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Grand Oak Mortgage | Grand Blanc | Michigan

Recent Grand Oak Mortage Closings

  • First Time Home Buyer uses "Home Ready" program to purchase home with only 3% down!

    Low down payment, reduced monthly PMI and allows for seller concessions to reduce funds at closing. Based on 700 credit score (APR 5.234%).

    $110,000 Purchase Price

    $3,400 Down Payment (3%)

    $106,700 Loan Amount

    $581 P&I

    $78 Insurance

    $135 Taxes

    $70 Private Mortgage Insurance (PMI)

    $864 Total House Payment

    $3,300 Down Payment

    $2,500 Closing Costs

    $2,600 Escrow for Taxes/Insurance

    $8,400 Total

    -$3,300 Seller Concessions

    $5,100 Total Funds Required for Closing

    The funds to close came from their own savings and GIFT from a family member.

  • FHA First Time Home Buyer. New Purchase transaction in Burton, MI.

    The buyer was recently married and out of school for a short period of time. Full Seller Concession's were negotiated and the buyer only needed her 3.5% Down Payment ($2,100) at closing. All closing costs and escrow set up were paid by the seller.

  • 80% Conventional Cash Out Refinance to complete a Divorce Settlement.

    Borrower was recently divorced and used the equity in her Grand Blanc home to pay off the Divorce Settlement. We were able to lower he interest rates and consolidate some monthly debt to improve her monthly cash flow situation.

  • Creative Financing for Self Employed Borrower and his W2 Earning Wife.

    FHA New Purchase transaction in Davison, MI. The husband was Self Employed, his wife is a W2 employee. The Self Employed borrower like many, report a low adjusted income to the IRS. We were able to get the W2 borrower approved for the loan without including the Self Employed borrower on the loan.

  • Lifetime Apartment Dweller Purchases a new home with less then $1,000 out of pocket with the Rural Development loan program in Flushing, MI for $119,000.

    A single parent of 4 children was able to move out of her crammed apartment and purchase a beautiful home with a large yard. Full Seller Concession's were negotiated and the buyer brought less then $1,000 to the closing.

  • Conventional Rate/Term Refinance in Grand Blanc, MI.

    Borrower was able to combine an Interest Only First Mortgage and HELOC Second Mortgage into one new mortgage. He now has a Fixed Rate Mortgage with the same payment as before. He no longer has to fear whether or not he could afford the mortgage payments, if the interest rates were to rise.

  • Trade Up Buyer 25% Down Conventional Purchase Transaction $550,000 home in Bloomfield Hills, MI.

    Client was able to sell their current home and use the proceeds from the sale of their home to purchase their dream home in Bloomfield Hills, MI. They were able to retain all their current savings to purchase the new home.

  • Conventional HARP Program Rate/Term Refinance closed without an Appraisal.

    Grand Blanc home was refinanced from a 6.25% interest rate to a rate in mid 3's. Based on the borrower's strong income, asset and credit profile an appraisal was not required. We were able to save the borrower over $250/month in their mortgage payments. They will take this savings and start funding a 529 College Fund for their children's college education.

  • Conventional Cash Out Refinance to Consolidate Debt and Complete Home Improvement project.

    Thanks to an improved housing market, most homes in the area have increased in value. The borrower took advantage of the equity in his home and used it to pay off high interest credit card debt. There was additional funds remaining to complete some minor home improvements.

  • FHA Manual Approval on Buyer with A Foreclosure and Bankruptcy in 2014

    The borrower lose his wife to illness in 2012. Due to the large medical bills and loss of time on the job to care for her illness, he was left no option but to declare Bankruptcy and lose the home he owned with his wife. Fortunately, the buyer was able to re establish credit over the past 2 years and made all payments timely. He borrowed money from his IRA account and used these funds to purchase his new home.

  • First Time Home Buyer 100% Financing VA Purchase Transaction in Pontiac, MI.

    A Single borrower who served our country, was able to purchase her first home with NO money out of her pocket. She owns her new home, for LESS then she would be paying for an apartment in the area.

  • Conventional 10% Down Program close with monthly Private Mortgage Insurance (PMI).

    We took advantage of the Lender Paid Mortgage Insurance Program (LPMI) to close a loan with only 10% down payment and no monthly PMI. The borrower saves money on his monthly PITI payment.

  • Delayed Financing Refinance Closing Success!

    The borrower paid cash ($104,000) for the home in June. We were able to refinance the home and get him 80% of the value/purchase price of the home. The borrower was able to borrow $83,300 to replenish his bank account.

  • Conventional Investment Property 75% Cash Out Refinance.

    Borrower owned the property Free & Clear. We were able to get him cash out from the refinance to use to purchase his next Investment Property.

  • FHA Manual Approval for Borrower with less then 620 Credit Scores.

    This borrower was a younger borrower with minimal credit depth. All payments had been made on time, he didn't have many open and active reporting trade lines to the credit bureau. We were able to supply proof of rent history and utility pay history as alternate trade lines to get the loan approval.

  • May 2016 College Graduate Purchase First Home in Fenton, MI with Gift funds from his parents using a Conventional Loan Program.

    Our borrower relocated here from Utah and is working as a W2 employee at General Motors. He is only been on the job 4 months. Thankfully, he had established credit history with a good credit score. His parent's were able to "gift" him money for the down payment to purchase his new home.

  • 90% LTV Second Home Purchase in Byron, MI on a Lake without monthly Private Mortgage Insurance (PMI).

    Once again, we were able to take advantage of the Lender Paid Mortgage Insurance Program (LPMI) to assist in lowering the monthly PITI. Borrower took a loan from his 401(k) program to purchase a lovely second home on a beautiful lake.

  • $225,000 VA Loan Purchase 0% Down In Lapeer- No Money Due At Closing
    $225,000 VA Loan Purchase 0% Down In Lapeer- No Money Due At Closing

    December, 2015

    First Time Home Buyer purchased his first home with VA financing. The buyer didn't need any money for down payment, he negotiated Seller Concessions as part of the Purchase Agreement to cover closing costs and pre paids. The buyer was able to purchase his new home with NO money due at closing.

  • $117,000 96.5% FHA Purchase in Burton. Borrower Had Previous Foreclosure/Bankruptcy

    December, 2015

    Due to employment lay offs and medical bills, our buyer's had to let their previous home go into Foreclosure. In addition, they completed Chapter 7 Bankruptcy in 2012. Since the Bankruptcy, the buyer's were able to reestablish new credit, verify 24 month rental history and improve their credit scores greater then 620. The both have full time employment and were able to save the 3.5% down payment to purchase a new home..

  • $83,000 95% LTV Conventional Purchase in Grand Blanc- Closed Quickly

    December, 2015

    Buyer was recently divorced and had sold previous marital home. She was living back at home and wanted in a new home fast. We were able to close in less then 30 days and get the buyer into her home to enjoy Christmas. Her new house payment of $745 is less then she would pay for a 2 bedroom apartment in the Grand Blanc area.

  • 96.5% FHA purchase in Davison - used gift funds to purchase new home

    December, 2015

    First Time Home Buyer purchased her first home with only 3.5% Down Payment. The buyer didn't have any of her own funds for closing, however, had a family member provide "Gift Funds" to use for the down payment. The buyer negotiated Seller Concessions as part of the Purchase Agreement to cover closing costs and pre paids. In the end, buyer didn't use any of her own funds to purchase her new home.

  • Conventional cash out refinance 80% LTV in Swartz Creek

    December, 2015

    Borrower consolidated her high interest First Mortgage and paid off multiple credit cards debts. In doing so, she was able to "free up" $500 per month in cash flow. This savings will be used to aggressively pay down other remaining debt and enable her to start a college savings fund for her daughter.

  • 96.5% FHA purchase in Grand Blanc - trade up buyer with limited fund to close

    December, 2015

    Our trade up buyer had to bring money to closing to sell their current home. Thus, this reduced the funds they had saved to purchase a new home. Their best option was to obtain FHA financing with only 3.5% down payment. We were able to obtain a quick loan approval and our buyer's were able to close on their old home and purchase their new home on the same day.

  • $40,000 VA loan purchase closing with high risk buyer in flint

    December, 2015

    Worked with a buyer with many credit challenges. The buyer had to pay off collections and a judgment prior to purchasing a new home. His middle credit score had dropped to 619. In addition, we had a high debt to income ratio and limited funds for closing. Found a lender in our network to work with the buyer to obtain VA financing and eventually closed the loan.

  • Conventional rate & term refinance 85% LTV with no monthly PMI needed in Grand Blanc

    December, 2015

    Buyer consolidated a high interest rate First and Second Mortgage into one payment and reduced the term of the loan by 10 years and kept the same monthly house payment. We took advantage of the Lender Paid Mortgage Insurance (LPMI) program. This program enables borrower's to lend up to 90% of the appraised value without having to pay monthly private mortgage insurance (PMI).

  • $65,000 Rural Development (RD) 100% financing purchase in Flushing

    December, 2015

    Buyer took advantage of he NO money down RD program to purchase his first home. With the assistance of 6% Seller Concession and 0% down payment the buyer was able to purchase his first home with no money out of pocket. Had he rented an apartment he would have needed $1,200 upfront to cover first and last month rent payment.