This morning, I had the pleasure of attending the roll-out meeting of a new program in Oakland County, as part of the Neighborhood Stabilization Program (NSP), that you must be made aware of.  There is only $5 Million earmarked for this progam slated to begin in March or April of 2009, and it is first-come, first-served.

If you are a prospective purchaser looking to purchase a primary residence in Oakland County, and are interested in getting a bank foreclosure ... the time to buy/invest is NOW!!! 

In short, this program allows for an interest free government (Oakland County) loan, up to $100,000, that only need be paid back upon the sale/transfer of the property.  For example, you would secure a loan of approximately $105,000 on a $200,000 purchase, and Oakland County would loan the rest at 0% interest, on a deferred, no payment basis.  THAT'S CORRECT - YOU DO NOT MAKE ANY PAYMENTS ON THE 0% INTEREST LOAN, EVER, UNTIL IT IS PAID WHEN THE PROPERTY IS TRANSFERRED.

Your downpayment would be based upon your income level, and the structure of your primary loan on the residence.

Although there are some income restrictions, they are very reasonable.  For example a household of 1 making under $58,700 may qualify, while a household of 4 may qualify with an income at or below $83,900.

The funds from this particular program can be used for down payment assistance, closing costs, home improvements, or other financing costs.

Between this and the up to $8,000 tax incentive to purchase, why would anyone wait??!!  Please contact us today for more information, and to take advantage of what are TRULY historic housing opportunities in Michigan.  See the February 17, 2009 press release on the Oakland County Home Buyer Program by clicking here.

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Derek Bauer is an Associate Broker and Realtor® with Real Estate One, Michigan's Largest Real Estate company.  Derek is also the lead of the Derek Bauer's, "Door to Dreams Team."  As a Certified Distressed Property Expert, Derek is helping homeowners avoid, and even reverse, foreclosure.  Learn more at http://DoorToDreams.com.  Derek Bauer is licensed in Real Estate in the State of Michigan, is not an attorney, and can not and does not provide legal advice and/or counsel.