Hello Michiganders looking to make a new home purchase! McLellan Financial Mortgage has some great news for you. Recently, funds were appropriated by the Legislature to the Michigan State Housing Development Authority (MSHDA) for a pair of new programs. They are both great opportunities to get some help with your home purchase down payment assistance as well as your home refinance closing costs. You can read the official Michigan.gov article here.
Home Purchase Down Payment Assistance
The first fund is a $15 million fund set up to help home buyers with their down payments. If you have not owned a home as a principle residence for the past three years, non-military members are eligible for up to $3,000 in assistance and active and veteran military members are eligible for up to $5,000 in assistance. That includes all US Armed Forces, National Guard, and Reserves.
HARP Refinance Assistance
As part of the Federal program, $5 million has been allocated to help those applying for a Home Affordable Refinance Program (HARP). You may be eligible for up to $500 toward your refinance closing costs. This may be a great way for you to finally lower your monthly mortgage payments.
Getting the Details
As always, there are rules and application processes. That is where McLellan Financial Mortgage comes in. We have over a decade of experience in helping home buyers get the assistance they deserve. If you are in need of help in making a down payment on a new home purchase or scraping together the closing costs for a refinancing, we encourage you to give us a call to begin the application process. We’re available to answer any questions you may have and are ready to help you get started today.