Michigan to Offer $10k in Assistance to Potential Homebuyers
If you're a Michigander who's been considering home ownership but have been hesitant due to finances, here's some good news. It's just been announced that the Michigan State Housing Development Authority is offering residents up to $10,000 in down payment assistance.
Now, I am someone who has never lived in an owned home. My parents, even divorced, both always rented their homes and I've continued that trend in my adult life. The entire process is unfamiliar to me and, quite frankly, anxiety inducing. Especially after this past year. I lost my job for nearly 8 months. How could I possibly afford a home?
With that being said, I'm certainly not going to give anyone advice on buying a home. But, this is an potential opportunity to make your home buying dream come true.
Previously, the Michigan State Housing Development Authority, or MSHDA, provided a $7,500 down payment loan which was successful. In an interview with Fox 17, Mary Townley of MSHDA said,
With the MI 10K DPA Loan, we’re offering resources that help individuals and families remove barriers to homeownership and build wealth, which we believe will lead to stronger, more sustainable communities across Michigan.
If you're interested in acquiring this loan, here's what you need to know:
- The program is offered as a second mortgage towards the home and closing costs
- According to the Airfoil Group, it is a 0% non-amortizing loan, saying that borrowers do not make monthly payments on it
- Borrowers must have less than $20,000 in liquid cash assets
- Those interested must complete a Homebuyer Education course to qualify