Lansing, MI

WASHINGTON - Thousands of first-time home buyers will be able to get short-term loans so they can quickly make use of a new $8,000 tax credit to pay for some of the costs of buying a home.

The Federal Housing Administration on Friday released details of a plan in which borrowers who use FHA loans can get advances from lenders that let them effectively receive the credit in advance, so they don't have to wait to get the money from the Internal Revenue Service.

Most borrowers will still have to come up with the FHA's required 3.5 percent down payment, unless they work through a state or local housing agency or an approved nonprofit.

Ten states have such programs in place, according to the National Council of State Housing Agencies.

But there are many other potential uses, such as for closing costs and fees, or to beef up the down payment beyond the minimum level.

The FHA, which insures about a quarter of new home loans, is projected to guarantee about 2.2 million loans in the next budget year.

Any buyer who has not owned a home in the past three years is considered a first-time buyer and eligible for the program. Borrowers can claim the credit by filing an amended 2008 tax return or can wait for their 2009 return.

The change "will present an enormous benefit for communities struggling to deal with an oversupply of housing," Housing Secretary Shaun Donovan said in a statement.

The tax credit was included in the economic stimulus package signed by President Barack Obama in February. It is not available to individuals with incomes above $95,000 or couples with incomes above $170,000 and it expires Nov. 30.

Real estate agents and home builders generally welcomed the change.

Jerry Howard, CEO of the National Association of Home Builders, called it a "great step in the right direction." On Wall Street, shares of such builders as Toll Brothers and D.R. Horton rose on the news.

Still, some real estate agents were concerned that many buyers won't benefit at all if they can't use it for a down payment - a big hurdle for many first-time buyers.

Delta Township has many events and activities to offer residents who are 50 years and older through a program called the 39er's. They have regular activities that include health screening, luncheons, euchre, bridge, and pinochle card parties, holiday crafts, fitness, and much, much more.

There is plenty to do for all ages. Are you interested in finding out more about some of Michigan's highlights for this summer? Chris Dancisak of the Michigan Historical Museum will spotlight some of Michigan's beloved and quirky landmarks at the Delta Township District Library, 5130 Davenport Drive. (just off Elmwood) on May 5, 2009 from 6:30 p.m. Plus, you'll have that opportunity to see the wonderful facility which opened in June, 2008. While you're at it, pick up a library card for the family.

Thinking of a family or company picnic this summer? Some of the best parks in the greater Lansing area are right here in Delta Township. The total acreage utilized for park purposes is over 850 acres. Of that, approximately 317 acres are being utilized for active recreation programs.

Delta Township is a great place to own a home, work, and play for all ages. Home ownership is affordable and many new developments over the past 5 years have continued to make all residents feel proud to say, "I live in Delta Township".

"Expect the Best" Mike

Mike Bowler Sr. ePRO, CRB, GRI, SRES
Coldwell Banker Hubbell Briarwood
1020 S. Creyts Road, Lansing, MI 48917
Phone: 517-492-3400 Fax: 888-832-6203
email: Mike@mikeBowler.com
Website for Clients: MikeBowler.com
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We invite everyone to visit our open house at 1130 Morris Ave. on 1:00 PM to 3:00 PM
A Must To See!

Take advantage of the first time home buyer credit, own this home. Here's a rare find in West Lansing, Edgemont Park Sub, Waverly School District. A quaint red brick ranch with front porch great for rocking and back porch for grilling. This 3-bedroom home has hardwood floors throughout, refinished in 2008, beautiful kitchen with ceramic tile, updated hardware on cabinets, recessed lighting and spacious living room. Completely remodeled bathroom in 2006, (new tub/shower, toilet, sink, lighting, and medicine cabinet). All new light fixtures and modern paint throughout.

Mike Bowler Sr. ePRO, CRB, GRI, SRES
Coldwell Banker Hubbell Briarwood
1020 S. Creyts Road, Lansing, MI 48917
Phone: 517-492-3400 Fax: 888-832-6203
email: Mike@MikeBowler.com
Website for Clients: MikeBowler.com
Search Listings