You want to get educated before you purchase a house in Detroit or anywhere in the USA for that matter?
Some of theses tips can also go for buying a used car or any other big purchase that you need credit for. Before you buy a house you will want to do the following:
The tips for Detroit real estate
Strengthen your credit score is #1 no bank will lend you money with a low credit score and most of the time you need a credit score above 625 to even be considered.
Figure out what you can afford and go from there. There is no reason to buy more house than what you can pay on. That’s a lot of debt and a recipe for headaches. Keep it simple and you should have no problems.
Save your money because you will need it for closing costs and a down payment. Normally you need 20% down for a house in Detroit but there are programs you can look into for $7,500 for a down payment on a new house. You will want to speak with a real estate agent or a property manager down in Detroit about this down payment rules.
After your down payment you don’t want to just be spent you want to have a healthy amount of savings after the fact you will be glad you did. Saving money for anything like a house or a car is good practice.
Talk to a real estate expert in Detroit Michigan
Once you have your credit where you want it and the bank will be happy get pre approved for a mortgage that is financially right for you. Next buy a house you like inside and out.
Talk to the bank and a real estate expert in Detroit Michigan to help you out. 248-419-1558