We have new and exciting information just released by the Michigan State Housing Development Authority (MSHDA). While originally slated for early 2013, the MSHDA announced that there is $15 Million available in grant funds starting immediately.
In a nutshell, borrowers looking to buy in Michigan can get a grant, which will require no repayment of the funds or a second mortgage, for up to 25% of the sale price of the home - maximum of $3,000 (or $5,000 if they are in the military or a veteran). Funds can also be used to cover the cost of a Mortgage Credit Certification (MCC). There are no income limitations or sales price limitations, and once the funds are used up they are gone. You cannot reserve the funds until five days before closing, so it will be more important that you are dealing with a lender which gets their files approved and closed in a quick and efficient manner.
If you are not familiar with this terrific program, please contact Lang Premier Properties, and we can provide you more details. You can also read more about the terms and guidelines or check out the FAQ.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Troy, MI short sales, foreclosures and working with home buyers and sellers with Macomb County Luxury homes. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.