Down Payment Assistance Program
How The Down Payment Assistance Program Works
As a rule of thumb most financial institutions provide 3.0% down payment mortgages. A typical loan also includes several thousand dollars in closing costs such as origination fees, appraisals, inspections, allocation of taxes, and so on. If you buy a house selling for $100,000, the down payment would be $3,000, but with the additional fees and costs, the total funds needed to purchase a home could be as much as $6,000. Therefore, as part of the program each potential home buyer must provide $1,000 of their own money. The Wayne County program provides a fixed $7,500 loan for existing houses. This loan is forgivable after five (5) years at 0% interest.
National Faith HomeBuyers is pleased to announce our partnership with the Michigan State Housing Development Authority (MSHDA). We share their mission to provide decent, safe and affordable housing to everyone. National Faith frequently partners with state and local governments to make homeownership a reality for many first-time homebuyers. MSHDA has several requirements to take advantage of their programs, so please take the time to visit their site.
For more information about MSHDA, visit their website.
For more information about the Michigan Down Payment Program, click here.
Cities that Qualify For Assistance
2020 Income Requirements
The maximum income limits for the First Time HomeBuyer Program are determined on a city by city basis. Please see the chart below for the list of median income levels in the 30%, 50% and 80% ranges – based on family size. Household income includes the sum of the incomes of all household members. Please feel free to contact National Faith HomeBuyers for more information. The current household income criteria are:
Already mortgage qualified? Looking to become mortgage qualified?
Leave us with your contact information and let us to see how we can assist you to get into a home for a very low down payment. Please indicate what City/Area you would prefer to live, and what you can afford monthly, and let us see what we can do for you.