Seeking Michigan first time home buyer grants to buy a home? Find the coolest grants/program for home buying in Michigan below.
So, you are considering the purchase of a home in Michigan. Good choice!!!
Buying a home anywhere can send chills down your spine. But don't let that fear overwhelm you.
It is my plan to walk you through the process by giving you tons of information to help.
Finding and qualifying for a grant is like having your house handed to you. But if this state doesn't offer a grant, there are other programs that can make purchasing a home very successful.
To begin with, unfortunately, the State of Michigan does not offer a Michigan first time home buyer grant program for its residents. But it does have some other programs to help you buy your home. One of them can become like a grant, read on to find out how.
One such program is called "MI Home Loan." It is a program that not only assists first time buyers, but repeat buyers as well. This program allows for the "Michigan Down Payment Loan" program of up to $7,500 for the down payment. The program is not a grant, but actually a second mortgage. There are restrictions and requirements that must be met.
Another is called "MI Home Loan Flex." This program has the Michigan Down Payment Loan program as well.
Additionally, there is a program called "Step Forward Down Payment Assistance (DPA)." Also a second mortgage program, but has some unique features. You can use up to $15,000 toward the down payment, closing costs, and pre-paids. The loan is a five year loan with zero interest and no monthly payments. And is forgivable after the five years! So the loan can become a grant! Pretty Awesome! Funds are limited so look into this right away.
Finally, there is a "Mortgage Credit Certificate" program that allows you to deduct dollar for dollar a percentage of your interest right off you taxes. Every little bit helps!
Every program has limitations and restrictions which require investigation. So be sure to take time to see if any of these special options will work for you.
If you would like to learn more about these programs, click here.
However, the good news is that the federal government does offer grant assistance for first time home buyers in Michigan. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
It is important to note that there are several local first time home buyer grant programs available from specific private organizations in Michigan.
Remember, you do need a lender who will work with any of these programs. Even if you qualify for a grant, you still have to qualify for a loan. FHA is one of the best for working with various assistance programs.
Another thing to keep in mind, assistance takes time and sometimes the money runs out. So start a savings program. While you are waiting, put money away from each pay check.
Then if you don't need what you have saved, you have money for other essential items you may want for your new home!
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Otherwise, you may want to look at programs that have low down payment requirements.
Would you like to know what type of loans are available? Visit our Home Mortgage Information page for tons of information on all kinds of loans. Learn about FHA, VA, and various other types of options.
Would you like some help? Perhaps a personal coach to guide you through the process is what you're looking for. For free coaching, fill out the questionnaire here. Then you will be contacted and offered the assistance you seek.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Happy House Hunting!!
Go to House Buyer Solutions Home Page.
Aug 05, 19 10:44 PM
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