For first time home buyers one of the most difficult hurdles is the down payment, that is why when forgivable down payment assistance programs are rolled out we try to let everyone know! In the past, we have witnessed firsthand the benefit that many families experienced from programs like these in other states. In fact, one year we had about 20 families who had been working towards owning a home by trying to save up funds but the “finish line” seemed far off. However, with the assistance of the forgivable down payment assistance program, they were reenergized to reach that finish line!
Michigan’s Step Forward Down Payment Assistance Program (DPA) has allocated $20 million to home buyers, purchasing homes in specified zip codes. The down payment assistance amount of $15,000, is available on a first come, first serve basis—new reservations are available on or after October 8th, 2018. This program is available, only in conjunction with the Michigan State Housing Development Authority (MSHADA) MI home loan. The $15,000 from the DPA can be used toward the down payment, closing costs, and prepaids/escrows on the purchase of a single-family primary residence within one of the qualifying zip codes, listed at the end of this post. Additionally, the home’s sales price cannot exceed $224,500.
Now is the time to get in touch with your local Stockton Mortgage Banker to see if you qualify for this program. That way, if you do qualify, you and your mortgage banker will be ready to make that reservation for you next week, when it opens Monday, October 8th. Choose the location nearest you:
Qualifying Zip Codes: