Novi, Mich., June 25th 2009 / PRNewswire-FirstCall/ -- Marketplace Homes, LLC

Did you ever really care if you lived in a site condo? Good, because now the government doesn’t either!

FHA is able to offer financing for site condos in Michigan! As of this past week, most new construction sites will qualify for these government backed mortgages. This means that you can buy a new construction home with only 3.5% down and a 620 credit score while leasing the old home as long as your income supports the new home. Sound like sub prime financing? Banks learned a lesson writing those, the government continues on.

If you live in a newer construction home in Michigan that was built in the last 10 years, you probably own a site condo. Naturally, your first thought is “who cares”? From the street, no one will know the difference between a site condo and a traditional “platted” home. The issue was that the mortgage companies treated them very differently. The rules had been written in an outdated fashion that made it very difficult, if not impossible, for many builders to offer FHA financing in new communities. FHA financing was not needed when all clients qualified for 115% financing as long as they had a pulse. Now that lending standards are stricter, builders really need to get communities FHA approved and fast. Now they have this tool.

What do you need to qualify for a new home in Novi, a new constrution home in Macomb or maybe that new constrution home in Howell?

1) 3.5% to put down
2) 620 credit score or better
3) A Marketplace homes Guaranteed Lease for your old home or condo

If you can obtain all three, you may be able to get your growing family into a brand new home.

Marketplace Homes based in Novi, Mich., is a privately held company with operations in Metro-Detroit and Metro-Chicago. In 2007 and 2008, Marketplace Homes purchased or leased hundreds of homes while generating over $18 million in new construction sales for local and national builders. During its 7-year history, the company has purchased and sold hundreds of homes. Since 2002, Marketplace Homes has been an innovator in creative Real Estate solutions running 2 distinct business models-The New Home Buyout Program and Rent-to-Own. Currently, Marketplace Homes helps to market over 50 communities in the Metro-Detroit and Metro-Chicago market through partnerships with local and national builders using the Marketplace Homes New Construction Long Term Corporate Lease Programs.CONTACT: Mike Kalis, Vice President, Marketplace Homes, LLC, @1-248-723-6490, mike.kalis@marketplacehomes.com / site: http://www.marketplacehomes.com/ Mike Kalis
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