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Down Payment Assistance for Buyers of Warren Cheap Homes



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By : John Cutts    99 or more times read
Qualified buyers of Warren cheap homes are granted financial assistance for down payment and repairs, according to administrators of the Community Development Program led by City Mayor James Fouts.

Eligible buyers can receive up to $5,000 in down payment assistance and up to $23,000 in repair assistance.

To qualify for the program, prospective home buyers must be earning incomes set by the federal Department of Housing and Development. For a family of four, the total household income must not exceed $85,200, while for a family of five, the total income must not surpass $92,040. The maximum income for a single individual is $59,640.

Additionally, the buyer must choose from properties that have entered foreclosure auctions in Warren and have been repossessed by the lenders. The home must also be located in areas determined as eligible for redevelopment under the Neighborhood Stabilization Program.

Prospective buyers must contribute at least $1,000 for the down payment, must attend 8 hours of home purchase and ownership counseling and must commit to live in the house to be purchased.

Applicants for the NSP-funded home buying program have plenty of Warren cheap homes to choose from as homeowners continue to be distressed from the collapse of manufacturing enterprises. Prices for rehabilitated homes range from $32,000 to $45,000.

For buyers looking for new residential properties for sale, many units are also available, with prices ranging from $57,000 to $75,000.

Based on data from a real estate firm, home resales comprise the huge majority of homes on the market in Warren, where about 77 percent are homeowners and about 19 percent are renters.

Warren, which is part of the Detroit metropolitan area, also suffered from the collapse of the Detroit auto industry. Although Detroit accounted for a huge majority of foreclosures in the area, Warren foreclosures also contributed to the 69,171 total of foreclosure postings in metro Detroit in 2009.

The increase in foreclosure properties and steep declines in home values have cut down the tax base of Warren. According to Warren Mayor Fouts, finding remedies to replace the revenue loss is not easy. He has proposed cutting 20 percent of union pay despite expected opposition from workers.

Because of the surge in strategic defaults in Warren and in other parts of Michigan, the number of Warren cheap homes is expected to rise. Home prices fell by nearly 10 percent in Warren in 2009, according to local real estate firms.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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