Ann Arbor, Michigan Help for First Time Home Buyers?
Recently the Michigan State Housing Development Authority released a potential program expanding down payment assistance for first time home buyers. With a new federal tax credit, the combination could provide up to $15,000 for Ann Arbor first time home buyers.
If this new program is approved, limits would be increased on the allowed level of household income for eligible recipients. The current level of $55,000 could be increased to more than $100,000. Applicants would be eligible for a $7,500 zero interest loan which wouldn’t have to be paid back until the home is sold, refinanced or paid in full. This means no monthly payments. Combined with the federal recovery package approved this past February, the two programs combined could provide $15,500 of assistance. The federal recovery package allows for an $8,000 tax credit.
Buyer’s are eligible if they haven’t owned a home in the last three years. The federal credit will be running through December 1st of this year.
With low interest rates, many options for Ann Arbor real estate and lots of incentives, this is the perfect time for new home buyers in Ann Arbor.
Contact Kathy Toth and Team, Ann Arbor Real Estate Experts, for more information.
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Kathy Toth & Team: Ann Arbor Area Real Estate Experts
Keller Williams Realty
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May 12th, 2009 at 5:52 AM
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