When you are looking homes in Michigan for rent, have you ever thought if you are in the possibility to buy?. Many people look for a rented house without knowing they actually can become homeowners. Most of the time, because they think it would be impossible for them to qualify for a loan.
Let´s explain the difficulties and facilities for both choices, so you can take the best decision, and who knows?. Maybe you´ll change your mind and decide you are ready to make the big decision of buying a house here in Michigan. First of all we need to see the first and easiest option, which would be to rent a home.
How it is to Rent a Home in Michigan?
The difficulty of finding homes in Michigan for rent and getting approved, will depend on various factors such as your budget, desired location, credit history, and rental history.
In general, finding a home for rent in Michigan may not be very difficult, as there are usually many properties available in different areas of the state. However, the rental market in some of the more desirable areas of Michigan, such as Ann Arbor or Grand Rapids, can be quite competitive, making it more challenging to find an available rental property.
When it comes to getting approved for rent, landlords and property managers will typically look at your credit history, income, and rental history to determine your eligibility. If you have a good credit score and a stable income, you may be more likely to be approved for a rental property. However, if you have poor credit or a history of evictions, you may find it more challenging to get approved for a rental property.
Overall, the difficulty of finding a rental property in Michigan and getting approved for rent will depend on your individual circumstances and the specific rental market you are looking in.
How to Buy a House in Michigan?
If you are thinking go further, here are some general steps to help guide you through the process of buying a house in Michigan instead of find homes in Michigan for rent:
Determine your budget:
The first step in buying a house is to figure out how much you can afford to spend. This will depend on your income, expenses, and credit score. You can use online mortgage calculators to help you estimate your monthly payments.
Get pre-approved for a mortgage:
Once you have determined your budget, you should get pre-approved for a mortgage. This will involve providing your lender with your financial information and they will give you an estimate of how much they are willing to lend you for a mortgage. If you don´t have good credit score or only have ITIN, you should contact BuyHouseEZ, and keep reading below.
Find a real estate agent:
A real estate agent can help you navigate the home buying process and find houses that meet your needs and budget. Look for an agent with experience in the area where you want to buy a house.
Search for homes:
With the help of your real estate agent, start searching for homes that meet your needs and budget. You can also use online listings and attend open houses to help you find potential homes.
Make an offer:
Once you have found a home in Michigan you like, you can make an offer to the seller. Your real estate agent can help you make a competitive offer based on the local housing market and the condition of the home.
Inspect the home:
Before finalizing the purchase, it is important to have the home inspected by a professional. This can help identify any potential issues with the home and give you leverage in negotiating the final price.
Close the deal:
If the home passes inspection and you are satisfied with the terms of the sale, you can close the deal by signing the necessary paperwork and transferring funds to the seller. Your real estate agent and lender can guide you through this final step.
These are just general steps, and the home buying process can vary depending on your specific circumstances and the local housing market. It is always a good idea to work with experienced professionals such as a real estate agent and lender to help guide you through the process.
Michigan buy House with ITIN
If you are part of the big statistic of people who wants to buy a house in Michigan with an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number (SSN), they will typically need to meet certain requirements set by most of lenders. These requirements may vary depending on the lender ( BuyHouseEZ don´t check credit score for instance), and the type of loan you are applying for, but generally include the following:
Valid ITIN
To get a loan for a home you will need always a valid ITIN issued by the IRS. This is a tax processing number issued to nonresident aliens, resident aliens, and other individuals who are not eligible for a Social Security number.
Proof of income
Lenders will typically require you to provide proof of income, such as recent pay stubs, tax returns, or bank statements. You may also need to provide documentation of any other sources of income you have, such as rental income or investments.
Credit history
Although ITIN borrowers may not have a Social Security number, they may still have a credit history that can be used to evaluate their creditworthiness. Lenders may look at alternative forms of credit history, such as rental payments, utility bills, and other bills that have been paid on time.
Down payment
You will typically need to make a down payment when buying a house with an ITIN. The amount required may vary depending on the lender and the type of loan you are applying for, but generally, a down payment of at least 20% of the purchase price is required for most lenders (BuyHouseEZ ask for 10%).
Residency status
You will need to be a legal resident of the United States to qualify for a mortgage with an ITIN. This means that you must have a valid visa or other documentation that allows you to live and work in the United States.
These are some of the main requirements that lenders may ask for when someone wants to buy a house in Michigan with an ITIN. However, the specific requirements may vary depending on the lender and the type of loan you are applying for. It is always a good idea to speak with a lender or mortgage professional to learn more about the requirements and options available to you as an ITIN borrower. Ask to talk with an advisor of BuyHouseEZ sending us your phone number and name.
