Michigan Homebuyers Turn To Municipal Bond Programs

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Since the April 30th deadline for the homebuyer tax credit has passed, many homebuyers are now turning towards state and local municipal bond programs for assistance.

Visible Homes, LLC a full service real estate brokerage in Southeast Michigan reports that over 600 potential homebuyers have contacted them since the April 30th tax credit deadline.

“Many people who missed the tax credit are still looking for Government assistance,” says Wes McCaig, CEO of Visible Homes. “Many municipalities have established bond programs to help homebuyers with down payment assistance. Because of our expertise with the local and state bond programs, we have had hundreds of potential homebuyers contact us to see how they can use these programs and purchase a home with as little as 1% down.”

Why Buyers Are Choosing Visible Homes
Many assistance programs have guidelines that may vary from traditional mortgage guidelines. “It is extremely important for a Real Estate Agent to understand these programs,” said McCaig. “Just because a property may meet mortgage eligibility requirements does not mean it will be eligible for the down payment assistance program. This can be a costly mistake, especially if a buyer has already paid for a home inspection and an appraisal before finding out the property does not qualify. In addition, if the purchase contract is not written properly, the buyer may not get the full financial benefit of the assistance program.”

Income and Homeownership Requirements
Many assistance programs have limits on household income and are sometimes only available for first time homebuyers. However, each program and area can have its own set of rules. “In areas such as Washtenaw County, it is possible for a repeat homebuyer to have annual income up-to $108,000 and purchase a home up-to $224,500,” said McCaig. “However, in other areas the program may only be available for first time buyers and the income limits may be lower.”

About Visible Homes, LLC
Visible Homes, LLC is a full service real estate brokerage which combines traditional real estate services along with today’s most innovative technologies. Visible Homes is part of the National Association of Realtors, Michigan Association of Realtors and the Ann Arbor Area Board of Realtors.

Contact
Todd Freitag
press(at)visiblehomes(dot)com

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