Buying Your First Home

Property values have dropped in recent years leaving great deals avaliable for families that are looking to purchase a home or even a buy a foreclosure. Grand Rapids mortgage rates are near the lowest in history so your mortgage payment will be low. The best place to start as a first time home buyer is to learn the Home Buying Process. Knowing this valuable information will allow you to take advantage of the great mortgage plans the government has put in place to help first-time homebuyers or repeat homebuyers like yourself.

First Time Home Buyers

If this is your first time buying a home or if you are buying a home as your primary residence there are many advantage. Be sure to review all mortgage types including FHA mortgages which allow you to buy a home with only 3.5% as your down payment. The fha mortgage program also allows the sellers to pay for your closing costs through seller concessions. FHA mortgages are a great way to buy your first home without a lot of money out of pocket. Take advantage of this historic opportunity and apply online or call 800-555-2098 now! 

Buying a Foreclosure in Michigan

Michigan is one of the top states to find a bargain on a foreclosed home. You will be able to negotiate deals with banks that currently own these homes and MUST sell them. Typically foreclosed homes in Michigan sell for 10-15% under the current market value. This means that you will receive a large discount to purchase a bank owned home. The purchase price may be a great deal however you must remember that foreclosed homes in Michigan may have significant costs to repair once your purchase. Typically when homes are foreclosed it is because the homeowner does not have the funds necessary to pay for their mortgage payments let alone home maintenance costs. There may be significant deferred maintenance and repairs that have not been completed. We always recommend purchasing a good home inspection so you know the condition of the foreclosure prior to owning it. You do not want surprises such as a bad roof or major plumbing issues right away when you buy your home. These are very costly mistakes to make which could land you yourself in a foreclosure situation if you did not budget appropriately.

Michigan foreclosures for sale

Once you have made the decision to purchase a Michigan foreclosed home the next step is to find Michigan foreclosures for sale. You can start buy using our homes for sale tool and searching Michigan Foreclosures. Another option is to search the government website for HUD homes which are homes that were foreclosed which had government loans such as FHA loans. These homes are sold through a bidding process and come with a condition report and appraisal. This may help save you addition money out of pocket. HUD homes also may have special financing programs such as their $100 down program which allows you to purchase a foreclosure for only $100 out of pocket. The rest of your costs can be paid for you! Call Riverbank and ask us how to buy HUD (Department of Housing and Urban Development) for as little as $100 down-payment!