In June of this year Michigan modified the rules to allow buyers of site condos to qualify for FHA loans.  This change allows new home buyers to move into site condos with government backed loans that offer lower downpayments and interest rates.  This change significantly helps first time home buyers, purchasers with minor credit issues, or Michigan home buyers who desire a low downpayment.

FHA Loans Advantages

• Easier to qualify
• Offered to buyers with less than perfect credit
• Low downpayment (3.5%)
• Competitive interest rates

Home buyers can obtain an FHA backed loan from traditional mortgage companies and simply need to inquire about this type of loan.  FHA loans are available in both fixed-rate and adjustable-rate mortgages.  Additional information is available on the U.S. Department of Housing and Urban Development’s website.

Finding the perfect new home is daunting and financing this dream home can be an even more challenging.  Most new home buyers do not arrive at contract signing with a personal banker in hand.  Most find the struggle to find the right mortgage and lender significantly more difficult than locating their new home.

Before you get caught up in the emotional roller coaster of purchasing a new home, consider your financing options and calculate a realistic budget.  Once you know what loans are appropriate for your new home, you’ll be able to calculate a true budget for the purchase.  This planning will allow the home closing and move in to be stress-free and much more enjoyable.

Local Michigan lenders offer online tools for reviewing mortgage options and selecting the right loan for your current financial situation.  One such lender is Quicken Loans.  Their website offers a good overview of mortgage options, as well as calculators for monthly payments.

As with most things in life, a little planning will go a long way.  Purchasing your new home is a perfect example of this old saying still having it’s place in our modern world.

The American Recovery and Reinvestment Act of 2009 provides a tax credit of up to $8,000 for qualified first-time home buyers purchasing a primary residence before December 1, 2009.

This is an excellent time to purchase a new home if you meet the criteria set by the government. While the “rules” can appear confusion, much help exists to see if you qualify. A quick and easy way to review this act and the associated criteria is available at http://www.federalhousingtaxcredit.com/2009/faq.php.

As new home buyers walk into a builder’s model home, they frequently get caught up in today’s standards of open floor plans, walk-in closets, and gourmet kitchens. While these are all important features to consider when purchasing a new home, there are more substantial and much more tangible elements within the decision that need to be reviewed. One of the most important benefits of purchasing a new construction home, and one of the biggest decision factors, is the lower cost of maintenance.

A simple fact is this – all manmade or manufactured products have an expected life span. Daily usage, normal wear and tear, and the weather all play a key role in determining a given product’s life span. Buying a home is no different.

This blogger will admit, 100 year old houses offer character and charm that is unsurpassed by new construction homes. They also offer leaky roofs, broken pipes, energy eating appliances, windows that require plastic in winter, and hours and hours of maintenance. As a result, new construction homes grow more and more desirable to America’s lifestyles and are becoming the mainstream.

As you walk through that builder’s beautiful model, look past the gourmet kitchen. Look at the energy efficient appliances, the up to date plumbing, and the low maintenance exterior. When buying your dream home, make sure you can have plenty of time to enjoy your dream home. This allowance for free time means staying focused on quality, construction, and focusing on purchasing new construction homes.

Yes! Reviewing a builder’s price for square foot for a new construction home is a one task every new home buyer should do before signing a contract. While some home buyers may consider this data point immaterial, price per square foot varies drastically between home builders and geographical areas. It helps differentiate one new construction builder from the rest.

Let’s use Ann Arbor, Michigan as a reference point. While the latest monthly average for price per square foot was $124, the highest figure was closer to $500. This average was down from $130 a year ago and can still change dramatically based on the exact location within Ann Arbor. This number will also see larger shifts as a new home buyer moves out of the city to the quieter areas of Livingston county or Oakland county.

Regardless of your location, price per square foot is a good reference point to measure home builder against home builder. While the feature list, school district, and area crime rates will alter this number, it should not change significantly if the comparison is done in a relatively small geographical area and for the same level of home.

Elkow Homes utilizes price per square foot to measure the true value provided to new home buyers. Elkow Homes offers the lowest price per square foot for South Lyon and Lyon Township homes within the same home class. A $90 per square foot, home buyers receive their dream house at an economical and affordable price. This focus on value and quality is the focus of the Elkow Homes’ pledge.