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MSHDA first time home buyer grant money is running low for those looking to purchase homes in Michigan. With the program’s inception only a couple of months ago, funds are already running low for buyers purchases homes using the national mortgage settlement grant funds.
The current balance as of March 19th, 2013 is at $4,771,560 out of the $15 million originally funded for new buyers. As many of the buyers that started looking for homes with the home buyer assistance in mind start to close their loans, the funds are dramatically lowering as MSHDA posts its weekly fund balance updates.
The program also allows underwater homeowner whom are refinancing through a Michigan HARP Refinance to qualify for $500 to be credited towards closing costs. The current MSHDA fund balance for HARP loans is $4,803,020, as of March 19th, 2013, of the original $5 million allocated for this purpose.
The MSHDA grant program is a temporary program funded through the National Mortgage Settlement which allows first time home buyers to received $3,000 towards the purchase of a home ($5,000 for veterans). They must not have owned a home in the past 3 years and the home itself must be a single family residence that will be occupied as a primary home.
If you are a buyer relying on these funds for your down payment, we recommend deciding a home as soon as possible before the funds dry up. Once the $15 million is gone, borrowers may not be able to qualify for a home purchase.