Happy Saturday! This Saturday we thought we'd go down the street to TLC Community Credit Union. We met up with Alisha Morton and Lisa Lambright to talk to you about some of the programs they have going on. Most of my clients know that one of my favorite programs is TLC's First Time Home Buyer Program.
Alisha describes the program as a "true" first-time homebuyer program where TLC will finance one hundred percent of the purchase price. In addition, the program offers low rates with no PMI Insurance, they escrow for their members and fees are a lot lower.
What I love about the program is that they require the buyer to go through a home inspection as well as a pest inspection (plus Radon, Well and Septic if you go with Living in Lenawee Realty). The other thing that I like compared to some of the government programs like FHA and VA is that if there are some minor repairs, TLC will escrow. Lisa says that not only is the program flexible with a lot of options, they will actually finance any property on that program and any repairs that are required for the loan. This can either be done prior to closing by the seller or you can complete them after closing, and TLC will escrow for the repairs. This could be anything as minor as a cracked window or something as big as having to replace a roof. I like that TLC has this option to escrow, because we might walk into a home with a buyer in a certain price range where there may be peeling paint or no GFI's, especially with bank-owned properties, you would not be able to purchase the home in it's condition with FHA or VA.
What is the credit required to qualify for TLC's First Time Home Buyer Program?
In general, they are looking for a credit score of 680 or higher. It is possible to have a lower score than that with the help of a co-borrower to strengthen the loan. In addition, they would like to see two years on the job, or if you have recently graduated and are working in your field, they can count school time as well.
How do I get Started?
TLC offers Home Buying Seminars where a light dinner is provided. Lenders, Title companies, Insurance, Realtors and Home Inspectors will be at these seminars to help you prepare for the buying process.
There is no cost, but registration is recommended due to limited spaces. www.TLCCU.org or call 517-263-9120
February 18th at the LISD Tech Center from 6-8
February 25th at the Old Mill in Dundee from 6-8
What Other Exciting Things are Going on at TLC?
Lisa says there is a lot going on and they are working on some new products that will be released later on in the year.
These won't be exclusively for first-time homebuyers, but certainly something a first time home buyer could take advantage of.
Make sure you check back in the next couple of months!
"As a Community Credit Union, I think our rates are very low, our closing fees and very thin and we never sell your loan. You always make your payment to us, you always have that personal touch anytime you have a question. We're always here"
I think the other thing to note is that if you're not a first time home buyer and you don't have a lot of funds, FHA, Rural Development (RD), VA are still a possibility. You can start with your local TLC and end up at Member First Credit Union. Once you close, you're still making your payments to TLC which is awesome.
Where is TLC Located?
There are locations at Tecumseh, three locations in Adrian, Blissfield, Clinton, and Dundee.
The one thing I appreciate as a realtor is that TLC has great communication skills, we always know exactly where that file stands (I might just be a stalker, too). There is a lender at every branch. Of course, it's always nice if you can call ahead and make an appointment to sit down with a lender and get pre-approved, but if you don't, just stop in and someone will take care of you.
What are your predictions for the Mortgage Market in 2020?
"It's been interesting," Lisa says, "Just the last seven years alone, everyone kept saying interest rates are going to go up and we have seen the opposite. Interest rates are declining, they have dropped an eight to one-quarter percent in the last few weeks, so I anticipate that trend to stay on track for a little while, at least through the spring buying market."
Low-interest rates mean that you will qualify for more of a house payment, which is always nice.
The good news is that the National Association of Realtors (NAR) is also in line with the predictions that Lisa gave. It's always good when the Mortgage Companies and the Realtors are on the same page.
What are the Hours?
Monday -Thursday 9:00 am-5:00 pm
Friday 9:00 am - 5:30 pm
Saturday 9:00 -Noon
*Lenders may not be available on Saturdays
When Should I Start Getting Ready for the Spring Market?
I know that there's snow on the ground and it's a hard time to think about buying a house, but truly this is a good time to at least get started in the home buying process.
If that little furry animal was right, spring is just a little bit away. Although, I disbelieve him after the snow that came last week- but that's okay.
So if you're a first time or buyer or if you're a returning home buyer, make sure you get ahold of TLC Community Credit Union. Alisha Morton and Lisa Lambright would be happy to take care of you along with their other wonderful lenders.
Make it a great Saturday!
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