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Friday, 14 December 2012 00:00

First Time Home Buyer Grants

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Is It Too Good To Be True? - -  It Is Now!  Bye Bye Grant Money. . . .

The grant has officially ended.  The following was recived from MSHDA:

Subject: HOMEBUYER ASSISTANCE GRANT PROGRAM SUSPENDED AS OF 5:00pm TODAY - MARCH 27, 2013

Importance: High

As a result of our previous email, an overwhelming and higher than expected number of Homebuyer Assistance grant applications have been received.

We regret to inform you that we can no longer accept any Homebuyer Assistance applications past 5:00 p.m., TODAY, March 27, 2013. 

Home-buyer Assistance is here!!!  The State of Michigan recived some big money via the National Mortgage Settlement and has allocated 15 million to be used for a Home buyer Assistance grant program.  Designed to financially assist buyers with the purchase of their first home.  Here are some highlights of the program. 

  • $3,000 Grant for Eligible Home Buyers (not to exceed 25% of the purchase price)
  • $5,000 Grant for Eligible Active Military or Veterans (not to exceed 25% of the purchase price) NOTE: Military is defined as a member of the U.S. Armed Forces or National Guard and Reserves.
  • For First Time Home Buyers (buyers who haven’t owned a home in the last 3 years)
  • For First Lien Mortgages on a Single-Family/One-Unit, Owner Occupied Principal Residence
  • No income limits, no asset restrictions, no purchase price limits, no payback of grant funds required.

Check out the attached Flier!  Call or Apply Online for more information.

Of course not all borrowers will qualify and there is more info at www.michigan.gov/mshda

Remember when the money runs out the grant is no longer available . . . .

 

 

As of March 28, 2013
Homebuyer Assistance funds available: $0.00
 

Following the December 2012 roll-out, the National Mortgage Settlement (NMS) Homebuyer Assistance grant program has been very well received; we thank you for your enthusiastic participation!

As of March 25, 2013 approximately $3,000,000 remains for Homebuyer Assistance Grants. As we begin the process of winding down the Homebuyer Assistance grant program, after 5:00 p.m. on Friday, March 29, 2013 we will no longer be able to accept Homebuyer Assistance grant applications for NON-military homebuyers. 

We will continue to fund Homebuyer Assistance grants for active military and veteran homebuyers, with preference given to disabled veterans, until all remaining funds have been disbursed.

 

 

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