In addition, residents in Detroit and surrounding municipalities have had to contend with decreased property values, which has left numerous homeowners in the dust with upside down mortgages and rising interest rates. Negative home equity combined with an unemployment surge and the statewide budget crisis has created the perfect storm in Michigan.
While the dour news for Michigan residents may be distressing, M3 Strategy is a source of relief for many homeowners with negative home equity and ballooning mortgage loan interest rates. We offer a steadfast solution in the face of mortgage problems and can assist you in finding the peace of mind you deserve.
M3 Strategy can negotiate a short refinance in Michigan on your behalf and completely improve your position in the real estate market. Learn the benefits of a Michigan short refinance, find out about eligibility requirements and set the wheels in motion to obtain a better loan.
Advantages of a Short Payoff / Settlement to Refinance in Michigan
A short refinance is when your existing lender agrees to a short payoff / settlement to refinance. A Michigan short refinance provides a stable solution to your mortgage problems, allowing you to refinance into a new loan, with either your current lender or an entirely new lending company.
The benefits of obtaining a short payoff / settlement to refinance are numerous and can include moving from an adjustable interest rate to a fixed interest rate, exoneration from a portion of the original loan principal, a reduction in the interest rate and a longer loan term. Overall, a Michigan short refinance can turn your entire mortgage situation around and help you reverse issues with negative equity.
Michigan Short Refinance -- Conditions and Qualifications
M3 Strategy will review your financial situation to establish whether you may qualify for a short refinance in Michigan. Commonly, your ability to qualify for a short payoff / settlement to refinance depends on whether you have kept current with your mortgage payments for the past 12 months. A stable employment situation with verifiable monthly income and a credit score of at least 620 are additional measures that determine your eligibility for Michigan short refinancing.M3 Strategy Short Refinance -- FHA Lending Limits for Michigan
FHA lending limits for the 10 most populated counties in Michigan have been provided below. For additional FHA lending limits in Michigan, visit the FHA website:
WAYNE
Single Family $297,500
Duplex $380,850
Triplex $460,350
Four-plex $572,100
OAKLAND COUNTY
Single Family $297,500
Duplex $380,850
Triplex $460,350
Four-plex $572,100
MACOMB COUNTY
Single Family $297,500
Duplex $380,850
Triplex $460,350
Four-plex $572,100
KENT
Single Family $271,050
Duplex $347,000
Triplex $419,425
Four-plex $521,250
GENESEE
Single Family $271,050
Duplex $347,000
Triplex $419,425
Four-plex $521,250
WASHTENAW
Single Family $345,000
Duplex $441,650
Triplex $533,850
Four-plex $663,450
INGHAM
Single Family $271,050
Duplex $347,000
Triplex $419,425
Four-plex $521,250
OTTAWA
Single Family $271,050
Duplex $347,000
Triplex $419,425
Four-plex $521,250
KALAMAZOO
Single Family $286,250
Duplex $366,450
Triplex $442,950
Four-plex $550,450
SAGINAW
Single Family $271,050
Duplex $347,000
Triplex $419,425
Four-plex $521,250
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