First time buyers are finding the combination of a USDA Rural Development loan and a Michigan State Housing Development Authority (MSHDA) $3,000 grant a great combination. First time buyers for purposes of the MSHDA grant have a few stipulations, but you can review the program outline here.
Not all locations are approved for the USDA Rural Development (RD) program. Your lender or real estate agent can check to see if the house you are interested in qualifies by its location. All homes in Livingston County qualify, even if they're located within the cities of Howell or Brighton. Please note that RD has its own buyer qualifications, too.
If you write an offer on a property and are using Rural Development, be sure to increase the usual time to close, as the offices handling those loans typically have a backlog of up to 28 additional days. Again, your agent or lender can guide you on current backlog times.
Affordable homes are flying off the market, so it makes sense to have a game plan in place. Get pre-approved, know what type of loan you're going to use, and be prepared to write that offer with the most information you can get. A good lender and a great real estate professional can help you get there. And feel free to call me if you have questions.
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