Eight out of 10 renters would buy a home tomorrow if they could get down payment assistance or a lower mortgage rate, according to a recent social media survey of current renters.
Allen Edwin Homes asked current renters what would motivate them to become homeowners, and the responses were loud and clear: 57% said extra cash for a down payment and/or closing costs, while another 23% said a lower interest rate. In response, the homebuilder with communities across Michigan is working with its preferred lenders to help renters overcome those obstacles and buy the home of their dreams.
New financing options and builder incentives on select quick occupancy homes are available now through March 31. These incentives give a buyer up to $10,000 to cover closing costs or to lower their monthly payment. A “rate buy down” of the interest rate or putting down more cash up front can save a buyer thousands of dollars.
“I love introducing the idea of a new home to those who didn’t know it was possible,” said Kelly Lehman, a sales counselor with Allen Edwin Homes. “We look at the best fit for you, your budget, your needs and desires of a new home and see if we have a solution. We can often find something for each and every person that we sit down with.”
This is an excerpt from a sponsored content post from MLive.com. To view the original post, click here.
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* This is NOT a commitment to lend. Financing example is based on the sales price with a 5% down payment. Mortgage is a 30 year Fixed Rate Mortgage loan with an interest rate of 5.990% fixed with 2 points (APR to be determined by a lender). Monthly principal and interest are included in the above payments. Monthly taxes, mortgage insurance and hazard insurance are not included in the payments for this loan program. HOA dues are additional and not included in the above payment. Maximum loan amounts are based on county limits and vary between counties. See a lender for information. Not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision. Interest rates, payments, terms and availability of this loan program, and the sales price, are examples only and are subject to change without notice. Interest rates may not be available at the time of loan commitment or closing. Loans are subject to credit approval. Restrictions and conditions may apply. Interest rate and APR for Fixed Rate Mortgage (ARM) programs are subject to increase or decrease. Rates are quoted as of 5/3/24.