If you are looking to buy a home in Lansing, Davison, Grand Blanc, Swartz Creek or several other areas, the state of Michigan is offering up to $10,000 assistance for the down payment and closing costs. This aide is a result of the MI 10K DPA Loan program announced by the Michigan State Housing Development Authority on Tuesday.
Home buyers who receive the second mortgage are not charged interest or monthly payments. Instead, they are to pay it back when they sell the house.
To qualify for help, individuals need to have 20k or less in liquid assets and are required to complete a home buyer education class. Restrictions on the home purchase price and total household income are also a factor of eligibility.
Mary Townley, director of MSHDA’s homeownership division, believes this resource will help individuals and families remove barriers to home ownership and generate more wealth.