First-Time Home Buyers in Livonia, Michigan can take advantage of the low FHA mortgage down payment requirements for 2009.
With a minimum down payment requirement of only 3.5%, FHA mortgage loans have remained the Michigan first-time home buyer program of choice due to the flexible high Loan-to-Value guidelines.
Given all the craziness that is going on in the housing industry, it is also nice to know that the FHA allows sellers to pay for all other costs (up to 6% of the sales price).
Basically, even though many people think that larger down payments are required as a result of the crashes in the conforming and sub-prime mortgage markets, the FHA has continued its commitment to making homes affordable in Livonia, MI and other areas of metropolitan Detroit.
And the fact that prices are low, it is an unbelievable time to buy your first home and reap the benefits of the low mortgage payments that result from lower prices.
The renters with stable jobs are the ones out there getting some very large homes for prices they can’t believe. Many renters think it is too hard to qualify for a mortgage today, but FHA has some surprisingly liberal approval requirements.
It’s just finding the Mortgage Professional that knows the intricate FHA loan guidelines.
Jeff Mifsud
Michigan FHA Mortgage
Jeff (at) TiredofRent.com
[...] have to come up with as much money as a conventional loan. FHA only requires you to have a 3.5% down payment from your own funds and it’s cool to know that gifts from family or friends counts as [...]