The state of Michigan has appropriated $15 million from the National Mortgage Settlement to be allocated for the Homebuyer Assistance Grant program providing Michigan first time home buyers up to $3,000 in down payment assistance for non-military buyers and up to $5,000 for military.
— Michigan Attorney General Bill Schuette entered into a multi-state settlement with the five leading mortgage servicers; GMAC, Bank of America, Citigroup, Wells Fargo, and JP Morgan Chase. The National Mortgage Settlement (NMS) requires servicers to provide monetary sanctions and relief of which Michigan received $97.2 million. This $97.2 million was used to create the Homeowner Protection Fund and a portion of these funds, approximately $15 million, were appropriated by the Legislature to the Michigan State Housing Development Authority (MSHDA) for the Homebuyer Assistance Grant Program.
The Homebuyer Assistance Grant Program will assist Michigan first time home buyers purchasing a single-family, owner occupied residence. A first time home buyer is defined as a person who has not owned a home as their principal residence for the past 36 months. Non-military homebuyers are eligible for grants up to $3,000 whereas active military and veterans are eligible for grants up to $5,000. Military borrowers are defined as a member of the U.S. Armed Forces, the National Guard, or the Reserves.
"These down payment grants in conjunction with low interest rates have created a very positive home buying environment for the first time home buyer in Michigan. With interest rates remaining below 4% this could be the perfect time to buy your first home with very little money out of pocket" says Jason Nolan, President of Michigan Mortgage Solutions.
First time home buyers in Michigan now have a perfect buying environment because of the following:
-Home values have stabilized, reducing risk of loss
-Interest rates are at an all time low
-Up to $5,000 in grant money towards purchase
-Mortgage payments are often cheaper than rent
Grant funds may be used with any first lien mortgage transaction and can go towards the down payment or closing costs involved with that transaction. The Michigan Homebuyers Assistance Grant Program does not require a lien on the property or repayment. This means that a qualified first time buyer will get the Michigan first time home buyer grant if the funds are still available
The $15 million in grant funds will assist between 3,000-5,000 first time home buyers in Michigan. This is a first come first served program so it's important to understand the grant approval process to avoid missing out on this FREE grant money. In order to qualify, one is required to complete the Homebuyer Assistance Grant Program Application/Affidavit with a Michigan state approved lender and title company. Every application will be processed through the Data Exchange Gateway (DEG) system for approved lenders and title companies.
"Knowing that these funds are limited, my company, Michigan Mortgage Solutions, has teamed up with First American Title Company in order to help qualify as many first time home buyers in Michigan as we can. This grant money should definitely stimulate the buying activity over the slow winter months" says Jason Nolan, President of Michigan Mortgage Solutions.
About: Michigan Mortgage Solutions is a licensed Mortgage Lender specializing in first time home buyer programs in the state of Michigan. They offer a wide range of mortgage products including conventional financing, FHA loans, & 100% financing with the VA and USDA Rural Development Loans.
For more information, please visit http://michiganmortgagesolutions.com
Name: Trevor Sines
Organization: Michigan Mortgage Solutions
Address: 91 N Saginaw St, Suite # 206, Pontiac, MI 48342
Release ID: 1723