Ann Arbor Real Estate Talk

Ann Arbor Area home buyers, the clock is ticking if you want to claim the $8000.00 tax credit for first time home buyers. If you are a move up buyer you can claim up to $6500.

But, the clock is ticking for Ann Arbor home buyers.

• You must be under contract with a seller by April 30th.
  

• You must close by June 30th.

• Ann Arbor Area MLS homes for sale.

Ann Arbor Area House Search

Saline Schools Home Search

Dexter Schools Home Search

Chelsea Schools Home Search

I don’t usually push my home and condo search site, but with the Home Buyer Tax Credit coming to a close, (80 days) I wanted to give you the links to search for homes. The credit expires on June 20th. You must be under contract by April 30th.

9056 Emerson in Saline, Michigan is being offered for sale as a “Short Sale”.  9056 Emerson is located in York Meadows subdivision off of Willis Rd.

9056 Emerson is one a mile to the Toyota R & D Center.

Take a LOOK at the MLS View

Search the Ann Arbor Area MLS

Saline Area Schools

Here is a chart of how a loan progresses in Ann Arbor with the new Good Faith Estimates and new HUD Guidelines.

Courtesy of Tom Richardson of Liberty Title.

Here is a look at the new Good Faith Estimate if you are buying or going to be buying a home in the Ann Arbor Area.

This is the first change to the form in 17 years. The whole idea of a new form was to make the lending process more transparent to the consumers.  It encourages you to shop for a loan and make comparisons.

One of the biggest complaints was buyers getting to the settlement table and fees being different than what was expected to the consumer.

In the current form all the fees are grouped together by category, the form is standard to everyone buying in the U.S, and their is little room for fees being changed at closing.

The only 3 things that can be changed after you have applied for a loan is:

1) The cost of where you got your title insurance, the attorney fees, deposit into your escrow account (for taxes, insurance), the daily interest changes.

Once your lender gives you your good faith estimate, the origination fee can not change, the interest rate.

At the closing or settlement table you will be asked to compare and fill in the numbers on the HUD and the GFE so that they match up.

A few items can be change within 10% of the quote.

• The required services that the lender quoted.

• The Title Services if the lender chose them

• Owners title policy

• Government recording fees.

Tomorrow we will talk about “Special Circumstances” that would allow changes on the GFE. I know this is confusing, we went from a 0ne page GFE to a 3 page GFE.  But, the intent was to give better numbers to you the buyers.

You can download the book on the HUD.gov web site called Shopping for Home Loans, HUD’s Settlement Cost.