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Frequently
Asked Questions
(1)
I think I'm ready buy a house, how can New Development Corporation help?
We
are pleased to help you any way you need it. As certified homebuyer counselors,
we can provide you the training required to qualify for the City's Down
Payment Assistance program or a variety of other mortgage products that
require homebuyer education.
Maybe you are already dealing with a realtor and just need to find a lender.
We work with many and would be happy to help you find a good match.
If you want to purchase one of the homes we have rehabilitated, we can
help you find the financing, complete the inspections and finalize a sale.
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(2)
How do I know how much house I can afford?
We can provide an assessment of your "mortgage readiness" or
help you review your credit report so that you can be ready for a mortgage.
You can also visit the following resource to view a mortgage
calculator.
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(3)
How do you decide which houses to buy and rehab?
We search for homes in distress in one of the neighborhoods where we work.
We look for houses that will have an impact on a given street or block
when we have completed our work. We aim to "cluster" the houses
close to other homes under rehabilitation. That might mean investing near
a home that a landlord is rehabilitating. It might mean working with other
nonprofit or for-profit housing developers. It may also mean that we simply
purchase multiple homes in a given area. Frankly, we also seek out houses
that we can afford.
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(4)
Where do you get your funding?
We have a variety of funders, including the City of Grand Rapids, the
Michigan State Housing Development Authority and a number of donors, grants
and supporters.
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(5)
Can you help me with the rehabilitation of my existing house?
While we don't do rehabilitation for homebuyers, we are happy to help
neighbors find funds, materials and knowledge to get work accomplished.
We work closely with the City of Grand Rapids Rehabilitation Dept., Home
Repair Services and a variety of volunteers and lenders.
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(6)
Do I need a realtor to buy one of your houses?
Not necessarily, but we welcome your realtor if you have one. Some families
use a realtor, others do not.
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Contact
Us
We
can be reached at:
New
Development Corporation
228 Carrier, NE
Grand Rapids, MI 49505
ph: 616.361.7500
fx: 616.361.7575
info@newdevelopmentcorp.org
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