Tuesday, June 23, 2009

First Time Winning Incentives

Recently I closed on my first home. Not only was the process fluid and simple, I ended the day with first time buyer incentives that were OUT OF THIS WORLD!!

The Michigan State Housing Development Authority (MSHDA) (http://www.michigan.gov/mshda) holds many programs available to first time buyers. Depending on your area the deals are endless. Recently passed legislation has also included monetary grants to all areas of the state.

$ Down Payment Assistance (http://www.michigan.gov/mshda/0,1607,7-141-45866_45870-175332--,00.html)

- This program is available to low-to-moderate income buyers. The household income limits vary depending on location and family size.
- Buyer must complete a short home buyer education class. (GREAT INFO)
- 0% Interest / 0 Payments!! Full amount due upon sale or transfer of property or when the first mortgage is paid in full.
- The max assistance for this program is $7,500.00.

$ FHA Loan (http://www.michigan.gov/mshda/0,1607,7-141-45866_47903-165004--,00.html#FHA)

- 30 Year Fixed Rate Loan available to low-to-moderate income borrowers who meet the MSHDA sales price and income limits.
- Non - Traditional credit score allowed. (Low credit score)

These are the two main programs that are offered by the MSHDA. Check with your local Loan Officer for details.

There are many other smaller programs available to your specific area. For instance in Hastings there is Down Payment Assistance of up to $10,000 and Repair Assistance of up to $20,000 available. This program is truly amazing and I am currently reaping in the benefits. The Down Payment Assistance and Repair Assistance are considered a second loan. This loan is 0% Interest / 0 Payments and if you live in the house for 10 years or more the loan is forgiven. This program is currently available in specific areas so call me for details.

These MSHDA programs are great for beginners. There are also options for current homeowners. Any questions on these great incentives drop me an email, text, phone call or stop in and say hi.

Justin Peck and Miller Real Estate....

Miller Real Estate
149 West State Street
Hastings, MI 49058

Justin Peck
Cell : 269-760-4965
Email : bigjay1585@hotmail.com

Barry County

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State of Michigan

State of Michigan
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