MSHDA Expands Down-Payment Assistance Program for First-Time Home Buyers

FOR IMMEDIATE RELEASE

June 19, 2009

Source: Frank Mortl, III
Job Title: Chief Executive Officer
Phone: (269) 382-1597
Email: FrankM@gkar.com

MSHDA Expands Down-Payment Assistance Program for First-Time Home Buyers

Kalamazoo, Michigan - June 11, 2009: The Greater Kalamazoo Association of REALTORS® (GKAR) announced today their support for the Michigan State Housing Development Authority's (MSHDA) recent expansion of its $7,500 down-payment assistance program.

The program, available to first-time home buyers, would provide more than $15,000 in combined help when purchasing a new or trade-up home for individuals who also qualify for the new federal tax credit. The loans, which have zero interest and do not have to be paid back until the home is sold or the mortgage refinanced or paid in full, could be used for closing costs and expenses such as setting up escrow accounts, or down payments. The federal recovery package approved in February of this year provides qualified first-time home buyers with an $8,000 tax credit.

"Our hope is that MSHDA's program, available to low-to-moderate income home buyers, will further stimulate our local real estate market" says Frank Mortl, III, Chief Executive Officer of GKAR. "To aquire a loan without interest or monthly payments will make a tremendous difference to individuals and families seeking relief in these difficult times. Having the discretion to use the funds for a down payment, closing costs or home inspections should be an excellent feature to help people realize their next home purchase".

The expansion of the program centers around an increase to the limit placed on household income for buyers eligible for the $7,500 loan from $55,000 per year to nearly $95,000 per year. The MSHDA loan can be used for homes worth up to $224,500. For both the federal and state programs, buyers are eligible if they have not owned a home in the past three years. Additionally, the federal tax credit runs through December 1, 2009.

GKAR encourages anyone interested in the purchase of a home to contact a local greater Kalamazoo REALTOR® for more information on homebuying opportunities and the advantages available to both new and trade-up buyers. For more information on the many reasons to consider the purchase of a home in the greater Kalamazoo area, visit gkar.com or contact the GKAR office at 269.382.1597.

Contact:
Frank Mortl, III
Chief Executive Officer
Greater Kalamazoo Association of REALTORS®
5830 Venture Park Drive
Kalamazoo, MI 49009

###

Back to News from GKAR