With additional first-time home buying incentives possibly coming from the state of Michigan, the potential monetary assistance for first-time home buyers could top $15,000! Now that's what I'm talking about! This could really impact the demand for existing homes-including new construction. The Michigan State Housing Development Authority is considering expanding a first-time buyer loan program to allow households earning up to $ 107,000 to participate. A huge increase from the previous limit of 55,000. This should increase its use dramatically.
The no-interest loans, which don't need to be paid back unless the home is sold or the mortgage is paid off or refinanced-provide $7500 for closing costs, down-payment assistance or other qualified expenses. Add to this the $8000 federal tax credit and you have a total of $15,500 of assistance to home buyers who haven't owned a home in the past three years! The MSHDA loans are available for homes valued up to$224,500. All I can say from an Ann Arbor Realtors' perspective -is right on! This is definitely a step in the right direction towards Ann Arbors' Real Estate Market recovery.
If you have any questions or comments regarding this post, please feel free to leave your comments below. If you have any questions regarding Ann Arbor Real Estate matters, please feel free to contact me at the Wickland Group of Ann Arbor Keller Williams. My team and I look forward to serving you because with us....Your Move Matters?
Excerpts for this post taken from Ann Arbor Business Review & Dan Meisler
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