How much do I realistically need saved to buy a first home in Clarkston?

Most first-time buyers Michael represents close with about $12,000–$18,000 total out-of-pocket on $320K–$380K homes. He routinely combines MSHDA and county assistance, seller credits, and low-down-payment loans so your cash requirement is far lower than the “20% down” myth.

What credit score do I need to qualify?

FHA allows approvals from ~580+ with 3.5% down, while many conventional 3% programs target 620+. Michael also provides a 60–90 day, step-by-step score improvement plan that has boosted past clients an average of ~40–65 points.

Can I buy if my rent is $1,600–$1,800 now?

Yes. With assistance plus seller credits, many clients keep monthly costs competitive with rent—while building equity and benefiting from tax advantages. Michael models total payment (principal, interest, taxes, insurance, and any MI/HOA) before you ever tour.

How long does it take from first meeting to closing?

Typical timelines run 9–12 weeks: pre-approval in 2–3 days, home search 2–6 weeks, then ~38 days from offer to keys (about 8 days faster than the Clarkston average).

Do I need 20% down or can I use FHA/3% conventional?

You do not need 20% down. FHA 3.5% and conventional 3% options are common for first-time buyers. Michael helps you choose the structure that balances upfront cash, monthly payment, and long-term costs.

What down-payment assistance is available in Clarkston?

MSHDA MI 10K DPA, First-Generation DPA (when available), Oakland County grants, Mortgage Credit Certificates, and negotiated seller credits. Michael’s Clarkston buyers have averaged $18,400 per client and $2.3M in total assistance secured.

Should I wait for interest rates to drop?

Waiting often means competing with more buyers and higher prices. Michael’s approach: buy when the right home at the right price appears, then monitor for future refinance opportunities.

What are closing costs—and can sellers help pay them?

Expect $6,000–$9,000 for title, lender fees, prepaids and recording. On FHA, sellers can contribute up to 6%—Michael routinely negotiates $5,000–$7,000 in credits for first-time buyers.

Can I buy a home if I have student loan debt?

Yes. Lenders factor a percentage of balances or your income-based payment into DTI. Michael coordinates with lenders who understand medical/graduate loans to maximize your qualifying amount.

Why choose Michael Perna for my first home purchase?

127 Clarkston first-time buyer closings since 2017, average $18,400 assistance per client, 73% first-offer acceptance rate, 38-day average close, and deep neighborhood/school boundary expertise. Plus, ongoing post-closing support.