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Novi Scores as One of Michigan's Best Cities to Live in for Young Families

by The Jamey Kramer Group

Novi Scores as One of Michigan's Best Cities to Live in for Young Families

Would you like to live in a place that you can comfortably afford?

When looking for a good neighborhood to raise your family in, what do you look for? Good schools may come to mind first. Another thought might be is if houses in a city are affordable for your young family. Lastly, it would also be important to know that the city where you purchase a house with a 30-year mortgage is a city that is thriving and will continue to thrive years to come.

NerdWallet

The questions above are the exact questions that NerdWallet asked when they put together a list of the top cities in Michigan to live in for young families. Nerdwallet’s mission is to boost honesty and transparency in personal finance, so that consumers can save time and money, and feel confident about the financial choices they make. The company prides itself in providing unbiased and unfiltered information and has been featured on The New York Times and The Wall Street Journal. 

Great Schools

When looking for great schools, NerdWallet looked at the ratings of academic performance from a non-profit called GreatSchools. GreatSchools takes schools’ standardized test scores and compares them to the state average. Every school is then given a 1-10 score with 10 being the best. The higher the school is rated the higher the city scored.

Affordability

Another important aspect about picking where you want to live as a young family is affordability. NerdWallet helped decipher this by looking at the median home value, monthly home costs that include mortgages, taxes, insurance, etc. The lower the cost, the higher NerdWallet scored the city.

Is The City Thriving?

The last aspect NerdWallet considered is if the city is thriving, growing and prospering. They decided that by looking at the income growth of the median household income over the last 10 years. As I’m sure you guessed, the higher the income the higher the city scored.

Here is NerdWallet’s Top 10 Best Cities in Michigan to Raise a Family in reverse order:

  1. Mount Pleasant
  1. Livonia
  1. East Lansing
  1. Ann Arbor
  1. Midland
  1. Novi
  1. Royal Oak
  1. Rochester Hills
  1. Portage
  1. Troy

As you can see, Novi, Michigan was ranked number 5 on that list. This isn’t Novi’s first appearance on a top 10 list. In fact, Novi’s great schools, low crime rate and tremendous housing market put it on Movoto Blog’s Top 10 Best Cities in Michigan. On that list, Novi ranked number 2. You can read more about that in our article, Novi Voted Second Best City in Michigan.

If you are in the market for purchasing a house in a great city, please give our office a call. We would love to help you find your dream home in the thriving city of Novi.

 248-348-7200

Michigan Home Prices Are On The Rise

by The Jamey Kramer Group

Michigan Home Prices Are On The Rise

Are you wondering if it is a good time to sell your house in Michigan?

Would you like to get the same price for your home that you paid for it?

Could it really be time to put your house on the market? You may have been waiting and watching anxiously for your home value to return to at least as much as you owe on it. According to new data, that time could be here.

Today, we are going to give you 3 reasons why right now is the perfect time to sell your home.

  1. Home Values Are Making a Comeback

    While home prices are still below what they were at the peak in 2006, home prices in Michigan are on the rise. The Detroit Free Press reported,

    “Previous data from Standard & Poor’s/Case-Shiller Home Price Index indicates that home prices in metro Detroit are generally back to where they were in summer 2008.”

    Median Home Sale Prices Up 42% From Last Year

    What is so interesting is that this time of year is usually considered a low time in real estate. Last month, however, Realcomp reported that median sales prices rose 42% higher than October 2012 in the four county regions of Wayne, Oakland, Macomb, and Livingston counties.

    Top 10 States With Year-Over-Year Price Gains

    In addition, Michigan made the top 5 list for states that had year-over-year price gains. According to The Detroit Free Press, here are the top ten states with year-over-year price gains as reported by CoreLogic,
     
    1. Nevada: Increase of 25.3%
    2. California: Increase of 22.5%
    3. Arizona: Increase of 14.5%
    4. Georgia: Increase of 14.4%
    5. Michigan: a 13.9% increase
    6. Oregon: Increase of 13.6%
    7. Idaho: Increase of 12.4%.
    8. Florida: Increase of 12.1%
    9. Washington: Increase of 12%
    10. Utah: Increase of 11.9%
       
  2. Michigan’s Home Sales Prices Gain While Mortgage Rates Increase

    We all remember the low interest rates of 3.4%. We heard about them on the radio, on the TV and all over social media. They almost seemed to mock us since many of us still owed more than our house was worth. It didn’t matter how low the interest rates dropped.

    Thankfully, those days are coming to an end.

    Interest rates have risen to approximately 4.16%. The difference now is that the home values are rising as well. The 4.16% interest rates look a lot better when your home is worth what you owe or even what you once paid for it. The 4.16% interest rate doesn’t mock us. Instead, it inspires us. It motivates us because we know that interest rate could be ours on our next home.
     
  3. Selling Takes 56 Days From Start to Finish

    Karen Kage, the CEO of Realcomp, reported that it is only taking sellers about 56 days to sell their homes. That is fifty-six days from start to finish. She explained that houses are selling so fast that they are not counted in the inventory numbers. The Detroit Free Press quotes Kage as stating,

    “The thing that’s really interesting is it looks like the inventory is at an all-time low, but we’re actually getting more listings in than we did at this time last year,

To answer the question, could it really be time to put your house on the market? There has never been a better time to sell your home in Michigan.

If you are interested in putting your house on the market and taking advantage of this optimal time to sell, the Jamey Kramer Group would be honored to help. Please call our office at:

248-348-7200

Northville Public Schools Named to 2013 AP District of the Year Honor Roll

by The Jamey Kramer Group

2013 AP District of the Year Honor Roll

Are you looking to move to a school district that provides its students with the ability to succeed?

While you’re looking for new homes, are good schools on your list of “must haves”?

Almost every future homeowner that walks into my office has a list of “must haves.”  If having a family is an option for this future homeowner, great schools are a top priority on that “must have” list. All parents want the best for their children, and it is completely understandable why great schools are a main concern.

Northville, Michigan’s highly acclaimed schools is one of the many reasons why I enjoy selling homes in Northville, Michigan. With Northville Public Schools again making headlines for being named to the College Board’s 2013 AP District of the Year Honor Roll, I would like to share a more in depth spotlight on this highly desirable award.

2013 AP District of the Year Honor Roll

The College Board released the 2013 AP District of the Year Honor Roll that includes a list of 539 schools districts across the United States and Canada. This distinct recognition is awarded to school districts that have increased access to Advanced Placement® course work while increasing the percentage of students that earn scores of 3 or higher on AP Exams. AP or Advance placement courses are courses that allow students to engage in college level courses and earn college credits.

In order to be included, the district must have completed 3 components.

  1. The district must increase participation or access to advance placement courses by 11% in small districts, 6% in medium districts, and 4% in large districts.
  2. Access to these advance placement courses must be available to all students. To ensure this, the percentage of Hispanic/Latino, African American, and American Indian/Alaska Native students who are taking advance placement exams cannot decrease by 10% or more in a small district and 5% or more in a large or medium district.
  3. Lastly, the school district is required to improve the students’ performance levels. This is measured by percentage of students scoring a 3 or higher on an AP exam compared to the previous scores unless the school district has already reached a performance level more that 70% of advance placement students who have scored 3 or higher.

As you can see, it is quite an impressive honor for a school district to make it on the list.

Who Put This List Together?

The College Board is the not-for-profit organization that put this honor roll together. According to the organization’s website,

The College Board is a mission-driven not-for-profit organization that connects students to college success and opportunity. Founded in 1900, the College Board was created to expand access to higher education. Today, the membership association is made up of over 6,000 of the world’s leading educational institutions and is dedicated to promoting excellence and equity in education.”

Northville, Michigan is a highly desirable place to live and raise a family with great schools and beautiful homes. If you would like to start looking at homes in the Northville area, please give my office a call. I would love to help you find the home of your dreams.

248-348-7200

FHA Loans and Qualifications for First-Time Home Buyers

by The Jamey Kramer Group

FHA Loans and Qualifications

Are you a first time home buyer?

Is your credit score a little less than perfect?

If you have answered yes to any of the above questions, then this is an article you will want to read. FHA loans can be a great option for first-time home buyers because they don’t require a huge down payment. Today, we are going to share with you what a FHA loan is and how to qualify.

What is a FHA Loan?

FHA stands for Federal Housing Administration and is a mortgage loan that is insured by the federal government. This type of insurance allows the lender to have a lower risk if the borrower defaults on their payments because the loan is insured by the government.

FHA loans have been around since the 1930s. Here is what Zillow said about the history of the FHA program:

“The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable. Nowadays, FHA loans are very popular, especially with first-time home buyers.”

First, let’s take a look at some advantages and disadvantages to getting a FHA loan instead of a traditional loan.

Advantages of FHA Loans

The advantages of FHA loans are easy to see and include:

  • FHA loans are often the easiest loan to qualify for.
  • FHA loans require only a 3.5% down payment.
  • You do not have to have stellar credit to qualify for FHA loans.
  • If you decide to sell the home, the buyer has the ability to assume your loan.

Disadvantages of FHA Loans

There are a few disadvantages to this type of loan. FHA loans require that you to have 2 different mortgage insurance premiums.

  • The upfront mortgage premium or MIP: Regardless of your credit score, you are required to buy 1.75% of your loan either upfront when you purchase the home or this can be rolled into your monthly payments.
  • Annual MIP: This is not a yearly charge, but rather a monthly charge that is figured into your mortgage payment. This charge is based on the loan-to-value ratios.

Qualifying Requirements of FHA Loans

Here is a list of a few of the qualifying requirements for an FHA Loan:

  • A two year history of steady employment.
  • A down payment of 3.5%.
  • The property must be approved by an FHA-approved appraiser.
  • The cost to own the home including the mortgage, HOA fees, property taxes and mortgage insurance must be below 31% of your gross income.
  • All of your debt including your mortgage, your credit card payments and your student loans must be below 43% of your gross income.

If a FHA loan sounds like a good option for you and you are interested in starting the home purchasing process, please make sure to give our office a call. We would be honored to help you find your new house.

 248-348-7200

Is Northville, Michigan a Good Place to Live?

by The Jamey Kramer Group

Northville, Michigan

Are you looking to settle down in a safe city?

When I was growing up, it was normal for mothers to say, “Come home before the street lights turn on.” I would run around the neighborhood with my friends or play in the huge neighborhood game of capture the flag. Back then, our parents had a peace of mind knowing that we were safe.

Do you want your children to grow up in a safe neighborhood?

The answer to that question is obviously yes for every parent. Nothing is more important than keeping our children safe. Nowadays, many parents do not have the same sense of security that their parents had while raising a family. However, settling down in a neighborhood that statistics show is a safe environment will inspire peace of mind. Today, we would like to share with you about a city in the Metro Detroit area that is statistically a safe place for you to raise your family.

Northville’s Rich History

Northville, Michigan is known for its rich history. The Victorian style architecture in the Historic District can seem to transport you to another time. Unlike many other cities, the homes built before the 1930s still have the same charming beauty.

According to the City of Northville’s website, it too plays into rich history by offering old-fashion benches and lamps posts throughout the downtown area, plus specialty shops, theaters and preserved landmarks.

It wasn’t too long ago when we published an article entitled, Northville, Michigan - Great Schools, Low Crime and Small Town Charm. In that article, we highlighted the appeal of Northville’s low crime rate. However, according to the FBI’s 2012 Crime Stats for Northville, Michigan, crime is even lower.

2012 FBI Crime Stats for Northville, Michigan

The FBI report breaks down all the reported crime in the United States by city. According to the section, Michigan – Offenses Known to Law Enforcement by City, 2012, Northville has seen a decrease in both property crime and violent crimes as compared to 2011. There were only 2 violent crimes reported in 2012 which is a violent crime rate of .03% in a population of 5,968 in 2012. The combined statistics of all categories show that Northville has one of the lowest overall crime occurrences in Metro Detroit.

If you are looking for a safe city to raise your family, you can rest assured that Northville is a city that you will want to take a closer look at. If you are interested in purchasing a house in Northville, Michigan, we would be honored to help. Please call our office at:

248-348-7200

3 Secrets to Why You Should Buy a House This Winter

by The Jamey Kramer Group

3 Secrets to Why You Should Buy a House This Winter

Have you been considering buying a house?

I know, moving in the winter sounds less than ideal, especially in Michigan. Cold weather, holidays at home, and snow are all reasons why you may have thought about pushing your move off until the summer. However, today, I am going to let you in on a few secrets that make moving in the winter a good idea.

There are 3 secrets to why you may want to consider moving this winter. The first is mortgage rates fell below 4% last month. We haven’t seen this low of mortgage rates since this past June. Second, you may like to consider buying a house this winter because it isn’t the most pleasant time to move. Buyers are typically scarce giving you the pick of the houses on the market. Lastly, sellers who keep their homes on the market during the winter are likely to be a little more flexible and motivated which could mean a better deal for you.

Let’s take a deeper look into these 3 secrets.

  1. 30-Year Fixed Mortgage Rates Fell Below 4%

    To be honest, I wasn’t sure if we would see an interest rate this low again. Yahoo! Homes reported last month that interest rates dropped below 4% for the first time since June.

    This winter, you can still lock in a low interest rate. For example, on October 22, 2013, you could purchase a home with a 30-year fixed interest rate of 3.98%. That low of a rate proves that this winter might be the perfect time for you to purchase a house.

    In addition, we don’t know how much longer 30-year fixed mortgages will be around. The Democrats and Republicans are deeply divided on 30-year fixed rate mortgages, and Washington is currently in debate about it. You can read more about this debate in our article, Will The 30-Year Fixed Rate Mortgage Disappear?
     
  2. A Less Competitive Market

    For the same reasons why you don’t want to move in the winter, other potential buyers are choosing not to as well. This gives anyone looking to buy a house during the winter an advantage. That advantage means that if you chose to buy this winter, you won’t face the same type of competitive market like you will in a few months. You may even be able to come in with a lower offer than you can in a few months from now.

    According to MSN Real Estate,

    “There will be less competition for any house you do find and fall in love with, and less competition should translate into a bigger discount. Prices are typically at a 12-month low in December, according to Realtor.com.”
     
  3. Flexible Sellers

    It’s no secret that selling your home in the winter can be difficult. As a buyer, you can use this non-secret to your advantage because those homes that are still on the market may have flexible sellers. Flexible sellers could mean many good things for buyers who are willing to brave the winter weather.

Now that you know the 3 secrets to why buying a home this winter may be the perfect time for you to move, please give our office a call. We may be able to get you into your dream house by Christmas.

248-348-7200

Trick-or-Treating in Novi and Northville, Michigan

by The Jamey Kramer Group
Happy Halloween

Do you know what roads are closed in downtown Northville on Halloween?

Are you wondering what time trick-or-treating is at?

Happy Halloween everyone! Today, we are exploring two of Michigan’s favorite cities, Novi and Northville, and what they are up to this Halloween. There are events for all ages on Halloween, and both Novi and Northville are great trick-or-treating cities for all to enjoy.

Novi’s Halloween Events

  • Trick-or-Treating Hours

    First, let’s start with Novi’s trick-or-treating hours. The NoviPatch has announced that the hours of 6 pm- 8 pm are recommended for trick-or-treating.
  • Have A Frightfully, Delightful Halloween

    According to the city of Novi’s website,

    “There’s mischief brewing at the Meadowbrook Activity Center so put on your best Halloween costume or come as you are to celebrate a Bootiful Halloween. We will be serving up a spooktacular afternoon with lunch and wonderful entertainment by Michael Krieger.”

    This event is for those who are 55+ on Halloween day from 12 pm -2 pm. The cost for Novi residents is $7 and the cost of non-residents is $8.50. Registration is required, so please call 248-347-0400 to see if there are still openings. For more information, please visit the city of Novi’s website.

Northville’s Halloween Events

  • Trick-or-Treating Hours

    Just like the city of Novi, the trick-or-treating hours in Northville are from 6 pm – 8 pm.
  • Roads closed in Northville for Halloween

    Northville’s City Council will be ensuring a safe trick-or-treating environment for its residents by closing some of the downtown roads. Here is a list of the closed road as reported by the City of Northville’s website.
     
    • Main Street (Wing to Rogers)
    • Dunlap Street (Wing to Rogers)
    • Linden Street (Main to Randolph)
    • West Street (Main to Randolph)
    • High Street (Main to Randolph)
    • Linden Court (Linden to the end)
    • Dubuar Street (Linden to the west end)
    • N. Rogers Street (W. Main to Potomac)
  • Northville High School’s Drama Clubs Haunted House

    If trick-or-treating isn’t for you, then stop by Northville High School and enter into a Zombie Prison. This event is recommended for children ages 12-years-old and older. The Zombie Prison is open from 4:30 pm – 9 pm and admission is $5 dollars at the door. For more information, please visit Northville High School Theater

Staying Safe This Halloween

Both Novi and Northville have offered a few tips and tricks on how to stay safe this Halloween. Here are a few of those tips and tricks.

  • Only trick or treat at well-lit houses and remain on the porch.
  • Go trick-or-treating in small groups with an adult.
  • Always bring a flashlight.
  • Parents should supervise trick-or-treating for any children under the age of 12.
  • Look carefully at all treats before consuming.
  • Be careful of eating any homemade candies and stick to eating factory wrapped candies only.
  • Stay on sidewalks whenever possible.

Happy Halloween from all of us at the Jamey Kramer Group, and we hope you have a wonderful time trick-or-treating in either city.

Is Novi, Michigan a Safe Place to Live?

by The Jamey Kramer Group
Is Novi, Michigan a Safe Place to Live?

Have you been thinking of moving to Novi, Michigan?

Are you looking for a safe place to move your family to?

Novi, Michigan has made a name for itself by providing a great shopping experience with the Twelve Oaks Mall. That is not all this city has to offer. Recently, Novi was voted the second best city in Michigan, and a big part of this was because of Novi’s low crime rates that are reportedly 35% lower than the state average. 

Big City Experience, Small Town Feel

More and more people are moving to Novi because of all the great amenities the city offers. Novi is a city that offers a big city experience while still providing its residents with a small town feel. This is because Novi does a great job in keeping crime low, especially violent crime.

The 2012 Award for Excellence in Traffic Safety

In February 2013, the Novi Police Department received the prestigious 2012 Award for Excellence in Traffic. This award was given by the MACP (Michigan Association of Chiefs of Police) and the OHSP (Michigan Office of Highway Safety Planning). According to the NoviPatch, in order to receive this award, winners “must demonstrate a clear and convincing commitment to traffic safety within their communities.”

Programs were judged on four factors according to the City of Novi’s press release:

  • Scope and duration of the project
  • Complexity of difficulty of the project
  • Degree of innovation involved
  • Results achieved 

It was the Novi Police Department’s “Choose Your Ride” program that won the police department a $7,000 grant to increase traffic safety equipment in the city. The NoviPatch had this to report about the program,

        “This is an innovative, multi-faceted approach to decreasing the number of impaired drivers in Novi. In 2012, the Novi Police Department arrested 342 people for impaired driving offenses, (a decrease of 17 percent from 2011) and experienced 37 alcohol and or controlled substances related traffic crashes, (a decrease of 27 percent from 2011) with none of the accidents being fatal.

Impressive FBI Stats

The Novi Police Department has not stopped making the city of Novi a safer place to live. The Federal Bureau of Investigation published the 2012 Crime in the United States report. This report contains a breakdown of crime by city in the section, Michigan – Offenses Known to Law Enforcement by City, 2012.

Even Less Violent Crimes in Novi, Michigan

Novi, Michigan already had some impressive numbers when it comes to violent crimes rates, but according to the FBI report, violent crimes in 2012 were 14% lower than in 2011.

At the Jamey Kramer Group, we are proud to be a part of the thriving community of Novi. If you are looking for a safe place to live that offers a big city experience with a small town feel, there is no need to look further. Novi, Michigan is the place to be. We would be honored to help you find a home in Novi. Please call our office at:

 248-348-7200

Novi Voted 2nd Best City in Michigan

by The Jamey Kramer Group
Novi Voted 2nd Best City in Michigan

Have you been thinking of moving to Novi, Michigan?

If you thought that Novi, Michigan was just another place to shop, you’ve been missing out. Today, I am excited to share with you that Novi was voted the 2nd best city in Michigan. If you have been reading this blog for any amount of time now, you know that we have been highlighting the city of Novi on a regular basis. On this chilly fall Thursday, I will share with you why Novi is a great place to live.

Who Voted?

The first question you may be asking is, who created this top 10 list of Michigan’s best cities? The Movoto Blog is a real estate blog that uses a well researched in-depth algorithm to produce multiple lists of top 10s. Some of the top 10s they have on their website are,

  • The 10 Best Cities for Bacon Lovers
  • The 10 Best Cities for Movie Lovers
  • The 10 Best Dressed Small Cities in America

Movoto Blog has moved on to rating every state’s top 10 cities. Michigan was the first state to be rated.

What Were the Top 10 Best Cities in Michigan?

The top 10 best cities in Michigan according to Movoto Blog in reverse order are:

10. West Bloomfield

10. Troy

9. Farmington Hills

8. East Lansing

7. Royal Oak

6. Grand Blanc

5. Ann Arbor

4. Portage

3. Canton

2. Novi

1. Midland

You may notice that the list includes 11 cities rather than 10. This is because the city of West Bloomfield tied with Troy.

How Were The Cities Ranked?

For Michigan’s top 10 cities, Movoto looked at 6 factors. All of these factors were compared to the state’s average. The 6 factors were:

  • Home values
  • Employment
  • Education
  • Crime
  • Amenities
  • Cost of living

First, Movoto Blog created a list of the 50 most populated cities and townships in Michigan. Each of the 50 cities was given a rank based on the 6 factors above with 1 being the best possible score. Then, they averaged the factors together for each city or township producing an overall score.

Why Novi is the Second Best City in Michigan

When Movoto Blog calculated Novi’s stellar home values, low crime rate, ample median income, and great shopping, the score revealed that Novi placed in the #2 spot. Here is what Movoto had to say about the city of Novi,

“The rest of Michigan might know you as “that place outside of Detroit where people from there go to shop,” but we’re here to tell you, Novi, that you’re more than that. Your home values are really, really good—we’re talking 92 percent higher than the state average. But that’s not all: your median income is also fantastic. It’s $80,151, which is 73 percent higher than the Michigan average.”

All and all, if you are looking to move to Michigan, Novi is a great place to settle and put down your roots. If you are ready to start the search for your future home in Michigan’s second best city, please give our office a call. We would love to assist you in finding the home of your dreams.

 248-348-7200

What Matters When Applying for a Mortgage

by The Jamey Kramer Group
What Matters When Applying for a Mortgage

What do the banks look at when they are considering your loan request?

Are there options if you can’t get approved for a conventional loan for your home?

Since the housing bubble burst, many Americans found it harder and harder to get approved for a home loan. The good news is that some banks are relaxing requirements as the housing market returns. There are government requirements that must be followed and while this is disappointing news to some future homeowners, it doesn’t have to be.

Buyers can equip themselves with the knowledge of what they need to get approved for a loan. If they can’t get approved, there are other mortgage loan options available. Here at the Jamey Kramer Group, it is our passion to help you get into the house of your dreams. Today, we are going to be sharing with you what banks are typically looking for when they are deciding on your mortgage loan.

Three factors that the banks typically consider include:

  1. Cash is King
    Have you ever heard the saying, Cash is King? Well, when purchasing a house that saying rings more true than ever. Before the housing bubble burst, you might have been able to get into a home without putting down cash. Now, however, you have to have some cash to put down. For example, FHA loans have typically required the lowest amount of cash for a down payment of 3.5%.
  2. Debt vs. Income
    According to News Day, regulations will go into effect on January 1, 2014 that will “prohibit banks from approving mortgages for anyone whose debt-to-income ratio is higher than 43 percent.” This rule is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 which mandates that lenders need to “more closely scrutinize borrowers' financial information to make sure they can afford a loan.” 

    This rule is called The Ability-Repay rule and is also known as the Qualified Mortgage rule. It essentially means that a borrower’s total debt liability which includes housing should not exceed 43% of their income.
  3. Credit Scores

    According to Ellie Mae, a provider of on-demand automation solutions for the mortgage industry, 32% of closed loans in September 2013 had an average FICO score of less than 700 compared to the 17% of one year ago. Market Watch reports that banks are relaxing mortgage requirements and that “home buyers no long need perfect credit to score a loan.” Generally, the lowest credit score lenders are willing to accept is from 620 – 640.

    Market Watch also reports that:
     
    • Conventional Loans: Conventional mortgage lenders are generally looking for a credit score of at least 740.
    • VA Loans: Most VA lenders are looking for a minimum score of 620. 

    The Federal Housing Administration (FHA) does not impose a minimum credit score, so it is “left strictly to the lender” and “most lenders set a minimum score of 640, but a few go to 580,” according to the Daily Herald.

Now you have a better picture about what banks are looking for when approving home mortgages. We would love to help you find the house that you are dreaming about. When you are ready to purchase a house, please make sure to call our office at:

 248-348-7200

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