First-Time Homebuyers in Michigan
Navigating the home search as a first-time homebuyer in Michigan does not have to be an overwhelming task. While the mortgage market has been a little unique in recent history, it is not a time to get discouraged or despair about finding the right home. The good news is that there are still homes on the market for affordable prices if you know where to look. Additionally, Michigan offers a statewide program that can help many first-time homebuyers get into their very first home.
The Current First-Time Homebuyer Market
2022 continues the ride that has been the mortgage market, lately. Rates continue to increase, which does make finding a home a little tougher. Homes at the top end of your budget are a little more expensive to finance. However, working with the right mortgage broker can help ease concerns about financing. A good broker can give you an accurate assessment of where you stand. They can even help with mortgage preapproval so you can approach the first offer with more confidence than other buyers.
Since rates are higher, it may shrink the budget range. Home prices remain elevated compared with what they were two or three years ago. However, there are still many affordable options available. Ideally, preapproval can make your offer more competitive in a market where housing inventories are still a little low. Getting your ducks in a row when it comes to your mortgage is ultimately a must for first-time homebuyers.
Excellent News: Michigan Offers a First-Time Homebuyer Program
Michigan does offer a first-time home buyer program. The program is available to first-time homebuyers across the state. It also is available to repeat home buyers in targeted areas. To qualify as a first-time home buyer:
- You cannot have owned a home within the last three years.
- Household limits for income do apply and are specific to the family size and location of the property.
- The sale price is currently limited to $224,500 statewide.
- There is a minimum credit score requirement is 640, with 660 being the minimum for multiple-section manufactured homes.
This program is not the only option available. There are some programs for down payment assistance, although these may be limited by location or require a course to qualify.
Range Lending Helps First-Time Homebuyers Land a Home
Range Lending is known for helping first-time home buyers move into the home of their dreams by working with them every step of the way. As a first-time homebuyer, the mortgage process can seem particularly daunting. The requirements, the paperwork and the search can all be exhausting. It seems as though everyone has a story about a delayed closing or a lost dream home because things just did not go as planned.
The Range Lending team is available to help you every step of the way in the mortgage process. From anticipating the needs and concerns of first-time homebuyers, to simply answering questions about the overall process, Range Lending is a true helping hand. We understand that upfront and prompt communication can help you into the home of your dreams. Our team works to take care of the details and other critical considerations in the mortgage process. That’s why we are able to boast about the quickest times to closing in the Macomb, Oakland, and Wayne counties of Michigan.
Simply put, Range Lending is an excellent choice for a first-time homebuyer. We have the experience in working with other first-time homebuyers to deliver. So if you are ready to start your first-time home search or have found the dream home and now need a mortgage, contact us today to get started!