Michigan homes for sale

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Frequently Asked Questions

Have questions about purchasing a new home in Michigan? We can help!

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Buying A Home

EARNEST MONEY DEPOSIT (EMD paid within 2 days of going under contract)

1. EMD is a check written out to an Escrow (savings account) of the Brokerage or Title Company.
2. This amount is put towards the purchase of your home (your closing costs).
3. This amount varies depending on the purchase price and # of offers on the home.

HOME INSPECTION (paid w/in contracted timeline;5, 7,10 days of going under contract)

1. $400 - $950 depending on the level of inspection (regular, septic, water test, etc)
2. FHA and RD loan types have more rules (water test, septic distance, no peeling/chipping paint, no unfinished flooring, water heater downspout from pressure relief valve, etc)
3. VA loans are closer to Conventional then you would think.

APPRAISAL (paid during transaction)

$350 - $1100 depending on the market activity, IF you need a RUSH order or IF you’re using an outside lender (not local)..

DOWN PAYMENT (paid @ Closing)

1. 0% - VA Loan (must be a Veteran)
2. 3.5% - FHA Loan
3. 3.5-5%- Conventional Loan
4. 20% + - if it’s a 2nd home (non-homestead)
5. % - many different scenarios per your credit and what the Lender can offer.

More Help Faqs

● Lenders may have First-Time home buyer discounts or other promotional items.
● Closings take at least 30 days; from Under Contract to Closing table (at a title company)

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