South Lyon, Michigan — July 30, 2009 — Elkow Homes, one of Oakland County’s premier new construction home builders, is pleased to announce that The Heights at Elkow Farms and The Glens at Crystal Creek have successfully obtained FHA approval for their new construction homes.
Each home features over 2,200 square feet of living space with prices starting at $199,000. The two communities offer lush landscapes in Lyon Township and are located within the highly acclaimed South Lyon school district. Adding to the appeal is the fact that both new home communities have received FHA approval, which allows homes buyers to purchase a new home for as little as 3.5 percent down.
With the new FHA approval, buyers now have the perfect opportunity to purchase a home that might have otherwise been out of their price. Buyers can apply for an FHA mortgage through a number of financial institutions. In addition to FHA mortgage option, qualified first-time homebuyers are also eligible for federal tax credits of up to $8,000. These combined purchase incentives allow new home buyers to receive a custom built home at an affordable price.
FHA loans advantages include:
- Easier to qualify
- Offered to buyers with less than perfect credit
- Low down payment of 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.
For additional information on The Heights at Elkow Farms and The Glens at Crystal Creek communities, visit http://www.elkowhomes.com.
About Elkow Homes
Based in South Lyon, Michigan, Elkow Homes is one of Oakland County’s premier home building companies. Elkow Homes builds new construction single family homes and condominiums in South Lyon and Lyon Township. The team has achieved Master Builder accreditations and is a member of National Association of Home Builders (NAHB) and The Building Industry Association of Southeastern Michigan (BIA).