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First Time Home Buyer tax credit


Do you owe more than your home is worth?

Loan Solutions
 
When facing the possibility of foreclosure, there are a variety of different options to discuss with your lender. Whether your problem is temporary, or long-term be sure to know your possibilities before making the call.

Foreclosure Facts

Learn about the rise of Foreclosures in Michigan and compare to national markets.

Preforeclosure Sale FAQ's

A Preforeclosure Sale can allow someone in default, use the net sale proceeds to satisfy the mortgage debt even though these proceeds are less than the amount owed.

Working With Your Lender
 
Before making the call to your lender, know what questions to ask, and what documents to have in hand for a more productive conversation.

Tax Relief for Struggling Homeowners

Many people aren't aware that foreclosure and forgiveness of debt can result in taxable income. Legislation that was passed in 2007 does offer relief by excluding from income some debt that was forgiven on a principal residence. This document  informs homeowners about this special tax relief.

Useful Links

Save the Dream Brochure from MSHDA

How to Keep Your Home from MSHDA

Stages of Foreclosure from MSHDA

Find a Homeownership Counselor

FHA Homeownership Incentives in Michigan

In an effort to increase the affordability of homeownership, the Federal Housing Administration (FHA) is announcing sales incentives on purchases of HUD Homes in Michigan. These incentives available on HUD homes sold to owner occupant purchasers with a minimum sales price of $25,000. The incentives have been extended beyond September 30, 2008 until further notice. Find the list of available properties online.

$100 down payment financing is available on most properties through FHA approved lenders.
Sales allowances that can be used to pay closing costs, make repairs, or pay down the mortgage amount.
Broker bonuses for owner-occupant sales.
Why Use FHA Financing? FHA-insured financing has been used by millions of Americans to purchase a home. It is a safe, affordable way to obtain the dream of Homeownership. FHA-insured loans offer low down payment requirements, competitive interest rates, and flexible credit qualifying. Find an FHA-approved lender in your area.

Fix up your HUD Home with the FHA 203(k) Program. For those properties that require fixing up, FHA has a loan for rehabilitating and repairing properties called the Rehabilitation Loan program or 203(k). You can get just one mortgage loan which includes the mortgage and the cost of repairs combined.

Links: How to Buy a HUD Home | Get homebuying help in Michigan | FHA Loan Info

* Considering the financial importance and complexity of the mortgage workout, Short Sale &/or Forclosure process, you must be educated and you should discuss your situation with a competent lawyer and accountant. The more educated you are on the process, the better your chances are for favorable results.

Michigan Foreclosure Source is powered by Century 21 Today. Our agents understand the short sale process and Foreclosures. Please contact us for all of your real estate needs. We've been serving Southeast Michigan families since 1977 and it will be our pleasure to serve you and your family.