Contrary to what the print media will tell you, it is a great time to buy a house in Ann Arbor, MI.
The surrounding area’s of Saline, Dexter, Chelsea, Ypsilanti, Manchester and any place in Washtenaw County has fantastic home buying opportunities.
The interest rates are still incredibly low. If you have good credit 0% financing is still available.
I just refinanced my own home, combining my Home Equity Line of Credit. (HELOC) and my primary mortgage into one 15 year rate at 5.75%.
Currently, we are still getting calls for Pfizer homes, and the MAJORITY of these are sold.
Many of my clients work with Maria Labie at Citizens First Bank for their loans. As a banker she is able to hold many loans in portfolio that don’t meet Fannie Mae or Freddie Mac guidlelines.
As of March 1st, 2008 many of the guidelines will be changing.
FICO score < 575, regardless of LTV or AUS response
· No Documentation (No Doc) Loans
· No Income No Asset (NINA) Loans
· Alt A loans with Non Traditional Credit
· Alt A loans with a FICO score < 660
· Property Inspection Waivers (PIWs) or Property Inspection Alternatives (PIAs)
*** If you are in the market for a new home, condo, or move-up don’t wait too long. You can begin your search of all the houses listed in Ann Arbor by clicking here.