Riverbank Finance LLC is now offering homebuyer assistance with a the Michigan first time home buyer grant program. This allows $3000 towards a new home purchase in Michigan. The program is a part of the National Mortgage Settlement program that allocated funds from the $1.5 billion class action lawsuit against five of the top banks and mortgage lenders. Administered by MSHDA, this money allows home buyers options to several mortgage programs with little to no down payment.
The homebuyer assistance grant offers $3000 for first time homebuyers in the state of Michigan. $5000 is available if you are a military veteran. This money can be used as a down payment for your home or towards closings costs.
To be eligible for this program you must not have owned a home for the past three years. You also must be purchasing a Single Family Home. It must be used as your primary residence. There are no income limits of limits of property purchase price for this program. Lastly, the grant may not be for more than 25% of the sales price for the property. For more information read Michigan Home buyer Grant FAQ.
There are no terms for repayment on this grant. While other first time homebuyer programs may place a lien against your property, there will be no additional liens against your home. For details read the MSHDA Home Buyer Terms and Guidelines.
If I already purchased a property this year can I still get this money?
No; unfortunately, the funds are only available to apply for with new purchases starting after 12/10/12.
Can I take advantage of this program if I am eligible for a HARP refinance?
Yes; this program is also available to current homeowners whom qualify for a HARP refinance in Michigan. Current homeowners that are refinancing with a HARP mortgage are eligible for $500 to be used towards closing costs.
How do I apply for the Home buyer Assistance Program?
Contact a loan officer at Riverbank Finance LLC by calling them at 1-800-555-2098 or submit below and we will contact you to assist you with your free money.
Michigan First Time Homebuyer Grant Application
For more information visit the State of Michigan's Website for the National Foreclosure Settlement - Homebuyer Assistance and HARP Refinance Grant Programs Now Available.