Written by Rose M. Simms, Real Estate Professional in Northville/Novi Michigan and its surrounding cities September 27, 2008
Many Types of Homes Qualify for MSHDA home ownership programs. Are you aware of what this program can do for you, a family member or a friend?
I use to think MSHDA government grant type loans were only used for low income participants and for specific areas. You know what I found out? Yes, there are targeted areas that allow a family who earns an income as low as $30,000 (which is fabulous because they can own a home!) however I also learned it can be an income in excess of $90,000.00 as well as finding non-targeted areas that will allow an income in the 80's.
In addition it provides an incredible refinance program that in many instances can stop foreclosure as long as you have not missed 3 - 30 day late mortgage payments. It's called a Rescue Refinance. I was so excited after taking a class on this program. Matter of fact I can't wait to tell everyone in my contact list. Even if this data doesn't apply to you, I bet you know at least one person who can use a "Home Emergency Loan Program".
Governor Granholm signed Legislative Bills on April 2nd, 2008 that gave MSHDA statutory authority to purchase refinance mortgage loans. The reason why the majority of the public isn't aware of it is because only certain lenders have the authorization to provide the program.
Isn't it ashame the media didn't pick up on it? The best thing, rates are under 6%, you can use tips and other people living in your home that pay rent as additional income - the sales price limit is $224,250.00 state wide. You know what else? MSHDA purchases conventional loan products too. Do you think I can find you a home? I think so. (remember though, certain guidelines apply and each case needs to be reviewed individually)
In addition to providing incredible loan packages it also has a division to aide individuals and families by providing help through a homeowner counselor (which is a free, yes a FREE service) to get you out of debt, increase your FICO scores and prepare you to acquire the MSHDA loan.
Do you know they even have a "HELP" Loan? This home emergency loan program provides funds which can be used against delinquent debt! In case you are wondering why I am so ecstatic... let me tell you. Everyone has a dream to buy a home and MSHDA's, " Save The Dream Campaign" allows me to help you full-fill the most incredible experience ever and that is; you can be a homeowner, whether your desire be that white picket fence, or all brick home, maybe a fenced yard, big garage, or the security of knowing rent will never increase again.
Purchasing a home not only is a security investment for retirement but its a sense of accomplishment to know that you have secured a home for your own well being, leaving a legacy for your family.
If you would like information on available counseling services or any of the programs mentioned; call me, or visit my website for contact information.
My number is: 248-471-2443
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