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I was watching Good Morning America, earlier this week and Melody Hobson did a spot on mortgageshttp://abcnews.go.com/GMA/video/homeowners-fall-mortgage-payments-11426728, specifically Fannie Mae and Freddie Mac. Here is a short synopsis: “The good news is the interest rates are very, very low. The bad news is that you can’t get a loan unless your credit score is 730 and you have 20% down”. If I was looking to buy a house and couldn’t meet those criteria, I would have thought “I can’t buy a house”. The problem is that she missed more than 50% of the market – the Government loans - FHA, VA, and Rural Development. In some areas, FHA and RD (rural development) loans make up more than 70% of the loans. Let’s look at these three loans: FHA – 3 ½% down payment, seller can pay upto 6% of the buyers’ closing costs, a credit score over 620, more lenient debt to income ratios http://www.hud.gov/buying/loans.cfm. Those homes must meet certain criteria, determined by an approved FHA appraiser. Those required repairs are typically safety issues, broken windows, peeling paint, the roof and furnace must be determined to last at least 3 years, any steps over 3 must have a hand rail. Any other required repairs would be determined by the FHA appraiser. There are maximum loan limits (area specific) for FHA loans. There are also two loans available with FHA for homes that need repair– the 203K Standard Renovation Loan and the 203K Streamline Renovation loan. They allow those repairs to be rolled into one loan. Conventional loans to initially buy a home do not allow for additional monies for repairs. VA – Veterans Administration loans for those that have served us in the militaryhttp://www.benefits.va.gov/homeloans/. The highlights are “0” down payment, closing costs can be paid by the seller or rolled into the loan, interest rates that are lower than a conventional loan. They also have a minimum standard that the house must meet similar to the FHA loans. Rural Development (RD) – also a “0” down payment loan, a credit score over 620, upto 6% closing costs that can be paid by the seller or rolled into the loan http://www.rurdev.usda.gov/Home.html. This loan also has a minimum standard that the house must meet similar to the FHA loans. There are income limits with this loan. RD loans are restricted to those areas that are considered rural. These loans are funded by the government for a specific time frame and when those monies run out, they can’t be funded until the next funding date. I work with a mortgage company that (when this happens) holds the loan until the government funds are available and then funds it thru Rural Development. To summarize: there ARE loans available for a large portion of the population, there is a 9 month inventory of homes available for sale, and home prices are down an average of 25% or more in many areas. There are loans available for those homes that need renovation or remodeling. You can buy more home, with some of the lowest interest rates in years, with a little or no down payment. IT IS A GREAT TIME TO BUY A HOME!!!
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 Churchill Downs, Lansing - The single story at 3332 Grantsburg Dr has been sold. Property information
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Franklin Farms, Mason - Just Listed - 708 Carom Circle, a 1,086 sq. ft., 2 bath, 3 bdrm single story. $64,900 - Priced to Sell!!. Property information
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GEM OF A HOME!!! • 1,106 sq. ft., 1 bath, 2 bdrm single story -  MLS®$85,900 - GREAT HOME! GREAT PRICE!! Owosso, Shiawassee County - This is one of those rare finds of perfect price, condition and location. Great curb appeal - brick and aluminum exterior. Beautifully decorated. The foyer opens onto the living and dining rooms. Spacious living room with wood burning fieldstone fireplace and built-in display shelves. Large windows let in the light. Oak look laminate floors throughout the home. Large formal dining room with lots of windows. Kitchen with white laminate cabinetry, granite look countertops, tile floor and hexagonal tile backsplash. Newer stainless steel range, microwave, dishwasher and side-by-side refrigerator remain with the home. Kitchen with peninsula, also snack bar, pantry and under soffit lighting. Slider to the covered patio that leads into the privacy fenced backyard. Nice sized Master Bedroom - decorated in restful colors. 2nd bedroom - charmingly decorated with a large storage unit with display shelves. Large linen closet. Bath with tile floor and tub surround. Plaster walls throughout home. Newer water heater. Hot water heat system and Lennox central air-conditioning. Nicely landscaped with raised planting beds. Shed for storing your gardening tools. 1 car attached garage. Lower level laundry includes the washer and dryer. Full basement - waterproofed by InstaDry. Warranty is transferable to the new owner. Located at the end of the street for privacy. Don't miss the Gem! It won't last long!! Property information
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Owosso, Shiawassee County - Announcing a price reduction on 1418 Cherry Lawn St, a 1,106 sq. ft., 1 bath, 2 bdrm single story. Now MLS®$85,900 - GREAT HOME! GREAT PRICE!!. Property information
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Designed with Distinction!!!
• 1,610 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $168,900 Williamston, Ingham County - Enter this wonderful home thru the tile floored entry with beadboard closet. Open staircase with oak handrail. Soaring cathedral ceilings in the living room and dining room. 2 pillars divide the living room and dining room with cabinets with storage underneath. Dining room has tiled floor. Oak eat-in kitchen with tile floor. Ceramic topped range remains. Refrigerator – negotiable. Kitchen has sliders to the large deck that overlooks the open fields where the deer play. Formal living room with Palladian window over sliding window. Large master bedroom with master bath and large walk-in closet. 1st floor laundry – washer and dryer negotiable. 2nd bedroom with newer laminate flooring. Large 3rd bedroom with walk-in closet and newer laminate flooring. Small upstairs office with multiple phone lines. Many updates: new light fixtures and ceiling fans, newer carpeting, oak-look laminate flooring in upstairs bedrooms. Full bath with wall-to-wall mirror. LL family room with wood blinds and display shelving. LL exercise room. LL storage room with built-in shelving. 100 amp electrical service. Burglar alarm and Invisible fence for your dog. 2 car attached garage with lots of built-in shelving. Property information
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Burns Township, Shiawassee County - Announcing a price reduction on 6257 Grand River Rd, a 1,638 sq. ft., 2 bath, 1 bdrm 1 1/2 story. Now MLS®$79,900 - Priced Reduced $10,000!. Property information
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 • 1,086 sq. ft., 2 bath, 3 bdrm single story - MLS®$69,900 - Priced to Sell!! Franklin Farms, Mason - STUNNING 3 BEDROOM, 2 BATH RANCH CONDO - GARDEN LEVEL REAR UNIT. MANY UPGRADES. GORGEOUS CHERRY GALLEY KITCHEN WITH GRANITE LOOK COUNTERTOP. CUSTOM COPPER TONED PAINT ON WALLS FOR THAT OLD WORLD LOOK. BLACK APPLIANCES INCLUDED. DINING AREA WITH SNACK BAR. GREAT ROOM WITH TRADITIONAL FIREPLACE. SLIDERS TO PRIVATE PATIO AREA THAT OVERLOOKS NATURE AREA. HALLWAY HAS DYNAMIC PLUM WALL AS A FOCAL POINT. GOOD SIZED MASTER BEDROOM WITH WALK-IN CLOSET AND MASTER BATH WITH CUSTOM GOLD-TONE WALLS. 2 NICE SIZED BEDROOM WITH MAIN BATH. FIRST FLOOR LAUNDRY CLOSET WITH WASHER AND DRYER. 1CAR DETACHED GARAGE IS INCLUDED WITH THIS HOME. $99 ASSOCIATION FEE INCLUDES TRASH REMOVAL, SNOW REMOVAL, EXTERIOR MAINTENANCE, LAWN MAINTENANCE, LIABILITY INSURANCE AND FIRE INSURANCE. WHY RENT, WHEN YOU CAN OWN SOMETHING THIS WONDERFUL!!! Property information
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Delta Township, Eaton County - Announcing a price reduction on 4909 Barnstable Lane, a 2,756 sq. ft., 4 bath, 4 bdrm 2 story. Now  MLS®$275,000 - . Property information
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Delightful Ranch on 1 A Park-like Lot • 1,244 sq. ft., 1 bath, 2 bdrm single story - MLS®$110,900 Eaton Rapids, Eaton County - Charming 2 bedroom (with possible 3rd) home on a beautifully landscaped 1 acre lot. 1244 SqFt of delightful touches. Completely redone in1997 with many custom details. Wonderful neutral decor. Spacious light oak kitchen with peninsula and large eating area. All appliances included. Galley rail above cabinets. Eating area has oak floors. Large master bedroom with mirrored closets with built-ins and custom textured glass shutters. 2nd bedroom with oak floors and mirrored closet doors. Study or possible 3rd bedroom with many oak built-ins; bookshelves, desk with wraparound counter and floors. Wall of windows to let in the light. Large living room with built-in oak bookshelves and storage unit. Sunroom with wall of windows, 1st floor laundry, closet, and cedar closet with door to the garage. 2 car attached garage with stairway to the basement. Bath with oak cabinets. Home has all oak trim. High efficiency furnace and water heater (2007). All Anderson windows for more energy efficiency. Extra insulation under vinyl siding. Look at the utility bills, they are low. Home does have a Michigan basement but it is dry. The 1 acre lot is like a park with extensive gardens, rolling terrain, and a outdoor patio with a pergola. Don’t miss this one, it will go quickly. Property information
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Stunnning 3 Bedroom Ranch
• 1,617 sq. ft., 2 bath, 3 bdrm single story - MLS® $129,900 Owosso, Shiawassee County - THIS CHARMING HOME WAS BUILT BY THE ORIGINAL OWNER & LOVINGLY MAINTAINED. FOYER W/OPEN DISPLAY DIVIDER. LIVING ROOM W/FIELDSTONE FIREPLACE WALL W/GAS FIREPLACE, 3 DISPLAY SHELVES ON STONEWORK, & DISPLAY CABINET W/OPEN SHELVES AND DOORS. HUGE WINDOWS IN LIVING ROOM LET IN THE SUN. KITCHEN W/CURVED PENINSULA SNACK BAR. LOTS OF CABINET STORAGE. JENN-AIR COOKTOP, RANGE W/OVEN, NEW MICROWAVE, & DISHWASHER REMAIN W/HOME. EATING AREA W/SLIDERS TO SCREENED PORCH THAT OVERLOOKS THE LARGE YARD. GLEAMING HARDWOOD FLOORS THRUOUT HOME. 4 PC COMPARTMENTALIZED BATH W/TILE WAINSCOTING, SHOWER & TUB SURROUND. NEW FLOORING & WALLCOVERINGS IN BATH. DOUBLE SINKS W/LARGE MIRROR & NEW LIGHT BAR. LINEN CLOSET IN BATH. 3 GOOD-SIZED BEDROOMS W/LARGE CLOSETS. ENTIRE HOME HAS BEEN FRESHLY PAINTED INSIDE & OUT. SOFT NEUTRAL COLORS HIGHLIGHT THIS HOME’S FEATURES. LOWER LEVEL HAS REC ROOM W/HALF CIRCLE BAR, WOODBURNING FIREPLACE, POOL TABLE, & WORK AREA. UTILITY AREA HAS HALF BATH, LAUNDRY W/WASHER & DRYER, LOTS OF CABINETS, RANGE, & REFRIGERATOR FOR THOSE FAMILY PARTIES. OVERSIZED HEATED 2 CAR GARAGE W/LOTS OF STORAGE. HOT WATER HEAT FOR THAT STEADY WARMTH. SCREENED PORCH W/ACCESS TO PATIO AREA. GREAT NEIGHBORHOOD. A HOME OF THIS QUALITY & CONDITION ONLY COMES UP ONCE IN A GREAT WHILE, DON’T MISS IT!! Property information
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• 1,232 sq. ft., 2 bath, 3 bdrm single story "Modular" - MLS® $112,900 Owosso, Shiawassee County - SECLUDED 3 BEDROOM, 2 BATH RANCH W/PARTIALLY FINISHED LOWER LEVEL ON 3.19 ACRES ON A PRIVATE ROAD. OAK KITCHEN W/LARGE EATING AREA. RANGE, PORTABLE DISHWASHER & REFRIGERATOR INCLUDED. LARGE LIVING ROOM W/GREAT VIEW. 1ST FLOOR MASTER BEDROOM W/ACCESS TO 1/2 BATH & DOUBLE CLOSET. 2 NICE-SIZED BEDROOMS. PARTIALLY FINISHED LOWER LEVEL W/REC ROOM & 3 ADDITIONAL ROOMS. PROPANE HOT WATER HEAT. LARGE DECK OFF DINING AREA W/VIEW OF WOODED AREA. BREEZEWAY BETWEEN HOUSE & 2 CAR GARAGE W/ATTACHED DOG RUN. FRESHLY PAINTED. $1500 FLOORING ALLOWANCE. Property information
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Conway Township, Livingston County - Announcing a price reduction on 6690 Hayner Rd, a 2,100 sq. ft., 3 bath, 4 bdrm 2 story. Now  MLS® $244,900 - $15,000 Price Reduction!!. Property information
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Shiawassee Township, Shiawassee County - The single story at 1953 Grand River RD has been sold. Property information
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