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Must Have Info For First Time Buyers in Michigan

First time home buyer programs in Michigan

First Time Home Buyer Programs in Michigan

UPDATE: 03/25/2013 – Michigan Homebuyer Assistance Grant Program

We received the following email from the state on March 25th regarding this grant program;

“As of March 25, 2013 approximately $3,000,000 remains for Homebuyer Assistance Grants. As we begin the process of winding down the Homebuyer Assistance grant program, after 5:00 p.m. on Friday, March 29, 2013 we will no longer be able to accept Homebuyer Assistance grant applications for NON-military homebuyers. Please be sure to notify your borrowers and staff accordingly, and remember, applications uploaded through DEG must be approved by your underwriters with a “clear-to-close” and a firm closing date that is scheduled within 30 calendar days.

We will continue to fund Homebuyer Assistance grants for active military and veteran homebuyers, with preference given to disabled veterans, until all remaining funds have been disbursed.”

So, unless you are active military, or a Veteran, you can no longer receive this grant. However, there are still some great mortgage programs available in Michigan with zero down payment options as well as very low down payment options. Houses are still on sale and rates are still very low so buying a home still makes good financial sense! Call us today at 248-674-6450 to discuss your home buying options and you may be surprised as to what is still available.

UPDATE: 12/06/2012 – Michigan Homebuyer Assistance Grant Program

The Michigan Homebuyer Assistance Grant program is available for Michigan first time home buyers purchasing an owner occupied single family home. Military borrowers are eligible for up to $5,000 in down payment assistance and non-military are eligible for up to $3,000. There is no lien and no repayment is required.

In order to qualify you must meet the above criteria as well as work with an approved lender such as Michigan Mortgage Solutions. You will also need to complete a Homebuyer Assistance Grant Program Application/Affadavit to be approved prior to closing. Call 248-674-6450 if you’d like to get a $3,000 grant towards your down payment!

First Time Home Buyer Programs in Michigan

If you’re a first-time home buyer and you live in Michigan, you’re in luck; first time home buyer programs in Michigan can help you buy your first home, as long as you meet certain qualifications. It’s not a free ride, in that you’ll still need to meet certain income qualifications such as having a relatively decent credit history, but these programs are meant to help first time home buyers get into homes much more easily than they otherwise might.

Things YOU have to do to qualify for first time home buyer programs in Michigan

Although there are first time home buyer programs in Michigan that can help you get into your first house, there are still things you are going to have to do to make sure you qualify. That is, you’ll need to make sure your finances are in order and you will need to obtain your credit reports (one from each of the three major bureaus) and make sure they are clean. If they’re not, determine if there are any mistakes; if there are, contact each of the credit bureaus and get the mistakes taken off. Credit bureaus have to investigate mistakes and remove them if they are incorrect, usually within 60 days.

Figure out what you can afford

With first time home buyer programs in Michigan, you can get help with figuring out how much house you can afford as well, but it’s a good idea to do your own homework and go to your first meeting armed with your own information. This will tell potential lenders that you know what you’re doing, and are responsible. That might help you in the long run. So, run your debt to income ratios (you can find this information online), to figure out how much house you can afford.

For FHA loans in Michigan, for example, housing costs can’t exceed 29% of your gross income, so to figure out how much house you can afford based upon your income; multiply your (gross) income by 0.29. “Housing costs” also include your homeowners insurance and property taxes as well. Therefore, when you’re shopping for a house initially, figuring out what you can afford as a ballpark figure will make the process easier once you’re actually involved in negotiations with lenders.

What are the first time home buyer programs in Michigan?

First-time homeowners have a unique problem in that they often don’t have the money for a down payment as existing homeowners might have. They don’t have any home value appreciation to use as a down payment, for example; to that end, both federal and state governments have made allowances for first-time homebuyers with little to no down payment. For first-time homebuyers in Michigan, for example, you may have access to first-time home buyer grants or other funding options so that you can put together a down payment.

You may also have access to low interest loans like FHA or USDA RD loans in Michigan. Again, you do have to meet certain qualifications anyway (such as adequate income and credit history), but FHA and RD criteria, for instance, are generally a bit more forgiving than conventional lenders would be in regard to credit score and history. So, as you can see, depending on what you are looking for, there are several first time home buyer programs in Michigan.

Accurate Mortgage Payment Calculations on The Go
Our mortgage app allows borrowers to calculate mortgage payments using up to date mortgage rates as well as accurate mortgage insurance premiums based on product and credit score

Designed with ease of use and accuracy in mind

Most mortgage calculators force users to input unknown data like mortgage rates or mortgage insurance. Without the correct data these calculations become worthless. Our app populates this data for the user based on up to date mortgage rates and accurate mortgage insurance quotes based on loan product and credit score.

Buit-in convenience within the admin area

The app has a really cool admin area that allows you to securely scan and send important mortgage documents right from your phone. No need for a fax machine or a scanner when our app will do the job.

Install on your phone for easy access 24/7

Our mortgage app can be installed by simply entering your mobile number and opening a text. Once installed, you’ll have full access to the app and be able to perform unlimited mortgage calculations for any available mortgage product. This allows you to accurately compare different mortgage products on the go.

All mortgage calculations are saved

You can review any of your previous mortgage calculations from within the app. This makes it easier to compare different mortgage programs as well as other loan parameters. This can save you from running the same numbers over and over again.