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Sanilac Co. Michigan | When I left FmHA, total cost could not exceed $50,000. That would have been @1985. Financed tons of 1,100 and 864 square foot home in Grand Traverse, Leelenau and Benzie county Michigan. If I remember right, a 864 on a slab and utility shed on a developed lot came in around $28,000, guts, feathers and all!
The key thing to remember was modest dwellings built for low to very low income borrowers, built on the tax payers dime. With a low enough income and commensurate "interest credit" subsidy, monthly payments could come down to $130 or less.
The parameters might've seemed silly to you, but rules are rules and there was no shortage of borrowers, realtor, or general contractors ready and willing to play ball to close the deal. Easy money. | |
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When it is rotten, it had to go.
