Detroit is the place to be. Guess what? $40-50 million coming soon! by Christopher Shaw in Real Estate / Buying a Home (submitted 2009-05-25) I a nation still struggling to break the credit gridlock local markets have bee stifled by the lack of mortgage financing available in the City of Detroit. Isnt if funny that the loans hardest to obtain from lenders/banks are located in the city. If a loan is provided you had better put your spectacles on and review the fine print. Some options could have you giving your first born as down payment.
Adding to the problem is the fact the many loans sold to the secondary markets are to lenders who do not want to do business with the City of Detroit. Well hope is on its way. In the form of a $40-50 million dollar cash infusion NHSA (Neighborhood Housing Services of America) will act as the secondary market to buy up loans transacted in the City of Detroit. Who is Neighborhood Housing Services of America? Well to be more precise, NHSA is a financial institution that has a 35 year history lending to low-to-moderate income home buyers. NHSA has developed innovative loan products and services in support of affordable single and multi-family residential properties. For more than 30 years, NHSA has been a lending resource to the Neighbor Works network which comprises more than 230 local non-profits in partnership with Neighbor Works America.
We all know that $40-50 million is only a drop in the bucket when compared to the needs of the City of Detroit. However, in this case we should not look a Gift Horse in the Mouth. This could be the start of something big. We just want to make sure you embrace NHSA with open arms. If NHSA succeeds others of larger stature will slowly come back to the fold. For all first time buyers, this market will probably decrease the current constraints as it pertains to FHA loans needing a minimum FICO score of 620. This is also a great way to extend the ,30 Year Fixed Rate Mortgage.
To find more innovative ways /products available to make how ownership a real possibility please feel free to contact:
My First Michigan Home
About the Author Seasoned Real Estate Investor, with over12 years of experience and has a passion for working with First Time Home Buyers, Mr Shaw has an ambitious goal of helping 1000 new First Time Buyers become home owners of the next 36 months. In addition to the he wants to leverage each transaction to assist adopt up to 1000 families through Volunteers of America's Adopt a family Program