How long does it take to buy a house in Michigan?

Time: An average of 10-12 weeks depending on the market and buyer needs. This step can be very short or it may end up being the longest. Either way is ok as long as you end up with a home that fits your needs and desires.

What credit score is needed to buy a home in Michigan?

640
Michigan First-Time Homebuyer Programs To qualify, homebuyers need a FICO® credit score of at least 640 and a debt-to-income ratio under 45%. Income limits vary by location and the 2019 price limit is $224,500. At the very least, borrowers need 1% of the loan amount in hand at the time of purchase.

When do property taxes go up after buying a home in Michigan?

The millage rate for their area is a total of 38.000 mills. Once the property is transferred to the new owner and the taxable value is uncapped and reset to the SEV. In this example, the homebuyers would see their taxes go up $1140 annually or nearly $100 per month.

What to do if you find a problem when buying a house?

If you discover the home you want to buy has undisclosed problems, the options you have will depend on where you’re located. If you haven’t finished signing all of the closing documents and transferring the title yet, you don’t officially own the house — you’re still under contract.

What’s the millage rate on a house in Michigan?

Their Taxable Value is currently at $120,000 and their SEV is currently at $150,000. The millage rate for their area is a total of 38.000 mills. Once the property is transferred to the new owner and the taxable value is uncapped and reset to the SEV.

Where can I find MLS for Ann Arbor MI?

Source MLS: MiRealSource Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource. The information published and disseminated by MiRealSource is communicated verbatim, without change by MiRealSource, as filed with MiRealSource by its members.