Detroit Real Estate

Right now there are 47 Canton rental homes and condos for lease.  There are 13 Canton homes for lease as of today.  There are 34 Canton condos for lease starting at $875 a month.

If you are looking to lease and want to get a head start.  Here are the items you should have ready:

1. Credit report.  You should have a tri-merge credit report with all three bureaus with the three credit scores.
2. A financial application filled out detailing your work history, your credit obligations, who will live in the house, and your income
3. An employment letter stating length of employment, and yearly income.  Or your w-2's   
4. An letter of explanation for any credit issues you have had
5. Verification of rent.  If you have rented before get a letter from your landlord or have copies of your checks to prove you have paid your rent on time.
6. Bank statement 

So if you want your Canton lease to go smoothly gather up these things before hand.

Feel free to call me on my cell (313) 310-9855 or email  me at YesMyRealtor@gmail.com to get a list of the latest Canton rental homes or Canton condos for lease

Russ Ravary your local Plymouth real estate agent

This week I had four different people get denied for home purchase loans.  A few years back in 2004 some of these Michigan home buyers would have gotten their loans approved.  For example.

1. One borrower had only one open trade line.  Now days many banks want two to three open credit lines.
2. One potential home buyer had a 583 mid score, now you need a minimum 620 score to get a loan.
3. One had a bankruptcy.  A couple of years ago you could get a loan done with in a year of having a bankruptcy, now you have to wait at least 2 years.
4. One just had a very low score and bad credit.  Back then they could get a loan and just put more down.  Not any more.  No loan, no how.

All of these home buyers have to get their credit repaired.

Step one:  Pay all your bills on time.  You need at least on year of perfect credit history to bring your score up.  So pay your bills on time.

Step two: Don't let anything else go into collection.  No medical bills, or co-pays can go into collection.  Collections drive down your score. 

These are just the first two steps of credit repair.  Stay tuned for more credit repair tips

Russ Ravary your Wayne County real estate agent serving Livingston, Washtenaw, Oakland, and Macomb County in Southeastern Michigan 

FHA said it is trying to better position itself to "manage its risk while continuing to support the nation's housing market".  One widely speculated change wasn't made -- the increase of the FHA minimum down payment.

Here are the new FHA rules coming on April 5, 2010. 

Home buyer's can still buy with just 3.5 percent down.  However, there are 2 major changes that you must be aware of and will be effective for any case number assigned starting April 5th, 2010.

1.   An increase in Upfront MIP from 1.75 percent to 2.25 percent

2.   A reduction in maximum seller contributions from 6 percent to 3 percent.

Russ Ravary your Livonia real estate agent

Here are two ways to raise your credit score.

1.)  Pay down your balances.  Part of the credit score formula is based on how much you owe versus how high your limit.   If you are at you limit your score is going to be lower than if you were at 33%.  So start on one credit card and start paying them down.  Your credit score will go up.

2.)  Go through the credit report and get any errors credit fixed.  This takes time to contact the creditor that made the mistake and time to get the information to the credit bureau.  But it is worth it.  Little items will cost you points on your credit report.

And of course pay your bills on the time.  That is the most important thing you can do.  Don't let any medical bills go into collection and make ALL your payments on time.  Re-building your credit takes time but you have to get started.

Metro Detroit senior citizens there is now new home purchase help from a major mortgage company.  It is a new loan product designed for senior citizens and I think it has multiple applications.  It is really for senior citizens that have some money.

I am going to give you some rough examples on this new loan product can help you.  This is a general example as they have a specific formula that is based on the seniors age and value of home.  But here is a rough idea of how it works.

The new loan product for seniors is a reverse mortgage purchase loan product.   Let's say a 65 year old Metro Detroit senior citizen wanted to buy a home.  And let's say the purchase price is $100,000.  They will do a reverse mortgage on the house.  If the senior citizen brings a $40,000 down payment to the table the buyer will never have another house payment again.

Basically if the senior citizen (amount needed based on age)  brings 40% to the table they can have a home that will never have another payment the rest of their life.  It is a pretty good deal.  The older the person the less they have to bring to the table. 

The situations I think this might be good for are.

1.)  Retirees that downsizing.  Many Metro Detroit seniors that sell their homes end up with a sizable chunk of cash.  They could buy a smaller house with a reverse mortgage and NEVER HAVE A HOUSE PAYMENT AGAIN.

2.)  Retirees that need more cash for living.  Let's say a retiree is having problems living on the amount they receive each month when they have a house payment.  By buying a house with a reverse mortgage they could have a large amount to live on each month.  It could GIVE MICHIGAN SENIORS MORE CASH FLOW EACH MONTH.

3.)  Michigan seniors that have marginal credit who have money but can't buy the home because of the credit. Even if you have a foreclosure you can buy a home because they don't look at credit history or credit scores.  They will pull your credit buy only to check for federal liens against you.

4.) Michigan seniors that have high debt ratios or limited income.  Yes you can still buy a home.  There is no income verification on the Metro Detroit senior citizens.  You have no payment so they don't care about your income or high debts.  

If you are a Metro Detroit senior that is looking to buy and any of these situations pertain to you give me a call and I will get you in contact with a person that explain this product in detail to you.  

Search Northville homes for sale and other Metro Detroit listings