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USDA $0 Down Construction Loans are Here!

I am very pleased to announce that Icon Mortgage has now become one of only two Michigan Mortgage Lenders approved to lend USDA funds for their pilot “Combination Construction to Permanent Loan” Program. This is a one time close construction loan with interest only payments during the 12 month build time that automatically recasts into a 30 year fixed USDA Guaranteed loan. So, not only can you buy a home through RD with $0 Down, Now you can BUILD the THE home you want exactly how you want it, with $0 Down! We do not know how long this will be available so you need to take advantage while it lasts! As mentioned this is just a pilot program for now. I would be happy to answer any specific questions you may have but just some of the basic highlights are below: Why it works for Home Buyers: No requalification after construction Interest payments during construction can be escrowed No Interest Rate risk No update to documents after construction Less paperwork across the board No new appr
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Michigan Rural Development: New Income Limits

Current Income Limits As of 07/01/2011 Ann Arbor MSA (Washtenaw & Livingston Counties) 1-4 Family 5-8 Family 92,600 122,250 Detroit MSA: Lapeer, Macomb, Oakland, St. Clair & Wayne Counties 1-4 Family 5-8 Family 81,650 107,800 Lansing-East Lansing MSA Clinton, Eaton, Ingham 1-4 Family 5-8 Family 78,000 102,950 Leelanau 1-4 Family 5-8 Family 76,050 100,400 Lenawee 1-4 Family 5-8 Family 89,850 118,600 Midland 1-4 Family 5-8 Family 75,550 99,750 Monroe 1-4 Family 5-8 Family 80,850 106,700 Ottawa 1-4 Family 5-8 Family 81,800 108,000 All Others 1-4 Family 5-8 Family 74,050 97,750 For more information Call Today or visit our website: 810-953-4266 or Icon Mortgage Lending.com
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Icon to Continue closing RD loans despite exhausted USDA funding.

Many of you may have read that the USDA will exhaust funds allocated for the Guaranteed Rural Housing Loan Program some time on Thursday May 12 th . In response, Icon Mortgage Lending is pleased to announce that we will continue to close all RD loans just as if it were "business as usual". This announcement comes after months of various unqualified sources disputing over when the USDA in fact would be exhausted of funding. Many had alleged that the Rural Housing Program had already closed its doors as of April 1st. Of course, those that follow the Icon Mortgage Lending blogs and news sourced knew that this was indeed an April Fool's Joke of the highest order. As promised, we have continued to close and table fund Guaranteed Rural Housing Loans over the past two months as other lenders dropped out of the program despite the massive needs of their local communities. In the future you can follow all of the most up to date and accurate Rural Housing News by subscribing to thi
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Michigan Realtors: Writing a Great PA; or, Being your LO’s Best Friend

Michigan Realtors: Writing a Great PA; or, Being your LO’s Best Friend Occasionally, frustrations build as a file in processing begins to struggle a bit and the question may occur to you, “Why are these things arising now, when they seem like they should have been settled so long ago?” And as a good professional it will probably lead you to the next question, “What can I do to help prevent this with my future transactions?” I would like to examine a few simple things that you as a Realtor can do to become your Loan Officer’s best friend and subsequently write a Purchase Agreement that will be well appreciated by all involved. Timeline. Obviously it will always be frustrating when files run into turn-time troubles and it begins to seem like it may never close. You end up feeling like you have heard the same response from the LO a dozen times, and you just want to know what to do. We can prevent a lot of these headaches by having realistic and achievable expectations at the time the PA i
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Michigan First Time Home Buyer: An Overall Guide

Michigan First Time Home Buyer: An Overall Guide For a first time buyer, there is so much to worry about and so many levels of details to address, that I just want to provide a good general guide to how to start the process. You can refer to my other blogs for more detail, but I think this is a great overview. Purchasing anything, will cost you money. A home is the biggest purchase you will ever make, but most people expect to spend less than when getting an apartment. Any decent complex will want first, last, and possibly a security deposit. That’s at the very least $1000. Have this much at the very least before you consider buying a home, otherwise you really are setting yourself up for failure. Now, Before you do anything else, find a loan officer. Before you contact a Realtor, before you look at homes, you have to qualify. In today’s market there are so many intricacies to qualifying that the first thing you need is to get approved. Approved, not pre-approved like so many tell you.
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First Time Home Buyer: Conforming at a glance

First Time Home Buyer: Conforming at a glance The following was a general overview of the Conforming loan programs such as those offered by Fannie Mae or Freddie Mac and a guide to figure out if this is the loan program for you. Availability: Available in all areas. Type of Homes they finance: Single Family Properties and Multi-Family Properties will qualify. Site Condos are viewed the same as Attached Condominium Properties and are acceptable if they are approved condominium projects. You can search approved projects here: ******. Manufactured properties, Modular, Stick-Built, or BOCA-code properties are acceptable in some circumstances but not likely to be accepted. Working Farms, unique properties, and dome-homes will not qualify. Down Payment Required: 10% or greater in conjunction with Private Mortgage Insurance. 20% to meet conforming loan standards. In general, funds for down payment can be a gift from family. Private Mortgage Insurance: Emphasis on the “Private” since it is obt
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First Time Home Buyer: FHA at a glance

First Time Home Buyer: FHA at a glance The following was a general overview of the FHA loan program and a guide to figure out if this is the loan program for you. Availability: Available in all areas. Type of Homes they finance: Most property types. Single Family Properties and Multi-Family Properties will qualify. Site Condos are viewed the same as Attached Condominium Properties and are acceptable if they are approved condominium projects. You can search approved projects here: ******. Manufactured properties are acceptable if they meet individual lender requirements. Modular, Stick-Built, or BOCA-code properties are acceptable. Working Farms, unique properties, and dome-homes will not qualify. Down Payment Required: 3.5%. Can be a gift from family, friend, or employer. Down payment assistance is only available from grant programs. Mortgage Insurance: 1.75% financed into your loan and and .55% is billed monthly. Interest Rates: Vary greatly because of the great variance between lende
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