Are you looking for a low down payment program for you or your buyer? Do you think all those "down payment assistance programs" went away? True down payment assistance programs are still alive and well! At Providence Home Mortgage we use several including the City of Grand Rapids Homebuyers Assistance Fund (www.grand-rapids.mi.us/index.pl?page_id=320), MSHDA's Down Payment Assistance Program, and the IDA (Individual Development Account) down payment assistance through ICCF (www.iccf.org). I will feature the City of GR program here as they have some really cool features:
- Up to $5,000 in down payment assistance available
- Can be used in addition to the buyer's own down payment to assist with affordability
- Can be used in addition to a gift from a relative to assist with affordability
- Buyer only needs 1% into the transaction
- The money is forgiven over five years and is only repayable at time of refinance (some exceptions) or point of sale if there are proceeds!
Do you worry that the condition of the home is a problem? While condition can be a concern, there are solutions! Have you heard that the lead based paint assessment is strict? I am an experienced loan officer with the program, and I can do a walk through of the property prior to the City lead assessor viewing the property to tell you what needs to be fixed, if anything, before they walk through.
Better yet, the program can be combined with lots of financing options:
- FHA
- Conventional
- MSHDA
Click the link below to see the target area that qualifies for the City of GR down payment assistance program. All areas, shaded and non-shaded are eligible.
www.grand-rapids.mi.us/index.pl?binobjid=5685
Are there income limits? Yes. A family of four can make just under $50,000, a single person can make just under $35,000, etc.
To learn more about how you can use this program, please give me a call at (616) 719-4513.
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