Here is your Financing/ Available Buyer Program 101 Course:
Greater Lansing, MI residents...if you are not a home owner, you should be. There has never been a better time to buy in Michigan. Historically low interest rates and home values makes your monthly payment peanuts compared to what you are paying in rent. Not to mention 2011 promises an onslaught of phenomonally priced bank owned homes and short sales coming down the pipeline.
Don't think it is possible for you? Do you hear about all this money, programs and grants out there available for home purchases and do not know where to find it! Here is your Financing/ Available Buyer Program 101 Course!
Rural Development is still a Zero Down Loan Program. Bonus- This is not a Credit Score driven program, so you may still qualify if you have less than perfect credit history! Below is the RD eligibility area map. Anything in the yellow highlightedarea and beyond is an eligible area for Rural development financing.
Also plug in specific property address to the Rural Development site here: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
VA Loan- Zero Down Loan -Armed Forces Veterans and current Military Service Members are in a great position when they decide to purchase a home. They have access to Low Interest VA Loans that enable them to buy a home with no down payment and no mortgage insurance.
City of Lansing Down Payment Assistance- Assistance in the amount of 6% of the Sales Price is available to each income eligible household for down payment and reasonable closing costs incurred in the purchase of property located within the Lansing city limits.
FHA Financing- Minimum credit score is generally 620 middle score. Although there are lenders and program guidelines where this can be flexible. Minimum down payment required is 3.5% of the purchase price. Perhaps you do not have any money? FHA allows you to receive "Gift Funds" from friends or family for your down payment.
MSHDA Down Payment Assistance - This program requires a 1% buyer contribution of the total sale price. Available to households with up to $108K annual income (depending on family size and location of property.) Sales price limit of $224,500
- Zero-interest, non-amortizing loan with no monthly payments.
- Maximum assistance is $7,500.
- Available with MSHDA's FHA or Rural Development first mortgage.
Fannie Mae HomePath Financing / Buyer Incentives- Fannie Mae offers Rehab Loans on foreclosures that are distressed and do not qualify for traditional financing due to poor condition. They also offer incentives such as 2 yr home warranty, No Appraisal, No Mortgage Insurance and 3 % down payment, rather than the required 3.5 % for traditional FHA. Sometimes Fannie Mae will also contribute to pay Buyer's Closing Costs.
Please contact MacIntyre & Cowen-REMAX Grand River, to get started. 517-999-2675.... Greater Lansing's # 1 Sales Team 3 years running. No one sells more properties in the area. Our knowledgable agents and friendly staff look forward to hearing from you today. We can provide you information and access to ANY home in the area. Visit us on our website at www.pmachomes.com and www.shortsalealley.com