The State of Michigan has appropriated $5 million from the National Mortgage Settlement to be allocated for the HARP Refinance Grant Program. This program will provide a $500 grant to go towards the closing costs for Michigan homeowners that have been approved for a HARP refinance.
— 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 $5 million, were appropriated by the Legislature to the Michigan State Housing Development Authority (MSHDA) for the HARP Refinance Grant Program.
The HARP Refinance Grant Program will assist homeowners that are approved for a Michigan HARP refinance on a single family/one-unit principal residence located in the state of Michigan. This single family/one-unit property can also be an attached or detached condominium. The grant will pay $500 toward the closing costs of the HARP refinance.
"The HARP Refinance program has allowed us to refinance several underwater Michigan homeowners to rates well below 4%. Being able to offer the additional incentive of $500 toward their closing costs will allow even more borrowers to take advantage of this program" says Jason Nolan, President of Michigan Mortgage Solutions.
The $500 Grant funds may be used to pay any third party closing costs involved with a HARP refinance. The HARP Refinance Grant Program does not require a lien on the property or repayment. As long as the funds are still available, anyone that qualifies for a HARP refinance will get the grant money.
The $5 million in grant funds will assist approximately 10,000 homeowners that qualify for a HARP refinance loan 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 grant money. The qualification process requires one to complete the HARP Refinance 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 these funds are limited, my company, Michigan Mortgage Solutions, has teamed up with First American Title Company in order to help qualify as many underwater homeowners in Michigan as we can. This grant money should definitely stimulate more refinancing activity over the next several months" says Jason Nolan, President of Michigan Mortgage Solutions.
In order to get approved for the Michigan HARP Refinance Grant Program a borrower must meet the following guidelines:
-Meet standard mortgage qualifying guidelines for the HARP Refinance
-Work with an approved Michigan mortgage lender
-Complete the HARP Refinance Grant Program Application/Affidavit
About: Michigan Mortgage Solutions is a licensed Mortgage Lender specializing in the Michigan HARP refinance program. The HARP refinance is currently restricted to mortgages that are owned by either Fannie Mae or Freddie Mac.
Name: Trevor Sines
Organization: Michigan Mortgage Solutions
Address: 91 N. Saginaw St., Suite 206, Pontiac, MI 48342
Phone: (248) 707-2763
Release ID: 1846