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Michigan Buyers...When the Government Gives Free Money to Buy a House...Go Get IT!

Money Dancing Groom It's almost the end of year...the time when most funding programs tend to run low on funds for buyers without down-payments. In a surprising and refreshing reversal this November, the Federal Housing Authority Administrations (FHA) Philadelphia Homeownership Center has approved several Sales Incentives for use in the purchase of HUD homes in Ohio AND Michigan!

This is great news for Michigan buyers! Particularly if you're a first time buyer strapped for cash as the holidays approach. Now, you can give yourself a really nice Christmas Gift...A Great New Home! Here's the skinny... If you use FHA financing, you can obtain a $2,500 sales allowance at closing or a $1,000 sales allowance if you're using another type of financing. This allowance can be put to use in a number of ways. You can use it to assist with Closing Cost, Make Repairs OR Pay Down unpaid principal balances against the mortgage.

It gets even better! If you're a real estate broker, the government has a little Christmas Bonus for you too! HUD homes will earn the real estate broker $500 if the buyer uses FHA financing or $250 if they opt for another source. This deal applies to ALL bids placed on HUD homes on or after November 15th 2007 and extends until September 30, 2008.

Then there's This! A $100 Down Payment initiative is available for all HUD owned properties. Now, this in only available for FHA insured sales to owner occupants and the borrower MUST use FHA insured financing for the home purchase. So now, you can get into a home with a Low Downpayment AND get money to help pay for it!

Don't miss out on this incredible opportunity to buy a home. We're seeing buyers pick up some incredible bargains for this Christmas. This window of opportunity will not remain open forever. Don't be one of the Sorry Would Be Home owners who missed out on a Great Deal because they didn't recognize the sound of Opportunity Knocking!

Contact us at 616-791-0511 for a list of Lenders Who We Recommend for FHA Financing in the Grand Rapids, Michigan Area. Take another look at all those BOLD items in this post again...That's a lot of Free Money Floating Around. Make Sure You Catch Some and Buy Your Home!

*The information for this post was provided courtesy of the Federal Housing Administration which has been
"Insuring the American Dream of homeownership for more than 34 million people since 1934."

Picture provided courtesy of billadays photostream on flickr.com

Lola Audu, CRS, GRI e-Pro ~ Audu Real Estate

Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. We've had the privilege of helping hundreds of clients succeed in their goals of purchasing and selling property including demonstrated success in the negotiation of Short Sale Transactions. You can contact us via e-mail @ info@auduhomes.com or by phone at 616-791-0511.

Posted by Lola Audu~Real Estate Broker/Owner Grand Rapids, Michigan Real Estate on 11/29/2007 07:04 PM

Comments (24)

home buyers, home purchase, home purchasing, cost of purchasing a home, grand rapids, michigan, audu real estate

This post has been included in Michigan Information

24 Comments on Michigan Buyers...When the Government Gives Free Money to Buy a House...Go Get IT!

NOV

2007

Sounds like a great program for 1st time home buyers Lola!

thanks for your post....... The government is trying to help peole get into a home and it's a great thing when someone could own it

another great post! most people have no idea that there is FREE money available for them to purchase homes -

Yes Monika! What's very interesting is that this does not seem to preclude Investors with the exception of the $100 Downpayment Assistance aspect of the program. This is an incredible opportunity.

Yes Donna! This makes so much more sense! The banks would do well to take the cue from the government and stream line their process to get homes SOLD rather than sit on enormous amounts of inventory through Foreclosures.

Very True Bill & Barbara Jo! There are no strings attached here. It's Simply Smart Money to go out and buy a HUD home and get these houses back into circulation quickly! They've even thought about the real estate agents...what a novel approach. :)

Lola, I have not heard of this, do you know where I can go read about it ? of should I just contact my loan officers. Wow, sounds good to me, no GREAT to me.

Hi Missy, a good FHA Lender should have this information. The number to call if you need to find an FHA approved lender is: 1-800-CALLFHA. This IS GREAT news!

This is only available in Michigan? =(

Well actually Ohio & Michigan, Lisa. But who knows...it may be coming to Florida next! :)

NOV

2007

Lola- That is great information for buyers today who may be sitting on that fence waiting for the feds to drop the rate again next month! Katerina

Lola, I read a short quip to this in the News about 2 weeks ago and have been waiting for the official announcement (and hounding a local mortgage lender for updates) and hadn't seen anything. It looks like *you* are the official announcer :-) I'll be back on the phone to the lenders today to get the skinny on anything else that we need to be aware of or do to help our buyers out in this process. Thanks so much for posting this!

Hi Katerina, Thanks for your comment. This is great news and with the anticipation of another price drop in interest rates is a real boost to buyers who understand the unique opportunities that are present right now.

Hi Kris, I received the communique from one of our lenders. It's probably available on the FHA website as well. Local Lenders are hopefully promoting this program which represents substantial savings for home buyers.

Lola: I read about this the other day. From what I understand, it is not available everywhere yet. I'm keeping my eyes open. Thanks for sharing!

Hi Elizabeth, Thanks for your comment. It seems that there are a number of states which could benefit from this incentive. I truly hope it spreads and the government shares the good cheer! :)

Good information for consumers Lola and very timely. By the way, like the new pic:-)

Hi Jason, Thanks! :)

Lola- I will be keeping an eye out for this in my neck of the woods, I hope they roll it out here. I like your new pic too!

Hi Alecia, Thanks! I don't know why they rolled this out in Michigan and Ohio...but I'm grateful. :)

Lola, this is the first I've heard of this also, thanks for sharing, what a great post and a great opportunity for buyers!

p.s. I like your new picture too.

Thanks Mike. It's great that we can take advantage of this in Michigan.

DEC

2007

I am curious, is it easy/hard to get the money? Often when things seem to good to be true they are?

JUN

2008

I would think now is a good time to be take advantage of these programs for 2008. as the new fiscal year will be closing soon.

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