House Hunting With The Right Farmington Hills MI REALTOR®

House Hunting With The Right Farmington Hills MI REALTOR®

House Hunting With The Right Farmington Hills MI REALTOR®  – Most first-time homebuyers will agree that the only thing more exciting than shopping for your first house is the day you move in. That being said, shopping for the right house can put even the most seasoned shoppers to the test.

According to the National Association of REALTORS®, 56% of buyers of all generations believe that picking the right house is by far the most challenging step in the home buying process. Even with the ability to search online 24/7 for houses, 52% of buyers say that help in finding the right home to purchase is what they want most from a REALTOR®.

That is because the information you find on websites doesn’t compare to the local knowledge and expertise an experienced agent brings to the table. However, not all real estate agents are equal.

If you hire an agent and red flags about their performance are coming at you left and right, you need to quickly decide if you want to respectfully cut ties and find another. Since buyers agents don’t get paid during the house hunting phase, you don’t want to string them along and waste both your time and theirs. Of course, the best course of action is to partner with the right agent from the get-go. 

What You Should Expect From Your Real Estate Agent and Red Flags 

Here are a few things you should expect from your real estate agent and a few red flags to look out for:

1). A qualified Farmington Hills MI real estate agent should be able to provide in-depth knowledge of the area. If they have to Google an area you asked about, send you homes outside your desired area, or they can’t tell you about an area’s proximity to local shops, restaurants, walking trails, or commuting times, this may be a red flag that they are not the right agent for you.

2). A good real estate agent will take the time to understand all the facts about your situation. The last thing you want to do is spend your time house-hunting, find a home you love, and get your heart set on it, only to find out that there’s some restriction that doesn’t allow you to buy. Experiences like that can be avoided upfront with an agent who takes the time to understand everything about you, your time frame, your budget, and what type of mortgage you qualify for.

3).  Your agent should be objective and act as a consultant rather than a salesperson. If your REALTOR® is pushing you towards a house that’s not the best match, you feel pressured to just hurry up and buy, or you don’t like something about a house and voice concerns and they’re not considering your perspective, it may be a red flag that the agent is more interested in their sales commission than helping you find the right home.  

4). You want a Farmington Hills MI REALTOR® who keeps their finger on the pulse of the market, who’s got all the listing alerts set up and is the first to know when new inventory becomes available. Your agent should provide you with access to the most up-to-date listings so that you don’t miss out on your dream home. 

If your agent rarely if ever sends you houses or you often find listings that match your specific home criteria long before they do, its probably an indication they’re not on top of the MLS or working that hard on your behalf.

Finding The Right Farmington Hills MI REALTOR®  

Here are a few tips for finding the right Farmington Hills MI real estate agent to work with from the beginning:

You will want to interview at least 3 real estate agents before committing to just one. Compare your choices based on performance such as the number of transactions they’ve completed in your target neighborhoods, how much money they save clients on average, and the percent of the list price their buyer clients end up paying, on average. 

You also want to ask them important questions like how well they know the area, how many clients they currently represent and how many they work with at one time, the kind of properties they help their clients buy (single-family homes, condos, townhomes), their experience working with first-time homebuyers, and what separates them from their competition.  

The Takeaway

Since the agent you choose will be by your side from house hunting to closing, you want to make sure you hire an experienced and professional Farmington Hills MI REALTOR® with the expertise you can trust and a personality you’ll enjoy working with. 

Why You Should Partner with Top-rated Farmington Hills MI REALTOR® -Tom Gilliam

2020 Best of Farmington Hills REALTOR - Tom GilliamWhether you are interested in buying a home in Farmington Hills, MI, or its time to list your current property, experience matters most in a changing market.

With over 20 years of local experience, Farmington Hills REALTOR® – Tom Gilliam is very familiar with the local market and has access to the most up-to-date listings. Tom is known for his professionalism and is an expert at uncovering the perfect home for his clients’ lifestyle needs in the right neighborhood or community.

Search Farmington Hill MI homes for sale

For sellers, Tom will create a comprehensive marketing plan that exposes your home to the public as well as to other real estate agents through the Multiple Listing Service (MLS), other cooperative marketing networks, open houses for agents, and so on.

Your listing will appear on all the most popular real estate sites where buyers spend hours a day looking at homes such as Realtor.com, Zillow, Trulia, REMAX, Redfin, and dozens of others. Your home will also be featured on Tom’s own highly-trafficked website Homes2moveyou.com. You can be assured that your property will get sold quickly and for the highest market price.  

Tom works very hard for his clients. He will protect your interests and be there as your trusted guide and advisor throughout the home buying or selling process. If you or someone you know is interested in real estate in Farmington Hills MI, please give Tom Gilliam a call at (248) 790-5594 or you can reach him here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Planning on Buying a Home in Farmington Hills MI? Things You Can Do Now To Prepare 

Planning on Buying a Home in Farmington Hills MI? Things You Can Do Now To Prepare 

Planning on Buying a Home in Farmington Hills MI? Things You Can Do Now To Prepare  – Buying a home in Farmington Hills MI is a major accomplishment. It’s an opportunity to put down roots and build equity. That being said, the housing market has become more competitive, with national inventory down almost 30 percent. This is especially true when it comes to mid-priced, affordable houses. So, the sooner you start preparing to buy a house, the easier it will be to beat the competition. 

If you are in the early stages of buying a home, here are a few important steps you can take right now to prepare:

Check Your Credit

Once you have made the decision to buy a home in Farmington Hills MI, the first step is to request a credit report from all three credit reporting agencies (Experian, TransUnion, and Equifax). Your credit will determine whether or not you are eligible for a mortgage and also influences your mortgage rate. 

Most mortgage programs require a minimum credit score of 580 – 620. You will want to also check your report for accuracy and dispute any errors, especially negative errors that decrease your score A free copy of your credit report from each of the credit reporting agencies is available every 12 months from AnnualCreditReport.com.  

Figure Out Your Debt-to-Income (DTI)

Your debt-to-income ratio (DTI) plays a big role in whether you are able to qualify for a mortgage. It’s the percentage of your income that goes toward paying your monthly debts and helps lenders decide how much you can afford to borrow. DTI is as important as your credit score and job stability, if not more so. 

Most lenders prefer a DTI that’s no higher than 36%, depending on the mortgage program. DTI sometimes leaves out monthly expenses such as food, utilities, transportation costs, and health insurance, among other items. Lenders may not consider these expenses and may approve you to borrow more than you’re comfortable paying. So keep these additional obligations in mind as you evaluate how much you’re willing to pay each month.

You can improve your DTI by paying off as much debt as possible (credit cards, car loans, student loans, and other loans) before applying for a mortgage. Some lenders will allow a higher DTI, but only when a borrower has “compensating factors” such as a high credit score or a large cash reserve.  You don’t have to be debt-free to buy a home, but the less debt you have can mean more purchasing power.

Determine Your Budget

It’s easy to get caught up in the excitement of buying a home before asking yourself the most important question, “How much house can I afford? Before meeting with a mortgage lender, use one of the many online mortgage calculators to estimate affordability. For example, let’s say that your total monthly take-home pay is $5,000.

Multiply it by 25% to get your maximum mortgage payment. If you earn $5,000 a month, that means your monthly house payment should be no more than $1,250. Sticking with an income of $5,000 a month, you could afford the options below on a 15-year fixed-rate mortgage: 

  • $187,767 home with a 10% down payment ($18,777)
  • $211,238 home with a 20% down payment ($42,248)
  • $241,415 home with a 30% down payment ($72,424)
  • $281,650 home with a 40% down payment ($112,660)

Keep in mind that this is just a ballpark and don’t forget items like property taxes and homeowner’s insurance. Once you know what you are likely to afford, you can then estimate how much to save for your down payment and closing costs.  

Save Money

First, know how much down payment you’ll need. The majority of mortgage programs require a down payment ranging from a minimum of 3% to 5% for a conventional loan, and a minimum of 3.5% for an FHA home loan. So, if you pay $200,000 for a house, you will need a minimum of $6,000 to $10,000 for your down payment. A down payment is not required with VA and USDA loans.   

Typically, you will need to put down at least 20% to avoid paying for private mortgage insurance,  which protects the lender in the event a borrower defaults on the loan. You are also responsible for closing costs, which are an estimated 2% to 5% of the loan amount (or $4,000-$10,000 on a $200K loan).

If you are having trouble saving for a downpayment, every state has first-time home buyer down payment assistance programs (DPAs) as well as tax credits and help with closing costs. These programs are often run by Housing Finance Agencies or through grants issued by the U.S. Department of Housing and Urban Development (HUD).  

Gift money from relatives or friends can also provide help for downpayment and closing costs. but it must be an outright gift and not a loan. The rules for gift money vary, depending on the loan program. In many cases, there’s no limit on the amount of gift money that can go into a down payment, as long as the buyer is purchasing a primary residence. 

Research Different Loan Programs

Even though your mortgage lender will discuss different home loan programs with you, it is always a good idea to do your own research before meeting with a lender. Once you are ready to buy, the process will be moving fast and you might not feel like you have time to explore financing options. 

No two home buyers are alike, so the best loan program for one buyer is likely unsuitable to another. It’s up to you to ask these and other questions:

  • Which loan has the lowest monthly payment?
  • What option requires the least amount upfront?
  • Which loan type is suitable for my credit score?
  • What will cost me less over time?
  • How does my income affect the products for which I’m eligible?

If you settle for the first loan that your lender offers, you might miss out on lower rates or a more affordable loan program. Knowledge will help you make the most informed choice and get the best loan for your particular situation.   

The Takeaway

Buying your first home in Farmington Hills MI is very exciting, but there’s a lot to think about before you start house hunting. Start by getting all your finances in order, managing your credit score, and comparing mortgage programs. 

Partner with Experienced Farmington Hills MI REALTOR®- Tom Gilliam

2020 Best of Farmington Hills REALTOR - Tom GilliamWhether you are interested in buying a home in Farmington Hills, MI, or its time to list your current property, experience matters most in a changing market.

With over 20 years of local experience, Farmington Hills REALTOR® – Tom Gilliam is very familiar with the local market and has access to the most up-to-date listings. Known for his professionalism and care for every detail, Tom is also an expert at uncovering the perfect home for his clients’ lifestyle needs in the right neighborhood. 

Search Farmington Hill MI homes for sale

For sellers, Tom will create a comprehensive marketing plan that exposes your home to the public as well as to other real estate agents through the Multiple Listing Service (MLS), other cooperative marketing networks, open houses for agents, and so on.

Your listing will appear on all the most popular real estate sites where buyers spend hours a day looking at homes such as Realtor.com, Zillow, Trulia, REMAX, Redfin, and dozens of others. Your home will also be featured on Tom’s own highly-trafficked website Homes2moveyou.com. You can be assured that your property will get sold quickly and for the highest market price.  

Tom works very hard for his clients. He will protect your interests, advocate for you, and be your trusted guide and advisor throughout the home buying or selling process. If you or someone you know is interested in real estate in Farmington Hills MI, please give Tom Gilliam a call at (248) 790-5594 or you can reach him here.

Tom Gilliam, REALTOR®
RE/MAX Classic 
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Buying A Home in Farmington Hills MI? Guide To Homeowner’s Insurance  

Buying A Home in Farmington Hills MI? Guide To Homeowner’s Insurance  

Buying A Home in Farmington Hills MI? Guide To Homeowners Insurance – If you are planning on buying a home in Farmington Hills MI, and taking out a mortgage to pay for that home, homeowners insurance is a necessity. Although homeowner’s insurance coverage isn’t required by law, homebuyers looking to finance their purchase will quickly learn that your bank or mortgage company will most likely require you to get homeowner’s insurance coverage. 

Lenders need to protect their investment 

Lenders need to protect their investment in the unfortunate event that your house burns down or is badly damaged by a hurricane, tornado, or another disaster. Typical homeowners insurance policies offer coverage for damage caused by fires, lightning strikes, windstorms, and hail. 

It’s important to note that not all natural disasters are covered by homeowner’s insurance. For example, damage caused by earthquakes and floods is not typically covered by home insurance. If you live in an area that is likely to flood, the bank or mortgage company may require you to purchase additional flood insurance.  

Home insurance safeguards the lender and you against financial loss 

Homeowner’s insurance provides financial relief if a covered event damages your home, property, or personal belongings. It can also cover personal liability if you are held legally responsible for damage or injury to someone else.

Most mortgage companies will require you to have insurance coverage for the full or fair value of a property (usually the purchase price) and won’t finance a residential real estate transaction without proof of insurance. 

Home insurance policies typically include six types of coverage: 

Coverage type What it does Typical amount
Dwelling Covers damage to the home and attached structures, such as a porch. Enough to rebuild your home.
Other structures Covers stand-alone structures on your property, such as a fence or shed. 10% of dwelling coverage.
Personal property Pays to repair or replace belongings that are stolen or damaged in a covered event. 50% to 70% of dwelling coverage.
Additional living expenses Helps pay temporary living expenses while your home is being repaired. 20% of dwelling coverage.
Liability Pays if you injure someone or cause property damage unintentionally or through neglect. $100,000 to $500,000.
Medical payments Pays to treat someone injured on your property, regardless of who’s at fault. Also pays if you, a family member, or a pet injures someone elsewhere. $1,000 to $5,000.

Policy rates are largely determined by the insurer’s risk that you will file a claim 

They assess this risk based on past claim history associated with the home, the neighborhood, and the home’s condition. Insurers typically consider the following items to determine your home insurance price:

  • What it would cost to rebuild your home 
  • Your home’s age, condition, and other characteristics 
  • Distance from your home to the nearest fire hydrant 
  • Your city’s fire protection rating 
  • Your claims history and the claims history of others in your neighborhood 
  • Your coverages, limits, and deductible 
  • Items that pose, major injury risks, such as pools or trampolines 

Coverage is subject to a limit and deductibles 

Keep in mind that each coverage in a homeowners insurance policy is subject to a limit – or the maximum amount your policy would pay toward a covered loss. In most cases, you will have to pay your deductible before your insurance benefits kick in to help cover a loss. You can typically adjust your coverage limits and deductibles to fit your needs.

Once you pay off your mortgage  

No one will force you to buy homeowner’s insurance one your mortgage is paid off. However,  since your home may be your largest asset, home insurance is almost always a smart purchase –  giving you both property and liability coverage.  

Partner With the Best Farmington Hills MI REALTOR® – Tom Gilliam

2020 Best of Farmington Hills REALTOR - Tom GilliamWhether you are interested in buying a home in Farmington Hills, MI, or its time to list your current property, experience matters most in a changing market.

With over 20 years of local experience, Farmington Hills REALTOR® – Tom Gilliam is very familiar with the Farmington Hils market with access to the most up-to-date listings. Known for his professionalism and care for every detail, Tom is an expert at uncovering the perfect home for his clients’ lifestyle needs. 

Search Farmington Hill MI homes for sale

For sellers, Tom will create a marketing strategy that exposes your home to the public as well as to other real estate agents through the Multiple Listing Service (MLS), other cooperative marketing networks, open houses for agents, and so on.

Your listing will appear on all the most popular real estate sites where buyers spend hours a day looking at homes such as Realtor.com, Zillow, Trulia, REMAX, Redfin, and dozens of others. Your home will also be featured on Tom’s own highly-trafficked website Homes2moveyou.com.

You can be assured that Tom is fully committed to getting your home sold quickly for the best price. Tom works extremely hard for his clients and provides the kind of personalized service you need when buying or selling a home.

As your personal agent, Tom will protect your interests, advocate for you, and be your trusted guide and advisor throughout the home buying or selling process. If you or someone you know is interested in real estate in Farmington Hills MI, please give Tom Gilliam a call at (248) 790-5594 or you can reach him here.

Tom Gilliam, REALTOR®
RE/MAX Classic 
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Buying a Home in Farmington Hills MI? Why You Need A REALTOR®

Buying a Home in Farmington Hills MI? Why You Need A REALTOR®

Buying a Home in Farmington Hills, MI? Why You Need A REALTOR®

If you are thinking about buying a home in Farmington Hills, MI, you will want to consider hiring a professional real estate agent to help you through one of life’s largest financial transactions. A Farmington Hills MI REALTOR®’s job is to match you with a home that fits your lifestyle needs and budget and also help you with making an offer, negotiations, the home inspection, and closing on your new place.

Some buyers may hesitate to use a professional real estate agent because they don’t want to pay the agent’s commission fee. That being said, it’s actually the seller that is responsible for paying the commission fee and not the buyer, which are typically about 5 to 6 percent of the home’s purchase price and split between the listing agent and buyer’s agent. 

Search Farmington Hill MI Homes for Sale

A Farmington Hills MI REALTOR® is a professional who works on your behalf and advocates for your interests. Because most sellers will have seller representation, you also want someone that has your back to represent you.

What You Will be Responsible for Without a Farmington Hill MI REALTOR® 

If you should decide not to hire a professional Farmington Hills MI real estate agent, you will be responsible for the following: 

1). You will have to uncover homes in the neighborhood or area you want to live in that match your budget and lifestyle needs. Although the many property search sites online can give you a sampling of what homes are currently available, you will have to research whether a seller’s asking price is justified based on comparable home sales in the area. 

Realtors also have access to even more listings. Sometimes properties are available but not actively advertised. A real estate agent can help you find those hidden gems. A local REALTOR® is also going to know the search area probably better than you ever could.

2). You will have to research information and important facts on a neighborhood, including those that a seller may choose not to disclose that could be important to you.  Researching local trends, market values, and other vital info can be daunting.

A real estate agent is equipped to know the ins and outs of every neighborhood. They’ll be able to tell you all about the school districts, zoning codes, the types of homes offered, and where to find everyday needs.

3). You will have to negotiate an offer, including the price and other clauses and contingencies in the purchase agreement. Any time you buy or sell a home, you’re going to encounter negotiations, which can easily get a little heated. Don’t you want a savvy professional negotiator on your side to get the best deal for you?

4). You will have to navigate the home inspection and negotiate repairs or credits with the seller. A REALTOR® will help draw up a purchase agreement that allows enough time for inspections, contingencies, and anything else that’s crucial to your particular needs.

5). You will have to sort through complex paperwork filled with real estate terms you might not understand. Real estate has its own language. It’s full of acronyms and semi-arcane jargon. A skilled real estate agent has been through all the paperwork before and actually knows what it means.

Questions? Concerns? Confused? An agent can clarify all the clauses, contingencies, and jargon-filled fine print as well as find hidden fees and conditions that you might have skimmed over.

Your Farmington Hills MI REALTOR® Will Run A Comparable Sales Analysis

One of the main tasks a REALTOR® will perform for you is a comparable sales analysis (also known as “comps”) of homes that are similar in size, condition, and age to the property you are interested in purchasing. 

Your Farmington Hills MI real estate agent will evaluate the prices of homes that are currently on the market and those that have sold in recent months to determine whether a seller’s asking price is in line with market data. Without this critical market data, you could easily end up overpaying for a home. 

As you can see, there are a lot of moving parts that go into purchasing a home. Hiring an experienced and skilled Farmington Hill MI real REALTOR® like Tom Gilliam can save you time, money, and possible headaches down the road.  

Partner With Top-rated Farmington Hills MI Real Estate Agent – Tom Gilliam

2020 Best of Farmington Hills REALTOR - Tom GilliamTop-rated Farmington Hills MI REALTOR® – Tom Gilliam has over 20 years of local experience and provides the kind of knowledge, skills, dedication, and personalized service you need and deserve when buying a home.

With access to the most up-to-date listings in Farmington Hills and surrounding Oakland County, Tom can help you explore your options and find your dream home. 

As your personal agent, Tom will protect your interests, negotiate on your behalf, advocate for you, and go the extra mile to ensure a smooth and successful transaction. 

 

Search Farmington Hill MI Homes for Sale

If you or someone you know is interested in buying a home in Farmington Hills or Oakland County, MI, please give Tom Gilliam a call today at (248) 790-5594

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

Buying a Home in Farmington Hills MI? The Benefits of An FHA Loan 

Buying a Home in Farmington Hills MI? The Benefits of An FHA Loan 

Buying a Home in Farmington Hills MI? The Benefits of an FHA Loan:  Are you currently in the market to buy a home in Farmington Hills MI and thinking about your options for a mortgage? An FHA loan is a mortgage that’s insured by the Federal Housing Administration (FHA). FHA loans are popular with first-time, lower-income, and/or lower-credit home buyers due to their flexibility and low rates.  

The FHA insures these loans on single-family and multi-family homes in the U.S. and is the largest insurer of residential mortgages in the world. They are a good option for buyers who may not have saved enough for a large down payment although no FHA loan options for a “zero money down” loan are available.  

HUD 4000.1 states that FHA loan applicants cannot use “unapproved sources” for the down payment. Those unapproved sources include credit card cash advances, payday loans, or any other “non-collateralized loan” to make the down payment. Your financial institution is required to verify the sources of all down payment funds including cash saved at home, savings accounts, family member contributions, etc.

Even borrowers who have suffered from bankruptcy or foreclosures may qualify for an FHA-backed mortgage. A borrower can qualify for an FHA loan with a down payment for as little as 3.5% with a minimum FICO score of 580. With a  credit score of 500 – 579, a borrower would be required to make a 10% down payment.

FHA borrowers are also required to pay two FHA mortgage insurance premiums — upfront at closing, and annually for as long as you repay your FHA loan, in most cases.

Down payment and credit score amounts are just two of the requirements needed to qualify for an FHA loan. Other FHA loan requirements set forth by the Federal Housing Authority include:

  • Borrowers must have a steady employment history or work for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S., and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money can be gifted by a family member.
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from an FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income.
  • Borrowers’ back-end ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. FHA-qualified lenders will use a case-by-case basis to determine an applicants’ creditworthiness.
  • Typically, borrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you’ve managed your money in a responsible manner.
  • Typically, borrowers must be three years out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you’ve improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.
  • The property must pass an FHA inspection and appraisal. The overall structure of the property must be in good enough condition to keep its occupants safe and must be worth the purchase price. Severe structural damage, leakage, dampness, decay, or termite damage can cause a failed inspection. In such a case, repairs must be made in order for the FHA loan to move forward.  

FHA Annual Lending Limits

The FHA sets annual lending limits for home loan amounts that it will insure. These limits are determined based on the county in which you live and the type of property you’re purchasing.  These loan limits are calculated and updated annually and are influenced by the conventional loan limits set by Fannie Mae and Freddie Mac.

Low-cost areas of the country have a lower limit, known as the “floor,” and high-cost areas have a higher figure, called the “ceiling”. It’s not uncommon for the ceiling loan limit to be more than double the floor for single-family properties. The limits also vary based on the type of property. 

For 2020, the FHA floor was set at $331,760 for single-family home loans. This minimum lending amount covers 80% of all U.S. counties. The FHA ceiling represents the maximum loan amount and is illustrated in the table below:

FHA Limits (low-cost areas)
Single Duplex Tri-plex Four-plex
$331,760 $424,800 $513,450 $638,100

Also for 2020, the FHA ceiling was set at $765,600 for single-family home loans. This represents the highest amount that a borrower can get through the FHA loan program. It applies to high-cost areas in the United States and is illustrated in the table below.

FHA Limits (high-cost areas)
Single Duplex Tri-plex Four-plex
$765,600 $980,325 $1,184,925 $1,472,550

The Takeaway

Borrowers who cannot afford a 20 percent down payment, have a lower credit score, or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their individual scenario. Another advantage of FHA loans is that they are assumable, meaning that if you want to sell your home in the near future, the buyer can “assume” the loan you have.

Partner with Top-rated Farmington Hills MI REALTOR® – Tom Gilliam

2020 Best of Farmington Hills REALTOR - Tom GilliamA top-rated Farmington Hills and Oakland County MI real estate agent like Tom Gilliam can show you more properties and save you thousands of dollars when buying a home. You need an agent who knows the area, processes a vast network of local connections, and has the skills to negotiate like a pro.

From first-time homebuyers to multi-million dollar investors, Tom continually strives to provide top quality service for his clients. With access to the most up-to-date MLS listings for Farmington Hills MI homes for sale and surrounding Oakland County MI real estate, Tom is able to match his clients’ lifestyle needs with the perfect home.

If you are ready to list your current property, Tom has the experience and skills necessary to handle the marketing and sale of your home. Tom employs the latest technology to deliver massive exposure to your home that will drive mega-response from qualified buyers.

 Search the MLS for  Farmington Hills MI Homes for Sale

Search the MLS for Oakland County MI Homes for Sale

With over 25 years of local real estate experience, Tom will protect your interests and work extremely hard for you to ensure the best possible outcome. If you or someone you know is interested in buying or selling real estate in Farmington Hills MI or the surrounding Oakland County area, please give top-rated Farmington Hills MI REALTOR® Tom Gilliam a call today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Direct: 248-790-5594
Office: 248-737-6800
Email: Tom @ Homes2MoveYou.com
License #314578

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