Financing Not So Easy!

I ran into a financing snag today! My client qualifies for an FHA loan with 3% down (gift money from a relative) but neither Uptown Village nor Meadowbrook qualify for FHA loans. And that's where the homes are the client likes best. Next we tried for a rural development loan - I've sold several homes in Milan with that financing which is great and zero down! But the income limit for a couple is $70,700 and my client is a little over that.

The 4th loan officer I spoke to today at least was encouraging --- my client will have to wait until mid-January at which time the loan limit for rural development loans is increasing and then my client will be able to buy with -0- down! Fortunately time is not of the essence and the wait until mid-January is not so bad.

There are some really amazing buys in Milan right now. Any first-time buyer or any buy-up buyer or any investor should be seriously looking at homes right now. Prices aren't going up for some time yet, but inventory levels are shrinking all over the county as the low-priced homes get bought up. If you're a buyer, this is the perfect time to buy! Call me at 734-439-8405 if you would like to talk about real estate. Barbara