**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:
- first time home buyer grants
- first time home buyer programs
- first time home buyer home loan
- first time home buyer credit
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!!
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.