By: Ryan Allen
Are you a buyer struggling to find the house of your dreams in this crazy, low-inventory market? You’re certainly not alone, but you’re also not without some assistance from the state of Michigan.
If you’re a buyer right now, it might feel like you need the speed of the Flash, some witchcraft and other types of a good juju sent your way to land that house you’ve been lusting over since it hit the market. It also doesn’t hurt to be able to make a significant downpayment on a home, which is why the state of Michigan is now offering up to $7,500 in loans statewide and up to $10,000 in certain zip codes.
First Time Buyers – Michigan Wants To Give You $10k
Here’s how it works, according to the MSHDA’s website:
- Available to first-time homebuyers (have not owned a home in the previous three years). statewide and repeat home buyers in targeted areas
- Household income limits apply and can vary depending on family size and property location.
- Sales Price limit – $224,500 statewide.
- Minimum credit score of 640 required or 660 for multiple-selection manufactured homes.
According to Jim Shaffer, the #1 realtor along Oakland County’s Woodward Corridor, “The loan offer will alleviate some out of pocket cost for the buyer and provides a gateway to home-ownership to folks who may not otherwise see a path to purchase.”
“As the cost for homeownership continues to go up, this is a solution to bring more first-time buyers into the fold.”
Indeed, the average price for a home is now $231K, as opposed to $169K back in 2019. Feel free to pick your jaw up off the floor.
But despite the fact that the asking price is up and that there are less for sale signs up in metro Detroit neighborhoods, Jim believes the loan will be the advantage buyers need to land a killer crib.
“The best part about the increase is that a buyer with more funds is viewed favorably in the eyes of the seller when competing to get your offer accepted. So go get that loan, girl, and let’s buy a house!” Jim says.
For more information click over to the MSHDA’s website, or give us a call at 248-834-3030 and we’ll answer any questions you have.
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