We all know the housing market is cray cray right now. High prices, low inventory, and rising interest rates make this a nightmare situation for home buyers. So what’s a first-time homebuyer to do? Ask the state for help!
Here’s Five Fast Facts …… :
- 👎 Gonna get low, low, low - Home inventory is low. How low? Down 60% compared to before COVID hit. So actually finding a home is the first challenge.
- ☝️ Now we go high, high, high - Prices aren’t just high; they’re the highest they’ve been since 2003. That’s right; home prices haven’t been this high since that adorable little clown fish named Nemo got lost for the first time on screen.
- 🤑 Money, money, money - Don’t let the market scare you, though - there’s assistance out there for the first-timers. Michigan is now offering up to $10k in downpayment assistance, depending on your zip code.
- 🎣The catch - No catch, promise. But there are requirements. (Is a requirement different from a catch?) You must meet the income requirements, the house you want to buy must be below $224,500, and you must have a credit rating of 640.
- 🏠 Not a first-time homebuyer? Then no house for you! Just kidding. While this program is only open to first-time buyers, the Michigan State Housing and Development Authority (MSHDA) offers other resources such as the Mortgage Credit Certificate, which is a federal tax credit that’s available for up to 30 years after purchase.
🔥Bottom line: Don’t let the wonky market scare you away. There are resources out there to help you find your dream home, even in these tough times.
Are you a first-time homebuyer? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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