The reasons to a buy a home, any home just got better.  Last week the Michigan State Housing Development Authority (MSHDA) improved their down payment assistance program.  They are delaying the announcement for a month or so until they can get a slightly better interest rate. But, the program is in place and lenders have information about it.  The really good news is that for a household income of roughly $65 -$93K per year purchasing a house of $224,500 or less, can get $7500 in down payment money! Click here to see the income limits which vary by city/township.

$15,500 in Value Available!

If you add the $7500 to the $8,000 Federal Tax credit you immediately have $15,500 in value for a first time home buyer that fits into the requirements noted above.  Click here to get more information and an overview of the MSHDA program.

 

Best Time to Buy!

At the same time, you have low home prices, low interest rates and high inventory (a 12 month supply) and unbelievable federal energy tax credits for people doing upgrades.

 

 

 

The National Association of REALTORS® is reporting that the cost/income ratio is at an all time low.  It means that the median household income now only needs 27% to buy a home.  This is down from a peak of 63% in 1981.

NOW is the Best time Ever to Buy!
If you are a builder, remodeler, supplier or realtor, make sure that you are aware of all the incentives, credits, and reasons to buy, and educate your customers about them. 

Doug Carr

Executive Officer GLHBA

Used with permission