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Michigan
First Time Home Buyer
Detroit has taken some hard knocks
 with
the failure of the once booming auto manufacturing industry and high
unemployment rate of 26.9% as of October 2009 but don't count out this great
city which is undergoing a massive rebirth driven by the entrepreneurial spirit
of the people and emerging technology. Detroit has a never say die attitude and
there are a lot of great little neighborhoods making it one of America's best
kept secret. The city does have one of the highest foreclosure rates in the
country which makes it one of the most affordable too. You can purchase a fixer
upper for as low as $20,000 and turn it into a beautiful home with about
$10,000-$15,000 of repairs and improvements. If you are willing to take a
chance, you could get a deal of a lifetime here.
Michigan First Time Home Buyer Stats
| Average Home Sales Price |
$152,564 |
| Most Affordable-Detroit |
$132,000 |
| Best Places to Live |
Gross lle, Plymouth Township, Rochester, Saline, and Tecumseh |
| Fastest Growing Job Market |
Healthcare |
Special
Programs
The My Community Michigan First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward
closing costs. Also, you can have use part-time or overtime income from last 12
months to qualify.
Michigan First Time Homebuyer FHA Program
FHA $100 down program is available if you purchase FHA foreclosure.
FHA Single Family Mortgage Limits are generally $271,050 for most counties in
Michigan and Ann Arbor has highest loan limit at $345,000. Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| Grand Rapids |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Troy-Farmington Hills |
$297,500 |
$380,850 |
$460,350 |
$572,100 |
| Kalamazoo |
$286,250 |
$366,450 |
$442,950 |
$550,450 |
| Detroit |
$297,500 |
$380,850 |
$460,350 |
$572,100 |
| Ann Arbor |
$345,000 |
$441,650 |
$533,850 |
$663,450 |
| Traverse City |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Lansing |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Flint |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Michigan USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
all non-high cost counties is $73,600. Detroit has $81,650 limit and Ann Arbor
has $92,000 limit.
List of INELIGIBLE COUNTIES: Allegan, Bay, Berrien, Calhoun, Cass,
Eaton, Genesee, Ingham, Isabella, Jackson, Kalamazoo, Kent, Lenawee, Macomb,
Midland, Monroe, Muskegon, Oakland, Ottawa, Saginaw, St. Clair, Washtenaw, and
Wayne.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code.
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