Why Realty Executives?There are a lot of agents right now looking to keep more of their commission in their pocket. Realty Executives was the first 100% commission model company in the(
Resources For Free Down Payment Assistance
Down Payment Assistance
Thinking About Buying a Home?
Down Payment Assistance (DPA) may be available from MSHDA to help you purchase your home. It is a second mortgage that must be used in conjunction with MSHDA's MI First Home or MSHDA's MI Next Home first mortgage. This program is for low- to moderate-income homebuyers, depending on the home location and your family size. MSHDA's DPA loan programs require the homebuyer to take a homebuyer education class from a MSHDA approved agency or a HUD approved agency. The homebuyer education class will give you valuable information as you take that first step toward homeownership.
Available with MSHDA's FHA or Rural Development first mortgages
Funds may be used for down payment, closing costs, prepaid/escrow expenses and a home inspection performed by a qualified home inspector
Zero-interest, non-amortizing loan with no monthly payments
The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full
Maximum Down Payment Assistance is $7,500 (or up to 4% maximum with the MI Next Home program)
A minimum credit score of 640 is required or 660 for multiple-section manufactured homes permanently affixed to a foundation, built after June 14, 1976 and taxed as real estate (not located in a rent/lease community)
All adults in the household intending to occupy the residence must co-apply and credit qualify for the mortgage loan. Exceptions are made only for child dependents who are verified to be full-time students.
Borrowers may only need to contribute a minimum of 1 percent of the sales price
Port Huron Urban Pioneer Program
If your looking to buy house the Port Huron area how would you like $5,000 toward the purchase of that home? This deal is in fact “not too good to be true” either as with the Urban Pioneer Program in the City of Port Huron is providing grants of up to $5,000 to assist new home buyers in the City of Port Huron (sorry it has to be in the city) with their down payment, closing costs and other closing costs with the following conditions:
Acceptance into the Port Huron Urban Pioneer Program, applicant income must not exceed the following guidelines based upon the number of people in the home (see list below):
Number of Persons Income
In addition to the income qualification guidelines, the buyer must not own any other real estate and must also plan to live in the property they are purchasing (can NOT be used for rentals) along with be willing to participate in 8 hours of pre-purchase counseling and qualify for a mortgage through a local lender with at least 3% into the transaction. If the buyer remains in the home for five (5) years the loan is totally forgiven. Should the buyer sell early, a percentage of the profits or a prorated percentage of the “loan” must be paid back to the city. This information is meant for reference only as other condition may change with time, for more information on this Please contact me directly at 810-292-2484
The US. Dept. of Housing and Urban Development (HUD) offers a home buying and mortgage program for Teachers (Pre-K-12), Police and Law Enforcement, Firefighters, and EMT/Emergency Responders, called the Good Neighbor Next Door Program (GNND).
The Good Neighbor Next Door program gives a huge incentive by discounting the sales price of a eligible HUD homes by 50%!!EXAMPLE: If you found a HUD home listed for sale at $200,000, you could purchase the home for $100,000 and another $100,000 would become a ‘silent second’ mortgage that will be forgiven after three years of primary occupancy.
Purpose of Good Neighbor Next Door Program
HUD’s goal of GNND is to promote home ownership, strengthen communities, and revitalize neighborhoods in HUD targeted areas. HUD believes if they financially reward and encourage teachers, police, firefighters, and EMT’s to buy and live in a HUD owned home , that it will bring stability to the community.
Conditions of Buying
Eligible buyers can purchase homes for 50% off the list price.
Buyers accept a ‘silent second’ mortgage equal to 50% of the sales price.
Must agree to live in the home for a minimum 3 years as their primary residence.
Buyers must go through an annual certification process to ensure primary occupancy.
Do NOT have to be a first time home buyer
Cannot own any other properties at the time of buying.
Single family residence only
Good Neighbor Next Door Eligibility
Police/Law Enforcement/Teachers must be employed full time by the federal, state, county, municipal, Indian tribal government, pre-k-12 public or private school.
Firefighters and EMT’s must be be employed by a fire department or emergency medical responder unit by federal, state, county, municipal, or Indian tribal govt.
Buying the home must be with-in a reasonable commute of where you work.
Good Neighbor Next Door Mortgage
The GNND program is not an actual loan program. It’s more of an incentive to help HUD sell homes that may not be the most desirable, but the 50% of the home is technically a mortgage even though the buyer is not repaying it. This is the ‘silent second’ mortgage.
Buyers can use any type of loan like FHA, VA, USDA, Conventional financing, or cash to purchase a Good Neighbor Next Door home. Since HUD homes are sold ‘as is’, and in need of repair, buyers often use the FHA 203k renovation/rehab loan to purchase.
FHA does have a special financing $100 Down Payment payment program when buying a HUD home
Don Egypt is a professional Realtor with years of experience representing purchasers, sellers, institutions and investors. His knowledge and extensive experience in residential, new construction, luxu....
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