We've mentioned before that a new year brings new developments in real estate!
The new funds released by the National Mortgage Settlement are a prime example. Starting now, fifteen million dollars has been set aside for the Homebuyer Assistance Grant Program. These funds will be available for eligible first-time home buyers in Michigan. Up to $3500 ($5500 for active military and veterans) is available for each new purchaser.
Borrowers will not be required to repay the funds given nor will they be asked to take out a second mortgage. Furthermore, there are no limitations based on income or sales price. But, there are time limitations: you cannot reserve the funds until five days before closing, and once the funds are used up, they are gone.
For more information regarding the funds, or to figure out how to take a new home buyer class, please read here. In addition, contact Lang Premier Properties to speak with an agent who can personally answer all of your questions.
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. Specializing in all aspects of real estate including Royal Oak MI short sales, foreclosures and working with home buyers and sellers with Oakland 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.