If you are looking to buy a home in Battle Creek, Michigan or anywhere in Southwest Michigan there is a lot of great opportunity right now for first time home buyers. Despite what you hear in the media about the ‘housing crisis' there is still a lot of good news that seldom gets the spot light shined on it.
If you made it your New Year's goal to buy a home in Battle Creek, Michigan or elsewhere, then you should be excited about the times we live in. Home values have not been this low in many decades, and interest rates are also very low. There are still some wonderful first time home buyer loan programs in existence that make it possible to buy a home in Battle Creek, Michigan without a lot of out of pocket expense up front.
One loan that is great for first time home buyers is the FHA (stand for Federal Housing Authority) loan from the department of Housing and Urban Development. It allows a home buyer to purchase a home with just a 3 ½ % down payment. What this means in dollars and cents it that if you purchase a home that is $100,000 you will have to come to the table with just $3500 as a down payment, as that is 3 ½% of $100,000.
There still will be closing costs, which can run as high as 6% depending on the purchase price of the home,
but often all or part of that expense can be negotiated as a seller concession. This means that is some cases, the seller may agree to pay up to the 6% in closing costs, which will allow you to just have to cover the 3 ½ % down payment and any additional expenses not covered by the closing costs.
There are also a few government loan programs that offer 100% financing, which means no down payment is required, if you qualify. These programs are the USDA Rural Development and VA Guarantee programs. Watch this video I posted on my YouTube channel to help you buy a home in Battle Creek, Michigan or anywhere else in the Southwest Michigan area.
If you are looking for more information how to buy a home in Battle Creek, Michigan, contact me through my website at: www.michaeldelaware.com or www.justcallmichael.com. You can also phone me direct at: 269-441-8182. It is a great time to buy a home!
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