National Council of State Housing Agencies

Several States have announced First-Time Homebuyer Tax Credit Loan Programs. As of yet, Michigan IS NOT offering a bridge loan program. These state programs allow first-time homebuyers to use the Federal Tax Credit as a down payment for their home.

Click Here to view the States that DO offer bridge loan financing

Michigan - Business Happenings

Michigan is in the news on a daily basis. Usually the news content is about the auto industry and it isn’t very positive. This website takes the focus off of automotive. Instead, it showcases business areas of growth and helps entrepreneurs navigate through various Michigan agencies. These agencies mission? To promote business in Michigan and create jobs. Click here to check it out.

http://www.michiganadvantage.org/Default.aspx

FHA - The Long Awaited Announcement

On May 12, 2008


Home buyers qualifying for Federal Housing Administration-insured mortgages may soon use the new first-time home buyer $8,000 tax credit as a down payment, US Department of Housing and Urban Development secretary Shaun Donovan said today.

The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage. Go to Beacon Bay’s Bookmark on Delicious.com for more information.

http://delicious.com/beaconbay
click here for more

What is Delicious.com?

Delicious is a social bookmarking service that allows users to tag, save, manage and share web pages from a centralized source. With emphasis on the power of the community, Delicious greatly improves how people discover, remember and share on the Internet.

Federal Housing Credit FAQ’s

There are a lot of rumors floating around about the Federal Tax Credit. Click here to go to the most recent updates published by the National Association of Home Builders (NAHB).
http://www.federalhousingtaxcredit.com/2009/faq.php#2

MSHDA ASSISTANCE PROGRAM FOR INCOME QUALIFIED BUYERS Spread The Word!


MSHDA ASSISTANCE PROGRAM FOR INCOME QUALIFIED BUYERS



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