New Program Makes Home Ownership Possible For More Oakland County Families

– Feb 26, 2009 – Royal Oak, Michigan - Bob Brabb "The Foreclosures King" is pleased to share what Oakland County is doing to clear up the foreclosure inventory of homes for sale in Oakland County.

More families in Oakland County may be able to find homeownership within their means thanks to a new program administered by the Oakland County Community & Home Improvement Division.

Bob@MichREOs.com http://www.MichREOs.com

The 2009 Oakland County Home Ownership Drive is aimed at helping low and moderate income families take ownership of vacant, foreclosed single family homes and condominiums as their primary residence.

An informational workshop for prospective homebuyers will be held Saturday, February 28, from 9 a.m. to noon at the Oakland County Executive Office Building Conference Center, 2100 Pontiac Lake Rd., just west of Telegraph Rd., in Waterford.

Pre-registration is not required.

“Families who thought they could never afford their own home now have the best opportunity to become homeowners through this unprecedented program,” Oakland County Executive L. Brooks Patterson said.

Oakland County can provide no-interest loans for down payment assistance, closing costs, home improvements or other financing. The homebuyer must prequalify for a fixed rate mortgage loan from a lending institution.

This loan represents 51% of the purchase price. Oakland County will finance the remaining 49% of the purchase and rehabilitation costs up to $100,000. The homebuyer must also provide $2,000 to initiate the purchase. The homebuyer only pays on the conventional mortgage obtained from their lender. Payment on the down payment and home improvement loans is deferred until the property changes ownership. Homebuyers with incomes at or below 120% of Area Median Income (AMI) are eligible for assistance.

For example, a family of four earning up to $83,900 per year is eligible under this program. Funding for the 2009 Oakland County Home Ownership Drive is provided by the U.S. Department of Housing and Urban Development’s (HUD) Neighborhood Stabilization Program (NSP). This one-time $17.4 million emergency funding supplements the Community Development Block Grant (CDBG) program to purchase foreclosed homes at a discount, and rehabilitate or redevelop the homes to stabilize neighborhoods impacted by foreclosure and abandonment, and reverse the decline of neighborhood housing values.

The 2009 Oakland County Home Ownership Drive covers properties in 50 Oakland County communities. Contact Farmington Hills, Pontiac, Royal Oak, Southfield, or Waterford directly to inquire about home buying assistance programs in their communities.

For more information, visit the Oakland County Community & Home Improvement website at http://www.oakgov.com/chi or call 248-858-1529.

The program will help famlies desiring to purchase in the following communities in Oakland County: Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom

Bob Brabb "The Foreclosures King" and his team works with investors and home buyers to find the best opportunities available. Bob is with Sine & Monaghan and has offices in Grosse Pointe, Royal Oak and St. Clair Michigan to service the Metro Detroit area for all of you real estate needs. Bob has been highly experienced as an investor, businessman and Real Estate Consultant. Bob has been asked to Speak at many events.

Oakland County, Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Township, Clawson, Commerce Township, Farmington, Farmington Hills, Ferndale, Franklin, Hazel Park, Highland Township, Holly, Holly Township, Huntington Woods, Independence Township, Keego Harbor, Lathrup Village, Lyon Township, Madison Heights, Milford, Milford Township, Northville, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Oxford Township, Pleasant Ridge, Pontiac, Rochester, Rochester Hills, Royal Oak, Southfield, South Lyon, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom