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Article by Wendy McCance
If you live in Michigan and are thinking about purchasing a home, here is just one more reason that now is a good time to buy. The Michigan State Housing Development Authority (MSHDA) has a grant program in place called the Homebuyer Assistance Grant Program. This grant is for individuals who are interested in purchasing a single-family, owner occupied, principal residence.
The program supports non-military as well as military homebuyers. Non-military homebuyers can receive up to $3,000 and Active military and veterans can receive up to $5,000. Neither grant can exceed 25% of the sales price of the home. The best part of this offer is that there is no lien and no repayment required! There is also no sales price or income limit to qualify.
Cash back at closing is limited to the amount the buyer pays into the transaction outside of closing.
To get more information on the Homebuyer Assistance Grant Program, please go to: http://www.michigan.gov/documents/mshda/Terms_Guidelines_Homebuyer_404166_7.pdf
With all of the bad news associated with foreclosures and loan modifications, it’s nice to hear some good news. The Michigan State Housing Development Authority (MSHDA) received federal funds from the attorney general for settlements with several bank mortgage servicers.
Basically, if you went through a foreclosure with a participating bank in 2008-2011, you may be eligible for a cash payment. If you are a current borrower serviced by one of these banks, you may be eligible for a loan modification or another refinancing option.
The five participating banks are:
For more information on this settlement and to see if you qualify, Please call: 1-866-946-7432 or go to http://www.michigan.gov/mshda/0,4641,7-141-45866_45868-285879–,00.html
A friend passed along an excellent article which does a good job of explaining what the myths and facts are about short sales and foreclosure. I just had to share the link with you, my readers. If you are struggling with mortgage payments, this is an article that you really should read.
Short Sale vs Foreclosure, 10 Common Myths Busted.
If you are interested in buying or selling a home, please contact Wendy McCance at:
Real Estate One
26236 Woodward Ave.
Royal Oak, MI 48067
(248) 414-1248 x: 119
The economy has changed the way people are handling their homes. Most specifically, many people have not been able to sell due to an upside down mortgage so they rent out their home and wait it out. People often decide to rent out their home until they have enough equity in the home to sell.
In general this can be a great way of making sure you have money coming in and aren’t at risk of losing your home. It seems like every other person these days is renting out their home and honestly, rental homes are in huge demand these days due to people having poor credit or not enough money to buy a home.
An ideal situation is when you can get a tenant who would like to sign a rent to own deal. You are renting the home out, but the possibility of those same people buying your home after a certain length of time increases due to the lease you put together. If the renters decide not to buy, you get an amount of money that is non-refundable because the renters changed their mind. It’s more of a win-win situation.
The problem arises when you have a renter sign a long-term lease (say for two years) and then want to sell the home before the lease is up. Sure you might be able to sell the home depending on the way the lease is written up, but the renters can still stay in the home until their lease is up (unless you wrote something in the lease to the contrary). This means that any potential buyer has to agree to be a landlord for a particular amount of time before they can take over the property.
There are times when this might not be a bad solution. If you have a starter home that would make a great investment property, having a renter occupying the home might be a plus. If you have a bigger home though, you won’t attract the investors and most buyers will look elsewhere.
I encourage you to always contact an attorney and have them write out a lease if you decide to rent out your property at any time. Make sure you understand all of the issues that could arise if you want to sell at some point down the line. Just because every other person is becoming a landlord these days doesn’t mean they understand all of the implications of what they are doing.
Research as much as you can. Get expert opinions and make sure you fully understand what you are about to undertake before you decide to rent out your home.