Loan Information

Borrower Information

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Huron Valley Financial 8702 N Second Street Brighton, MI 48116     PRIVACY POLICY | SITE SECURITY
Call today to speak with Victor, Gary or Beth: 734-417-2115

Congratulations on the decision to buy a new home! First step is to get pre-approved! 

The following Pre-Approval package is provided by Victor Bals of Huron Valley Financial. My Team and I will assist in meeting all of your Mortgage and Financing objectives.

We are excited to begin the journey of finding you the perfect home for you and your family. 

DOWNLOAD THE PRE-LENDING PACKAGE

DOWNLAOD THE FINANCING CHECKLIST

Home Buying Mortgage Timeline

1  Day

PRE-Approval

After asking a few questions about you and your income/debts, we will pull a credit report to help determine what price house you can afford and pre-approve you for a mortgage loan.

1- 45 Days

Finding Your Home

You and I will preview  various houses to find the perfect home for  you and your family.  Once you have found a home you like,  I will assist you through the process of making an offer by writing a contract  and then negotiating the terms of the sale of the home.

1-3 Days

Document Collection

For your loan to proceed quickly, any documents requested at your loan application will need to be brought in as quickly as possible, to determine program options and cash to close if necessary.

1- Day

Loan Application

Once you have an accepted contract ,  we will meet  to complete the loan application and any accompanying paperwork.  If you are ready to do so, we will also lock you into an interest rate at this time.  After our meeting, your loan will be assigned to a loan processor who will work with you to get the necessary documents together and will set up your loan for closing.

7-10 Days

Appraisal / Inspection

At this point, if you choose, you may obtain a Home Inspection. Once you are satisfied, we will order an appraisal to determine value.  At times, it may be necessary to obtain well, septic, and water tests. A Mortgage Survey may also be required.  We handle all of this for you.

3-5 Days

Obtain Insurance

Apply for homeowners insurance with your company of choice and pass on their contact info to us. We will take it from there. If you would like an additional quote from one of our referral partners, let us know.

5-7 Days

Approval

After the necessary paperwork has been collected, your processor will submit your loan to an underwriter for approval.

1-3 Days

Conditional Approval

The underwriter sometimes needs a little more documentation and will ask for it when they deliver the approval.  This is a normal part of the loan process and often happens.

2-3 Days

Clear to Close

If there were any conditions that needed to be met, the underwriter will deliver a “Clear to Close” after review of the requested documents.

1-2 Days

HUD 1 Settlement Statement

HUD statements will be prepared by the Title Company a few days before closing.  These statements will give the final amount that you will either need to bring to closing or will receive back from any earnest money that may have paid.

1Hour

Closing

The conveyance of your property will occur at closing.  It takes approximately one hour to sign all the documents and then the home becomes yours!

1st Payment

First Mortgage Payment

Your first mortgage payment will be due on the first of the month one full month after your closing date.  For example, if you closed on January 15, your first payment would be due on March 1.

DOWNLOAD THE MORTGAGE TIMELINE

Financing Options

USDA Rural Development

This program is designed to help expand the ability to purchase rural housing for middle income borrowers.  Under this program most of Michigan is eligible including Western Oakland County and all of Livingston County.  Unlike other mortgage programs, this program allows 100% financing up to the appraised value with no monthly mortgage insurance (PMI).

With competitive interests rates, no monthly mortgage insurance, and zero down payment this program is extremely popular for those who do not have a lot of reserves but a good work history.

 

FHA

This program allows purchases with just 3.5% down payment. Unlike the Rural Development program it does not have a maximum income level to qualify, and it is a bit more liberal on the debt to income ratios allowable. This is a great program in this market environment.

Gift Funds are allowed, and up to 6% of the selling price can be negotiated for the use of seller contributions or concessions.

VA

This program is exclusively for Veterans and is extremely similar to the FHA program except that it does not require a down payment. Closing Costs and Prepaid items may be paid by the seller. Gift funds are allowed. Benefit of VA financing is there will be NO monthly PMI (Private Mortgage Insurance)

Certificate Of Eligibility required for mortgage financing

CONVENTIONAL

Borrowers with high credit scores and a sizable down payment usually utilize this program. It requires at least a 5% down payment; and in several areas cannot be obtained without a 10% down payment.  It carries a monthly mortgage insurance premium (PMI) if there is not 20% down, but has no funding fee in the closing costs to insure the loan. 

Fixed, adjustable rate and Jumbo loan sizes are available.  

Property Scrub Sheet

These are the important facts which should be considered prior to submitting an offer. 

DOWNLOAD THE PROPERTY SCRUB SHEET

Purchase Price:

FHA  |  RURAL  |  VA  |  CONV  |  Other

Single Family  Site Condo  2 Unit  Other Condo:

Condo Project Name:

Latest Summer Tax: $

Latest Winter Tax: $

Special Assessments: $

Seller Concession: $

Association Dues (annually if applicable)

Short Sale   |   Foreclosure   |   Vacant   |   Water Front  |

City Water  |   Well  |

Yes

No

N/A

Only names on the mortgage application are on the purchase agreement

Yes

No

N/A

EMD comes from one named on the purchase agreement or acceptable gift fund source

Yes

No

N/A

Buyer assuming the special assessment

Yes

No

N/A

Seller pays for owner’s policy

Yes

No

N/A

Buyer pays transfer taxes

Yes

No

N/A

Property currently homesteaded 

Yes

No

N/A

Property currently NON homesteaded

Yes

No

N/A

Property transferred title in last 12 months

 

Date of Title Transfer:

Government Checklist

This checklist is designed to assist you in identifying potential repairs associated with government financing.  Government financing is available  for properties that meet minimum health and safety requirements.

Once an appraisal is ordered on a property, it will be paid for by the buyer.  If the property is deemed to not meet the minimum standards set by the department of Housing and Urban Development (HUD), financing may not be allowable for this property.  You will not be refunded for your home inspection or your appraisal fees. This is a valuable tool in identifying potential concerns upfront, and will assist in the decision making process and negotiations of a potential property.  

By being aware of what an appraiser will be looking for, you may save hundreds or thousands of dollars on a purchase.

DOWNLOAD THE GOVERNMENT APPRAISAL CHECKLIST

Identify Room/s

Potential Issues, Repairs or Improvements

Ceilings / Interior Walls

Large holes

 

 

Cracks that allow  drafts

 

 

Severe bulging

 

 

Loose or falling material

 

 

Paint-no severe peeling/chipped

 

 

Floors

Large holes

 

 

Cracks

 

 

Missing or warped floorboards

 

 

Laminate peeling

 

 

Items causing a trip hazard

 

 

Windows

At least 1 window in living room

 

 

1 window in every room used for sleeping

 

 

Window has broken or missing panes

 

 

Window - does not shut

 

 

Window - Excessive air filtration

 

 

Windows that open-must have screens

 

 

Security. All windows and doors accessible from outside must have operational locks

 

 

Electrical

Living Room-at least 2 electrical outlets or 1 outlet and a permanent overhead fixture

 

 

Kitchen- 2 outlets and 1 overhead fixture

 

 

Bath- least one overhead or wall fixture

 

 

Broken or frayed wire

 

 

Loose supported light fixtures

 

 

Missing cover plates, switches or outlets

 

 

Kitchen

Space for food storage

 

 

Food preparation area

 

 

Running Hot & Cold Water

 

 

(Buyer can supply) Operational Fridge

 

 

(Buyer can supply) Range with operational oven

 

 

Bathrooms

Window that opens or exhaust vent

 

 

A flush toilet properly working

 

 

Tub or shower with working hot /cold water

 

 

Sink with hot /cold running water

 

 

Mechanical systems 

Pipes plumbing - in good condition

 

 

 Leaks

 

 

Discolored water

 

 

Running adequate heating

 

 

Exterior 

Roof- no leaks

 

 

Gutters / downspouts: securely fastened

 

 

Structurally sound foundation

 

 

Secure handrails on stairs, balcony, decks, porches more than 30 inches above ground 

 

 

No severe peeling or cracking paint

 

 

Chimneys- no serious leaning or defects

 

 

Health and Safety

At least 2 exits from the building

 

 

No Trash/garbage, inside or outside unit

 

 

No sign of  infestation

 

 

No exhaust fumes, sewer gas or air pollution

 

 

Interior stairs  railings - working condition

 

 

Stairway must be safely lighted

 

 

Intersted in a Pre-Approval?

"It's Not if You can Buy it's When!"

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