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MSHDA Down Payment assistance programs for home buyers in Macomb County MI

September 8th, 2009 · 3 Comments · fha mortgages and first time home buyers, first time home buyers, Tax credit for first time home buyers in Macomb County MI, Up to $8000 1st time home buyers tax credit

MSHDA (Michigan State Housing Development Authority) has some new
programs to help first time home buyers with their down payment
assistance
.   I talked with Michelle Cyplik of Paramount Bank in Rochester
MI about these programs just before the Labor Day weekend, and we are
going to get together at the end of this week to talk more in depth about them.

A brief overview:

MSHDA down payment assistance: 1% of the purchase price is needed
by the home buyer along with completing a home buyers education course by
an approved MSHDA counselor. 3% of the purchase price in sellers concessions
towards your closing costs, pre-paid costs, etc. can be used with this program.

MSHDA 80/20: This program offers a 30 year fixed rate conventional mortgage
for the first loan, with a second loan that is used to equal a 100% purchase price
(no down payment needed) that is forgivable if you stay in the home for ten
years. There are no payments to make with this 2nd loan and you must be a
first time home buyer to qualify.  The home must be a foreclosure or an
abandoned home and be within a Foreclosure Risk Area with a score of 6 or
higher.  (Most areas within Macomb County MI will fall into this category)

MSHDA 80/20 Rehab: The criteria for this program is the same as above,
but you will have an opportunity to finance repairs on the home not exceeding
a total of $25,000.

If you would like more detailed information about these home buying programs
for first time home buyers, please give Michelle Cyplik at Paramount Bank
a call: 248-601-1349 ext 206 and she will be happy to speak with you and
help you.

**Important** If you want to take advantage of the (up to) $8000 first
time home buyers
tax credit that expires on November 30th of this year,
you need to get your home picked out soon and an offer accepted on it.   Most
home loan programs are taking 5-6 weeks to process, and I expect that time
estimate to increase as we move through the month of  September.

~Kris Wales~ A partner for your  real estate needs in Macomb County MI

(586) 536-5453

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3 responses so far ↓

  • 1 Kris Wales // Feb 4, 2010 at 7:23 am

    Kelvin, I’m sorry I didn’t see this earlier. No, you do not have to be a first time home buyer as far as I know. Please check with your mortgage lender for the particulars to the program.

    Zach, I don’t see why your buyer couldn’t use this program. As long as the home meets FHA requirements and your buyer meets MSHDA guidelines it should work. Contact your buyers mortgage lender for all the particulars about this program.

  • 2 Rebekah Rios // Feb 20, 2010 at 9:06 pm

    I would like to find houses in this program in the Birch Run/Burt area.

  • 3 louay Haddo // May 31, 2014 at 12:07 pm

    I’m a first time home buyer my closing is in middle of june I need more information about all the programs. ASAP please.email them to me please.

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