Repeat Home Buyer’s Who Are Eligible for First Time Home Buyer Programs
Did you know that the first time homebuyer programs through the Michigan State Housing Development Authority (MSHDA) are in some cases available for repeat home buyers!?!? There are 2 exceptions that allow a repeat home buyer to take advantage of these MSHDA programs. One exception would be when the repeat home buyer has waited 3 years between selling their current home and entering into a contract for a new home. The 2nd exception is if they are to buy within a “targeted area” and in this case the repeat home buyer does not have the 3 year waiting requirement. Targeted areas in Kent County are the Cities of Grand Rapids, Kentwood, Wyoming, Kent City and Spencer Township. Targeted areas in Ottawa County are Allendale Township, Chester Township and the City of Holland. The entire counties of Allegan, Barry & Newaygo are all targeted.
Over my career I have been blessed to have worked with over 2,000 first time home buyers. I have gained the niche for working with first time home buyers by being a trusted source in educating them, being constantly available and responsive nights, weekends, and at all times for their questions and needs; and finally, having a keen sense in understanding all of the mortgage programs, and what best suits their personal situation. As a client, I cannot thank you enough for your business in working with me when you bought your first home; but also so many of you in coming back to work with me again and again as you have moved up to your new homes, and when refinancing your current homes. Likewise, I am forever grateful for all of the referrals you have provided me with over the years. I would like to this opportunity to ask again for any referrals of your friends or family and co-workers that you may know who may be looking to purchase a new home and will be in need of mortgage financing.
Due to the increase in interest rates and the gradual shift from being a red hot seller’s market to a more balanced market between buyers and sellers, we are seeing first time home buyer programs offered by MSHDA become more relevant. That is, offers with MSHDA financing are now being more widely accepted by sellers than in 2020 and 2021 when on average, they had more cash offers and appraisal gap guarantee offers to choose from. Furthermore, the MSHDA programs are proving to be more advantageous for the buyer as the spread between their below market rates and existing mortgage market rates has become wider.
Note: All 3 MSHDA programs have restrictions on qualifying and potential re-capture tax implications.
However, MSHDA does provide a re-capture tax reimbursement program for those whom it may apply – Learn More
Thanks to you, I have been able to provide the most excellent service for my customers by working by Referral Only. You truly are a lifetime collection of the Best Clients any service provider could ask for. <3