First Equity Residential Mortgage, Inc.

09/08/2023

07/27/2023

GOOD NEWS FOR FIRST TIME HOME BUYERS

First time home buyers using conventional loans received some good news this week. Freddie Mac, one of the government agencies that backs conventional loans, has several grant programs for first time home buyers.

The grants range from $4000 to $10,000. These are grants, and unlike other down payment assistance programs, do not have to be repaid.

There are income restrictions, and in some cases geographic restrictions.

Have your first time home buyers contact First Equity to see if they qualify. (734) 475-0270 [email protected] or website www.fermiloans.com

06/23/2023

Let Us Transform Your Financed Buyer Into A CASH BUYER!!

With current market conditions, buyers are sometime forced to pay cash to win a bidding war. First Equity has a waiver on FNMA waiting period for refinances. Your borrower may be able to get funds from retirement account, family or other documentable source, close on a cash offer, and then immediately refinance and pay funds back. Conditions apply. Have your buyers contact First Equity to get pre-approved.

06/15/2023

Renovation Loans - for a Purchase or a Refinance !!

Bad Roof ~ Outdated Kitchen ~ Mold Remediation ~ Add a Garage ~ Cosmetic Upgrades ~ HVAC Upgrades

Renovation Loans allow you to take a good house and make it a great house without using up all your assets. Renovation loans can be used to for your primary residence; whether it is to purchase new or refinance your current.

➡️ FNMA Home Style Renovation: Finance up to 95% of the purchase price plus the cost of the repair/renovation. (Up to 95% LTV on a refinance)
➡️ VA Renovation: Qualified Veterans can finance 100% of the purchase price plus the cost of repairs/renovations. (Up to 90% LTV on a refinance)
➡️ RD Renovation: Qualified buyers can finance 100% of the purchase price plus the cost of the repairs/renovations. (Purchase only)
➡️ FHA Renovation: Finance up to 96.5% of the purchase price plus the cost of repairs/renovation. (Up to 96.5% LTV on a refinance)

Contact us today to inquire about a renovation loan !!
[email protected]
[email protected]
734-475-0270

05/31/2023

With inventory low, we are getting more inquiries on manufactured homes. One of the most frequent questions is: "How can you tell if a home is manufactured?" The answer is relatively simple.
If a home is built to HUD code, it is manufactured. HUD code homes have metal plates on front and back of the home as well as an information sticker inside the home (usually in utility room or under the sink) identifying it as complying with HUD code.
Modular homes are built to regular building code (BOCA code until 1997 and then IBC after that) and are treated the same as site built homes.
If tags and stickers have been removed, examine the underside of the home. If it is built on a steel frame with no wooden floor joists, you can be almost certain it is manufactured.
Many lenders won't finance manufactured homes, but First Equity offers FHA, VA and conventional financing for manufactured homes. Some restrictions apply. We also have a new RD pilot program for manufactured home financing. Call for details. 734-475-0270