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Home Buying in Detroit : Real Estate Advice

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Activity 917
Wed Feb 22, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

There are two types of 203k loans.
If you are spending less than $35,000 on renovations you generally will not need an FHA inspector at all. If you spend over $35,000 an FHA inspector is required.

A home inspection is not required to get a mortgage however it is something that is generally recommended.

If the home has a well and a septic system FHA may require an inspection on those.

I can lend nationwide and I'm available almost 24/7.

If you have any other questions or need help with this you are welcome to contact me.
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Mon Jan 30, 2017
Gamalucci answered:
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Sun Jan 22, 2017
Peter Marsele answered:
There are better markets than detriot in the us for rental properties. Email Madisoncm11@gmail.com to discuss further. Thanks. Pete
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Fri Jan 20, 2017
Aprilpitts2000 asked:
Thu Nov 17, 2016
Jeremy Alexander answered:
Jefferson Village is one of the communities..along w victoria park, university district and sherwood forest that I work heavily..how can I assist ?
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Sun Nov 13, 2016
Deidra Hill asked:
Any real estate agents that is an expert? Any approved FHA 203k Lender recommendations? Any 203k contractor recommendations? Also I have bad credit :(
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Mon Nov 7, 2016
Tony Grech answered:
I do a lot of new construction- especially in Michigan - and it is very common for the builder to pass along the owner's title policy costs to the buyer. In fact, I think most of the time that is the standard operating procedure.
However, everything is negotiable so you can certainly ask and the worst they could say is no.

If you need any assistance with a mortgage please feel free to give me a call.

thanks!
Tony
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Thu Oct 13, 2016
Wes answered:
Naca.com. You can buy anywhere.
Buy Detroit. Fitzgerald Community. Right by 2 colleges
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Thu Oct 13, 2016
Wes asked:
Is anyone buying in the Fitzgerald District in Detroit. The city is doing something new there and it looks great. Plus it is by 2 colleges.
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Thu Oct 6, 2016
Lloyd48206 asked:
How do you guys decide whats makes a high crime area? I see areas in Detroit shaded green means low/lowest, but in Redford a green area means highest. I'm a little confused.
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Thu Sep 29, 2016
Ronald Simpson asked:
Fri Sep 16, 2016
Keith C Monzillo answered:
For this answer assume you are asking me for the loan. Of course you can get financing. This haw I make my living.

Regardless of your credit score the process is the same. The hardship you anticipate is not as painful as you think. Here is what you need to be prepared to answer.

1. How can you afford to buy the home you what?
2. Since your credit rating is lower than some, you need to demonstrate you are committed to the purchase and your obligation to repay a loan. That means a downpayment of your own money. You lose your downpayment if you stiff me on the loan.
3. I assume risk by lending you my money, after all I want to make money not own a house where you painted all the walls black. The greater my risk, the more I worry about getting my money back, so your Credit Rating is my worry line. You make me worry, I charge you more than people who don't make me worry. That is in the form of the percentage you pay on the loan.
4. Bottom line is question number one. Can you put down enough of a deposit so that you can afford the slightly higher risk/percentage you pay for the loan?
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Sat Sep 10, 2016
Ray1974alh asked:
Sat Sep 3, 2016
Mira Gusev answered:
Hi am loking for hause with lend contract at macom township or clinton township or shelby township sterling heaghts or romeo plenk plese can you call me in disgust with that a sold my hause at utica a need to find a hause abaut 2 weeks time ma credit score is wery daown now for thet rison am loking for lend contract a heve same mony to put doow plese koll me my neme is mira gusev phone 586 804 9306 thank you so moch a weiting for you ... more
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Thu Aug 11, 2016
Sally Grenier answered:
Of course! What you're referring to is a cash purchase (vs getting a mortgage on the house). First place to start is to determine how much cash you have on hand. Then find a Realtor who can work for you as a Buyer's Agent. They'll be able to search for homes in your area that fit your search criteria and your budget. Good luck! ... more
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Tue Jul 26, 2016
Joe Borelli answered:
Here is the list of FHA approved lenders who have closed at least one 203K loan in the past year in Michigan:

http://203klenders.org/michigan-mi/
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Fri Jul 22, 2016
Marciabaskets asked:
that are in Grosse Pointe not DETROIT. We are a border community on two sides, south and west. I need houses with 1st floor bedrooms.
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