Last week Oakland County introduced a plan to help get some of the vacant foreclosed homes off the market in select Oakland County communities. Their press release follows.
I need to call the county and ask some questions. The program seems very generous and should help sell some foreclosed homes. I am not sure why some communities were left off of the list. For example, Birmingham is on it, but Beverly Hills is not. Royal Oak Township is on, but the city of Royal Oak is not. No go for Bloomfield Township, but a yes for Troy. This has me questioning how communities became eligible.
As much as I know the foreclosures need to get off the market, this gives them a steep advantage over the regular resale homes that are already severly challenged for finding buyers. The foreclosures are selling, for the most part, without much additional help. Low prices do that.
“Pontiac, Michigan, February 17, 2009 — More families in Oakland County may be able to find homeownership within their means thanks to a new program administered by the Oakland County Community & Home Improvement Division. The Oakland County Home Buyer Program is aimed at helping low and moderate income families take ownership of vacant, foreclosed single family homes and condominiums as their primary residence.
An informational workshop for prospective homebuyers will be held Saturday, February 28, from 9 a.m. to noon at the Oakland County Executive Office Building Conference Center, 2100 Pontiac Lake Rd., just west of Telegraph Rd., in Waterford. Pre-registration is not required.
“Families who thought they could never afford their own home now have the best opportunity to become homeowners through this unprecedented program,” Oakland County Executive L. Brooks Patterson said.
Oakland County can provide no-interest loans for down payment assistance, closing costs, home improvements or other financing. The homebuyer must prequalify for a fixed rate mortgage loan from a lending institution. This loan represents 51% of the purchase price. Oakland County will finance the remaining 49% of the purchase and rehabilitation costs up to $100,000. The homebuyer must also provide $2,000 to initiate the purchase. The homebuyer only pays on the conventional mortgage obtained from their lender. Payment on the down payment and home improvement loans is deferred until the property changes ownership.
Homebuyers with incomes at or below 120% of Area Median Income (AMI) are eligible for assistance. For example, a family of four earning up to $83,900 per year is eligible under this program.
Funding for the Oakland County Home Buyer Program is provided by the U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP). This one-time $17.4 million emergency funding supplements the Community Development Block Grant (CDBG) program to purchase foreclosed homes at a discount, and rehabilitate or redevelop the homes to stabilize neighborhoods impacted by foreclosure and abandonment, and reverse the decline of neighborhood housing values.
The Oakland County Home Buyer Program covers properties in select Oakland County communities. Contact Farmington Hills, Pontiac, Royal Oak, Southfield, or Waterford directly to inquire about home buying assistance programs in their communities.”
You can find more information on the programs on the county’s web site. If you need a Realtor to guide you through your purchase, I would be happy to assist you.
Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
Visit Website
Search for homes in Oakland County
{ 5 comments… read them below or add one }
Stacy Lukas 02.24.09 at 8:00 pm
Wow, that kind of deal makes me actually consider leaving my beloved little town of Fenton.
Stacy Lukas’s last blog post..A nice alternative to Google Reader (for Mac users, anyway)
Maureen Francis 02.24.09 at 8:03 pm
I will wear my Aretha Hat to your closing.
Freestuff 03.12.09 at 6:51 pm
Sounds like a great deal if you find some good ones. Not sure what the neighborhoods are like but if you find a home in a good one that would be a great deal.
Freestuff’s last blog post..Freeloans. Paydayloans. Cashadvances.
chris g. 11.15.09 at 3:08 pm
hello,
I hope this question can be answered. My fianc’e and I will be married in Jan 2010 and we’re dreaming of owning our own home our family is growing but our income is not(lol) but we found what seems to be the perfect home for us it is foreclosed and in oakland county we’re wanting to get a mortgage but we don’t have the money to put down is there anyone that could help us or steer us in the right direction? Thank you
delores 03.03.10 at 3:12 pm
i am interested in getting a pre-approved loan for a home in white lake that i saw on line. The problem being my credit is not great, and i do not have a large down payment. I do have a good renting history with the place i live now for the last 2 years. But as we all know now is the time to buy and i am very interested on what i should do to get this dream of being a home owner started any suggestions.