When it comes time to buy a home, a qualified buyer will have a lot of options in loan programs in Southwest Michigan. A lot more than they may be led to believe if they listen to the media. Currently there are some very good loan programs that first time home buyers should consider.
The first being the USDA Rural Development loan program. It is a program that offers financing up to 100% of the purchase price, and it even allows for certain repairs to be covered in the loan, as well as permitting the seller to pay a portion or all of the closing costs depending on purchase price. Rural Development loans have requirements that the home be located in a rural area as defined by maps on their website.
The next program that offers 100% financing is the VA Guarantee loan for veterans. This can be for veterans currently in the service, and those that have retired or are coming out of the service. The obvious requirement is that you are a veteran of the military service.
Another great first time home buyer loan program is the FHA (stand for Federal Housing
Authority) loan, which allows buyers to purchase a home with just a 3 ½ % down payment. This loan also allows the seller pay a portion of the closing costs, which can be a great advantage for a first time home buyer.
Some of the other loan programs I will often send a new home buyer in search of are those offered by their own credit union or bank. Sometimes the terms and face to face relationship one can get at a credit union or smaller bank can offer the buyer great options.
For more information watch this video presentation I have included in this article, or contact me through my website at: www.michaeldelaware.com. You can also call me direct at: 269-441-8182.