Special offer

MSHDA Programs are the new alternative

By
Mortgage and Lending with Ross Mortgage Co

No kidding, with the 100% programs, and community home buyer assistance being eliminated, now is the time to get familiar with MSHDA.

The State of Michigan has allowed the 103, 100, 97, FHA & VA, and ZERO down payment assatance programs available to first time home buyers. The good news is that the rates are fixed @ 5% no matter what program you get.  The MI is affordable and the down payment is zero interest and payable when the buyer sells his/her home.

Seller contributions apply (3% on conventional with less than 20% down, and a full 6% on FHA & VA. Non-Warrantable  condos are Okay for this program. If you are a recent graduate (associates, BA, Masters or PhD within the past three years) you can qualify for a rate of 4% fixed.

There are income, fico and community restrictions, but all are flexible and can fit many home buyers.  Additionally, if a buyer has not owned a home in the past 3 years, he/she can still qualify for this program.

There is no reason to let the elimination of some of the more flexible programs discourage anyone from buying a home these days.

Call for all the great details.