First Time Home Buyer & Tax Credit Program

Update: We are now offering this program to investors that have their own investment properties that they want to run through our program in ANY AREA IN MICHIGAN! Contact Us or call us at (313) 887-4167 for more details.

First time home buyer programs are a critical part in retailing properties and making extra-ordinary profits. The challenge is finding a first time home buyer program that has all the steps needed to take someone with challenged credit and get them approved for a mortgage refinance.

A program that has houses available including all management and rehabbing of the properties is definitely a plus. All of that must be completed while protecting the investor and adhering to all local and state laws. Add to that a program that can allow buyers to use their $8,000 tax credit as a down payment by reducing principal owed, and you have a winner!

Our first time home buyer is second to none. We have involved the best brains in the Detroit real estate market to put this program together and to put it together correctly. We have pulled together the best attorneys, CPAs, investors, contractors and successful non-profit programs and companies to make this program available now to the public. Up until now we have only used this for our own properties but after multiple requests from investors we work with, we had to make it available.

Here's how our traditional program works:

You invest $45,000 to fund the purchase and rehab one of our properties (all costs of the program included in this price)
Property is rehabbed and made appraisal ready.
First Time Home Buyer is enrolled in a credit repair program.
First Time Home Buyer makes down payment and mortgage payments that include taxes and insurance to the investor via a licensed mortgage servicing company.
First Time Home Buyer secures a mortgage refinance to pay back the investor
The investors profit is comprised of the down payment, monthly mortgage payments, the buyer's $8,000 tax credit (up to $8,000) that they pay to you to reduce principal, and principal from the refinance.
Profits are typically around $30,000 in 180 to 360 days

Borrower Requirements to qualify for mortgage:

Our average enrollee will have a 580 credit score or better
Enrolls and participates in Credit Repair Program (repairs to 620 or better)
Have two years of employment history
Must have a debt to income ratio of less than 35%
Participation in 1st time home buyer counseling with a local nonprofit that councils on homeownership responsibility and the proper and wise use of credit.
Down Payment of $1,500 or more
Assigns 1st time home buyer credit of $8,000 to investor as additional down payment

How am I protected as the Investor?

You own a mortgage.
You receive title insurance.
You receive property insurance.
First Time Home Buyer puts down $1,500 and uses their $8,000 tax credit (maximum) to reduce principal payable to the investor
Rehab money is escrowed and released on draw schedule upon your approval.
Extremely low LTV (Loan to Value of invested amount to value) of 50-55% of appraised value.
Corporate Guarantee from Urban Detroit Wholesalers, LLC to Investor
Use of certified and licensed professionals.
Active participation of local nonprofit, Motor City Blight Busters, with over 25 years of knowledge and expertise and a sterling reputation.

What is required from me as the Investor?

All that is required from the Investor is funding the $45,000. Urban Detroit Wholesalers, LLC handles all closing details, rehab, and 1st Time Home Buyer refinance details.
Approve construction draws as rehab progresses.

How long does it take from start to finish?

Currently, a project takes 180-360 days.

If I wanted to start right away, how long would it take to close?

All of our deals close in 10 days or less. All we need to get started is your proof of funds.

We appreciate your interest in this program. If you have any other questions and would like to get started, feel free to contact us by phone at 313-887-4167 or Contact Us Online