This week we were excited to hear about 2 means of home buying that will
help our area and Michigan home buyers.
The first of the great news is that FHA loan limits
in Macomb County have been increased to $297,000.
What does this mean for a home buyer in our Metro Detroit area?
As of this writing there are 5730 homes on the market in Macomb County
that are $297,000 or less.
85% of the homes on the market right now in our area meet the FHA loan
limit guidelines.
The second great news that we heard is that the Down Payment Assistance
Program that has always been a mainstay in our area for home buyers is
going to be continued for a while.
Recently a home buyer client of mine purchased a home with this program.
His out of pocket costs were $1000 for a good faith deposit and his one year
home insurance policy. The home he purchased was with an FHA mortgage
and he used the Nehemiah down payment assistance program. Typical buyer
closing costs (including pre-paid items and tax prorations) were paid for by the
seller.
If you would like more information on buying a home in Metro Detroit using
the “don’t break the piggy bank” options that are available to you please don’t
hesitate to contact me. I would be happy to chat with you, and give you the
contact information for FHA mortgage lenders in our area who have expertise
with this type of financing.
A word of caution: Please use an experienced real estate agent who has the
knowledge of these programs and how to not only help you find a home that
meets your needs, but to prepare your purchase agreement for success!
Kris Wales RE/MAX Advantage 1 Inc. Macomb County MI
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Wow Kris, that is good news. I just heard on the radio that the economy there in Michigan is pretty rough right now. Sounds like a good program to assist potential home owners.