It’s almost the end of year…the time when most funding programs tend to run low on funds for buyers without down-payments. In a surprising and refreshing reversal this November, the Federal Housing Authority Administrations (FHA) Philadelphia Homeownership Center has approved several Sales Incentives for use in the purchase of HUD homes in Ohio AND Michigan!
This is great news for Michigan buyers! Particularly if you’re a first time buyer strapped for cash as the holidays approach. Now, you can give yourself a really nice Christmas Gift…A Great New Home! Here’s the skinny… If you use FHA financing, you can obtain a $2,500 sales allowance at closing or a $1,000 sales allowance if you’re using another type of financing. This allowance can be put to use in a number of ways. You can use it to assist with Closing Cost, Make Repairs OR Pay Down unpaid principal balances against the mortgage.
It gets even better! If you’re a real estate broker, the government has a little Christmas Bonus for you too! HUD homes will earn the real estate broker $500 if the buyer uses FHA financing or $250 if they opt for another source. This deal applies to ALL bids placed on HUD homes on or after November 15th 2007 and extends until September 30, 2008.
Then there’s This! A $100 Down Payment initiative is available for all HUD owned properties. Now, this in only available for FHA insured sales to owner occupants and the borrower MUST use FHA insured financing for the home purchase. So now, you can get into a home with a Low Downpayment AND get money to help pay for it!
Don’t miss out on this incredible opportunity to buy a home. We’re seeing buyers pick up some incredible bargains for this Christmas. This window of opportunity will not remain open forever. Don’t be one of the Sorry Would Be Home owners who missed out on a Great Deal because they didn’t recognize the sound of Opportunity Knocking!
Contact us at 616-791-0511 for a list of Lenders Who We Recommend for FHA Financing in the Grand Rapids, Michigan Area. Take another look at all those BOLD items in this post again…That’s a lot of Free Money Floating Around. Make Sure You Catch Some and Buy Your Home!
*The information for this post was provided courtesy of the Federal Housing Administration which has been
“Insuring the American Dream of homeownership for more than 34 million people since 1934.”
Picture provided courtesy of billadays photostream on flickr.com