State Grants Coming Soon for Eligible Home Buyers

By: Fay Li Email
By: Fay Li Email

The year is going well for local realtors, according to Coldwell Banker Hubbell Briarwood Broker Jeff Thornton.

"Usually, this time of year we start slowing down, but I'm showing homes all weekend. Lots of people out there still looking," Thornton said.

Thornton spent Friday afternoon showing listings to Glenn and Danise Peck, who might be able to get some help from the state to buy their new home.

"We'll be providing down payment assistance funds to home buyers, for anyone that has never owned a home or has not owned a home in the last three years," said Mary Townley, Director of Home Ownership at the Michigan State Housing Development Authority (MSHDA).

The money comes from a national settlement between 49 states and the country's five largest mortage providers. Michigan took away $97 million and a portion of that -- $15 million -- will go toward helping eligible home buyers.

"We are in the final stages right now of putting together the program, creating our process flows...We're hoping to have this up and ready at the end of the year," said Townley.

Once eligible, service members can get up to $5000 and non-service members can get $3000.

Thornton expects this money to be a significant help to first time home buyers.

"If you're buying a home under $100,000, the $3000 is almost your downpayment on a FHA mortgage."

Homeowners eligible to refinance, with loans owned by Fannie Mae, may be able to get $500 once the grants become available. According to MSHDA, the best way to apply is to contact your mortgage lender.

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  • by Name Location: East Lansing on Nov 18, 2012 at 03:31 AM
    More inflation.
  • by Mark Location: Okemos on Nov 16, 2012 at 06:37 PM
    Here we go again. If you can't afford the down payment you probably can't afford the payments. If you can afford the payments but have no down payment, RENT for a couple or three years like the rest of us all did until the down payment is saved up. For crying out loud has no one any memory of our recent experience? Is the government being run entirely by idiots? Mary Townley must be a total moron. Some (stupid) people never learn. I think we need to execute all the current politicians and start over. But, still probably not much would change.
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