Home Buying in Detroit Just got better up to $18,000 in Incentives

The First Time Buyer Obama credit of up to $8000.00 has been a blessing and curse. There has been wholesale fraud due to the credit and also the ambiguity of the new law. The credit which has been a blessing to true first time buyers (The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase) it can be a great way for most to build that security blanket that most during the buying process

For the residence of Detroit the buying experience just got better, in addition to the potential $8000.00 tax credit that you can receive after the closing of your home purchase. The city of Detroit really wants to take all the excuses out of anyone buying a home. If you are in the market to buy a home and you meet the criteria discussed above you can qualify for an addition $10,000 down payment assistance program. This program in my mind is better due to the way it can be used, the $8000.00 Obama tax credit can’t be used as a down payment in Michigan yet, but the $10,000 American Dream Down Payment assistance can be used as Down payment. Both programs can be used in conjunction with each other. For this program you only need to be

· Must Be a First Time Buyer

· Must Be 18 years or older

· Home buyer must occupy the property as a primary residence

· Home buyer is required to make a 1% cash contribution from his or her own funds

· The homebuyer must own and remain in residence for at least 5 years, or be required to repay the loan at a diminishing rate of 20% per year.

· Home buyer must complete an approved home buyer counseling course.

· Program has income limits ranging from min of $39100 for a single individual to a max of $60,400 for a family of 5.

For more information about this program, how to find an approved home buyer counseling course feel free to contact our office. We have met with the city officials and some counseling agencies to make the home buying process simple. At My First Michigan home our goal is to keep the residence in the Metro Detroit area aware of all the great reasons home ownership is just a phone call away.



Christopher J Shaw

CEO

My First Michigan Home Inc

www.Myfirstmichiganhome.com

www.Michiganpropertyvirgins.blogspot.com

www.Cheapmetrodetroithomes.com