Save at Least $3,000 When Buying Your First Home!
If you’re a first time buyer and short on cash make sure you pay close attention because I’m going to show you how to make your dream of homeownership a reality!
There are several creative ways to dramatically reduce your out of pocket expenses when buying your first home. It all starts with finding a good lender that is licensed as a broker and a lender. This is key to getting the best interest rate because a broker/lender will have more lending options to meet your specific needs.
Another important factor in finding a good lender is their ability to provide accurate numbers. You’d be surprised at how “OFF” the closing cost numbers can be when you’re working with the wrong lender. We’re talking about thousands of dollars that could make or break your ability to purchase the home of your dreams.
If you’re interested in learning how to;
- Save at Least $3,000 in Out of Pocket Costs
- Get The Lowest Possible Interest Rate
- Get The Best Mortgage Program For Your Situation
- Get Your Lender to Cover Your Mortgage Costs
- Avoid Paying Any “Junk” Mortgage or Upfront Fees
Just Click the “Save Me $3,000 in Costs” Button Below or Call 248-674-6450!
UPDATE: 03/25/2013 – Michigan Homebuyer Assistance Grant Program
We received the following email from the state on March 25th regarding this grant program;
“As of March 25, 2013 approximately $3,000,000 remains for Homebuyer Assistance Grants. As we begin the process of winding down the Homebuyer Assistance grant program, after 5:00 p.m. on Friday, March 29, 2013 we will no longer be able to accept Homebuyer Assistance grant applications for NON-military homebuyers. Please be sure to notify your borrowers and staff accordingly, and remember, applications uploaded through DEG must be approved by your underwriters with a “clear-to-close” and a firm closing date that is scheduled within 30 calendar days.
We will continue to fund Homebuyer Assistance grants for active military and veteran homebuyers, with preference given to disabled veterans, until all remaining funds have been disbursed.”
So, unless you are active military, or a Veteran, you can no longer receive this grant. However, there are still some great mortgage programs available in Michigan with zero down payment options as well as very low down payment options. Houses are still on sale and rates are still very low so buying a home still makes good financial sense! Call us today at 248-674-6450 to discuss your home buying options and you may be surprised as to what is still available.
What Is The Michigan First Time Home Buyer Program?
Homeownership is made possible for many individuals who would not otherwise be able through the Michigan first time home buyer program. The Michigan State Housing Development Authority offers various loan programs to make home ownership a possibility for thousands of low to moderate income borrowers. Consider using a Michigan first time home buyer program if you meet the eligibility requirements to make your dream of owning a home a reality.
A Conventional 80% LTV is one of the options for a Michigan first time home buyer program. It is a 30-year program with a fixed-rate. The program requires all individuals of the household to apply together and they must meet the income and sale price restrictions set forth by the MSHDA. The income rates and sale prices vary from one county to another, with higher limits set for targeted areas where home ownership is a goal of the town or city. The Michigan first time home buyer program does not allow co-signers, but does accept individuals with non-traditional credit.
Michigan First Time Home Buyer Program With FHA and the VA…
The Michigan fha program is another fixed-rate Michigan first time home buyer program available to individuals who have low to moderate income. Their income and the sale price of the home are factors considered when applications are submitted. All adult members need to be listed on the application and individuals not living on the premises are not eligible to apply as a co-signer or co-borrower. The Michigan fha program allows non-traditional credit applicants and assistance with a down payment, as long as borrowers attend a program from a counseling agency about home borrowing. There are multiple counseling centers, divided from one county to another. Attending the class required by the Michigan fha program may also be ideal to get valuable insight about the process.
Another Michigan first time home buyer program is the United States Department of Veteran Affairs (VA) program, which is an alternative to the Michigan fha program. It meets the general requirements of supporting low to moderate income individuals who are borrowing to purchase a home within the set sale price guidelines and their income must also be below the threshold for the county they want to live in. Many lenders are likely to be more lenient with offering loans to individuals participating in the program because the funds are guaranteed by the government, minimizing the risk of ending up with a home due to defaulting on payments.
Don’t Forget About Michigan’s Rural Development First Time Home Buyer Program…
Don’t overlook the Rural Development (RD) Michigan first time home buyer program as an option to consider instead of a program such as the Michigan fha, conventional 80% LTV or VA loans. The rural development loan is a 30-year fixed-rate guaranteed or direct loan, offered to potential borrowers who fall into the guidelines for income and sale price of the home. The RD program offers benefits including allowing borrowers to borrow the full price of the home along with escrow items, closing costs and the guarantee fee for a hassle free process during the home buying process. However, the RD program does not support borrowing above these costs, so any repairs necessary on the home must be paid through other means such as a personal loan or using out-of-pocket funds.
This Michigan first time home buyer program supports applicants with non-traditional credit and down payment assistance for certain borrowers. Contributions from interested parties towards necessary costs can be used, as long as they are approved by the rural development committee.