Metropolitan Detroit Real Estate Blog

A conventional loan is any type of mortgage loan that isn’t guaranteed by the federal government. When you have a conventional loan, it’s either conforming or non-conforming. A conforming conventional loan follows the guidelines as set forth by Fannie Mae and Freddie Mac, and a non-conforming conventional loan doesn’t follow these guidelines.

Let’s jump into some of the most frequently asked questions for conventional loans:

What are the conventional loan requirements?

Most lenders require a credit score of at least 620 in order for you to be eligible for a conventional loan. Additionally, you shouldn’t have a debt-to-income ratio that exceeds 36%.

What down payment is required for a conventional loan?

what are the GSEsWith a conventional loan, you must put

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happy-Easter-mark-z-home-selling-team

The Easter Bunny is on his way, Grab your cameras and get those Easter baskets ready!!! Easter is April 20, 2014 and here's a listing of local Easter Bunny photo opportunities, egg hunts, and other events and activities for Children and Adults in and Around the Metro Detroit area. 

 

Friday, April 11, 2014

Farmington Hills: Adult Flashlight Easter Egg Hunt ~ 7 pm til 9 pm

Grab your flashlight and brings some friends to enjoy a fun filled event with a Cash Bar. Enjoy salad, pizza, and bread sticks for dinner. You could win golf outings, dinner at restaurants and more. This a 21 and over event. $12.00 for Farmington Hills residents and $17.00 non residents. Call 248-473-1800 to register. Longacre House (24705 Farmington Rd)

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mortgage app checklistUnderwriters are following more stringent terms than ever, and so lenders will require many documents from you in order to evaluate your mortgage qualification. But lenders also want your business, so while collecting the following may be tedious, help your mortgage company expedite your approval by staying organized:

Property

  • Copy of fully signed sales contract including all riders.

  • Copy of MLS listing sheet with legal description (if available).

  • Names, addresses and telephone numbers of all contractors, realtors, insurance agents and attorneys.

  • Verification of the deposit on home (front and back copy of earnest money check).

  • If the property is a condominium provide condo declaration, by-laws and most

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The Cocoa Classic

cocoa-classic-mark-z-home-selling-teamApril 6, 2014 ~ Downtown Detroit

The Cocoa Classic is Half Marathon and 5K is a race with a sweet tooth. Chocoholic heaven awaits at the finish line where you'll celebrate the day with hot cocoa and chocolate fondue. What's in it for you? The Cocoa Classic signature zip-up hoodie, The Cocoa Classic knit cap, A warm, steamy cup of hot cocoa in a reusable thermal cup, Chocolate fondue and snacks (post race), Racing bib and chip timer, Signature the Cocoa classic finisher medal. On site registration for the 5K is $60.00 and the Half Marathon is $115.00. 

We Will Rock You

rock-you-mark-z-home-selling-teamApril 3-13, 2014 ~ Fischer Theater 3011 W. Grand Blvd, Detroit Mi 48202

This Musical has rocked 6.5 million people around the world and It is currently

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detroit-tigers-mark-z-home-selling-team

If your from Metro Detroit you know Tiger's opening day has been a spring ritual for decades. It's the day avid baseball fans wait all year long for and it has proven to be one of the biggest crowd pleasing events the city has to offer.  Whether you have a ticket to the game or your just looking for a good time with friends, you can expect the energy to be high and the fans to be happy! On Monday morning the parties start as early as 7 a.m. and go on well into the night! Take your pick of the top parties to Celebrate Opening Day!

Opening Day Harry's Detroit Bar From 7 a.m. til 2 a.m. Harry's will provide you with No cover charge, a heated tent with outdoor seating plus live entertainment. 2482 Clifford, Detroit. (313) 964-1575  

WRIF'S Opening

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Katt Williams

katt-williams-mark-z-home-selling-teamSaturday March 29, at 7 pm and Sunday March 30, at 7 pm ~ Masonic Temple, Detroit 

Katt Williams is known as an American Comedian, Rapper and Actor. He is best known for his role as Money Mike in Friday after Next. He is also known for his stint in Nick Cannon's Wild n Out, for playing the fictional character Bobby Shaw on the TV show My Wife and Kids, and for providing the voice for the character "A Pimp named Slickback". Are you looking for a good laugh? Then check out Katt Williams who has two shows this weekend at the Masonic Temple. 

Novi Home & Garden Show

home-garden-show-mark-z-home-selling-teamMarch 28, at 2 pm - Sunday March 30 ~ Suburban Collection Showcase, Novi

It's is time to start thinking about warm weather, gardens and flowers. Anything and

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second home versus investment propertyWhy buy a second home? Homeowners enjoy the extra space and versatility a vacation home can offer, need to host dependents or family, or sometimes need to accommodate a consistent business travel schedule. Before you decide to apply for a second mortgage, educate yourself about the basics of financing.

First, a second home is different than an investment property: you will not be renting it out or acting as a landlord, you will be spending a great deal of time occupying the space per year, and the property must be miles away from your primary residence. If your long term goal is to receive monthly income from this property, it will need to be classified as an investment purchase.

Eligibility for financing a second home:

  • Cash reserve for
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Smokin Jazz Fest

smokin-jazz-mark-z-home-selling-teamThursday, March 20 From 6 - 11 pm ~ Royal Oak Farmers Market 316 E. 11 mile Road, Royal Oak

This year, March 20 is not just the start of a new season in Metro Detroit - It is the day metro Detroiter's celebrate live jazz, Barbecue, and Soul Food at the Royal Oak Farmers Market with the debut of a one evening experience called Smokin Jazz. Smokin Jazz will feature 25 of Detroit's best BBQ and Soul Food. All attendees will be drawn in by the intoxicating flavors, sights and aromas of endless eating options. We invite you to celebrate the first day of spring... Live music, Great food and a wide selection of Michigan beers at the Royal Oak Farmers Market.


Bookies Bar & Grille

bookies-bar-and-grille-mark-z-home-selling-teamThursday, March 20 from 10-2 pm ~ 2208 Cass

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best time to buy a homeIf you’re looking for a home right now, chances are that you’ve had doubts regarding whether or not this is the right time to buy.  Well, here are some factors that should convince you that it certainly is the time to buy a home right now:

The job market is stabilizing.

It’s a fact – the job market has certainly stabilized.  Many areas are seeing rapid job growth, especially in fields with high demands such as technology and health care.  When you have a larger chance of having a stable income, your chances at being able to afford a home are enormous.

Home prices are falling.

Due to the large amount of foreclosures that are currently for sale, housing prices are continuing to fall on a daily basis.  Lower prices are being accepted by sellers

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5-reasons-to-buy-now-in-michiganBased on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five major reasons purchasers should consider buying.

1. Competition is about to Increase

Every spring a surge of prospective purchasers enter the housing market. Like you, they will want the best home available in the best location at the best price. They will be competing with you for the ‘steals’ in the market. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy available today that no longer be available as the market heats up..

2. Price Increases Are on the Horizon

Nationally, home prices are projected to increase by 4.5% in 2014 and by over 19% from now until 2018. First

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