Posted on December 18, 2012 by - Buying a Home, First Time Home Buyer, Home Affordable Refinance Program

Green cash pile for grant money.

MSHDA grants available for $3000 to $5000 for first time homebuyers.

**This program has expired – please visit No Down Payment Mortgage for other options.**

Homebuyer Assistance and HARP Refinance Grant Programs

Due to the National Mortgage Settlement, Michigan received $97.2 million for the purpose of creating the Homeowner Protection Fund and has created 2 new programs for the mortgage industry.

1. HOMEBUYER ASSISTANCE – $15 million has been allocated for the Homebuyer Assistance grant program that will assist first-time homebuyers purchasing a single-family/one-unit, owner occupied, principal residence. Eligible first-time homebuyers are defined as a person who has not owned their home as their principal residence for 3 years prior to the date of purchasing. Non-military homebuyers are eligible for grants up to $3000. Active military and veterans are eligible for up to $5000. Neither grant can exceed 25% of the purchase price. Grant funds may be used with any first lien mortgage transactions and can be combined with MSHDA’s Down Payment Assistance.

NOTE: Military is defined as a member of the US Armed Forces and National Guard and Reserves.

Homebuyer Assistance Programs include:

2. HARP REFINANCE – $5 million has been allocated to borrowers applying for the Home Affordable Refinance Program (HARP). Borrowers may be eligible to receive $500 toward their closing costs. Grants support refinances for the single-family/one-unit, owner occupied and principal residences.

Read more about the Home Affordable Refinance Program.

**These grants are only available on a first come, first serve basis**Contact Riverbank Financial today to see if you are eligible for this grant money now, while it is available!!

For more information on this program visit our FAQ page on the first time homebuyer MSHDA Grant or read about the Nation Mortgage Settlement.

Apply now for a $3000 grant for first time homebuyer

Submit your information below and a loan officer will contact you to provide you with information on how to qualify for the MSHDA grant.

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