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Buyer Financing Programs
Contact us for more information about these loans, grants, and tax credits.
Buyers can take advantage of some of these programs and/or a combination of these programs.
MSHTA financing:This program will give buyers a loan with aid from state of Michigan. Down payment assistance is available. Call me for income limits.
Rural Development loan: This loan has no private mortgage insurance (PMI) for a savings of 50-100/month.
HOPP Grant:Buyers will get up to $5,000 at closing to be used for closing costs or down payment. Buyers must live in the home for 5 years. If the buyer lives in the home for 5 years, the loan is forgiven. Buyer pays $0.00/month for this grant.
New USDA Loan with interrest as low as 1%: WOW!!!!!
Here are some of the requirements:
Buyers must have a credit score of 640
Buyer must agree to occupy the home on a permanent basis as their primary residence.
No down payment is required and zero Private Mortgage Insurance (PMI)
Loan payments are subsidized and based on income.
Interest rates can be subsidized to as low as 1%.
Repayment period is 33 years or up to 38 years for very low income borrowers.
Applicants pay a one-time, non-refundable fee for a mortgage credit report.
Borrowers must obtain home ownership counseling prior to closing. (Provided for you)
Must be U.S. citizen or acceptable status.
Maximum Loan Limits: Isabella and Gratiot county- 136,000 Clare county: 126,000
Single Family Housing Adjust Income Limits
As of May 3, 2010
For Gratiot and Clare Counties Family Size | One | Two | Three | Four |
Very Low | 18,450 | 21,100 | 23,700 | 26,350 |
Low | 29,500 | 33,700 | 37,950 | 42,150 |
For Isabella Counties Family Size | One | Two | Three | Four |
Very Low | 19,850 | 22,700 | 25,500 | 28,350 |
Low | 31,750 | 36,300 | 40,800 | 45,350 |