro Detroit buyer will bring experience professionals to look at  it before buying it.

The best strategy for a fixer-upper is to find the least desirable house in the most desirable neighborhood.  Then calculate the expenses needed to bring the value of that property up to its full potential market value.  Then figure out if you have the money and whether it is financially smart to buy the home.

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