Not if you are in the market for a new home in or around Grand Rapids, Michigan!! I am not making light of another's misfortune in any way. The recent rash of Foreclosures in Grand Rapids has created an opportunity, especially for those just starting out, and looking to purchase their first home.
The Department of Housing and Urban Development (HUD) wants you to know about these homes. They would like nothing more than to have you buy one (and remove that home from their inventory.)
You can view these listings at sites like http://www.hudhomesinmi.com where Gold Star Mortgage Financial Group-Grand Rapids is the preferred lender.
Although time is running out, (unless the tax credit is extended) the IRS is still offering up to $8,000.00 in tax credits for first time home buyers and up to $6500.00 for those who have owned a home for the last five years and are looking to purchase a new primary residence.
The inventory can and does fluctuate and the home's condition range from "handyman's special" to "move in" ready. It should be noted that some houses are up for bid/auction while others have a fixed price.
As a HUD approve lender Gold Star Mortgage Financial Group-Grand Rapids has programs available the FHA, VA, And USDA depending upon location. if the home is in need of Rehabilitation we offer FHA 203K loans to help you turn the handyman's special into a dream home.
Worried about the down payment? If you qualify...Gold Star has a program through FHA that can get you into one of these Hud homes for $100.00 down.
So in the Grand Rapids real estate market it's easy to see why "foreclosure," isn't a bad word any more!