As we kick off Labor Day weekend, many Michiganders are planning weekend getaways to enjoy summer activities one last time before temperatures start cooling off. Before you hit the road, be sure you are mindful of road safety are prepared for emergencies should they occur. [...]
What is Debt-To-Income Ratio ? Debt-to-income ratio (DTI) divides the total of all your monthly debt payments by your gross monthly income, producing a percentage. Like your credit score, lenders consider your DTI to be a strong indicator of your financial picture and your ability [...]
Last week, the Federal Housing Administration (FHA) announced revised policies regarding FHA loan approval of condominium units. These policy changes were made in an effort to provide affordable homeownership and become effective October 15, 2019. “Condominiums have increasingly become a source of affordable, sustainable homeownership [...]
Whether you are upgrading from your starter home and moving into something larger or you are an empty nester who is ready to downsize, as a second time buyer, you’re entering the home-buying process with some experience under your belt. However, depending on when you [...]
Starting September 1st 2019, homeowners will be slightly more limited in how much equity they can access through a cash-out refinance from the Federal Housing Administration. The FHA published Mortgagee Letter (ML) 2019-11, “Maximum Loan-to-Value and Combined Loan-to-Value Percentages for Cash-out Refinance Mortgages,” announcing the [...]
