One of the largest hurdles to buying a home is saving for the down payment. With our new FHA Down Payment Assistance Program, homebuyers can now get FHA financing and receive a 2% gift from a HUD approved non-profit agency. This leaves buyers with only 1.5% to cover for their down payment which can be paid from the borrowers funds or even a gift from a familiy member.
For more information on this DPA Program, simply complete the form below or call a loan officer at 800-555-2098.
Michigan Down Payment Assistance Grant Program Application
Qualifying for Down Payment Assitance is easy. Simply talk to one of our loan officers and ask if you may be eligible to receive a 2% gift towards your down payment. Your loan officer will help to review qualification options. Many people who qualify for a standard FHA loan will be eligible for this grant program.
You may have access to this down payment assistance program if you meet ANY one of the eligiblity requirements for income, profession or homebuyer status (only one of any category is required).
If your income is less than 140% of the area median income (AMI) then you are eligible to apply for this program. To check income eligiblity limits visits: Fannie Mae Area Median Income.
First time homebuyers can apply for this program. A first time homebuyer is defined as anyone that has not had ownership interest in a residential property in the past 3 years.
This down payment assistance can be used for any owner occupied 1-2 unit homes. FHA approved condos are also eligible for financing.
The homebuying process for receiving down payment assitance is just like any other mortgage process. There is no additional underwriter review. Once you are approved for the loan, the down payment gift funds will be applied towards your down payment at the closing.
Whether you are upgrading to the home of your dreams or a new homebuyer, now is a great time to purchase. For a no cost homebuyer consultation, call Riverbank Finance today at 800-555-2098.
Disclaimer: Gift of 2% of sales price is applied towards borrower's down payment at closing. The borrower is responsible for any difference to get the required 3.5% down. Closing costs may be paid by the seller in the amount up to 6% of sales price. The principal and interest payment on a $196,377 30 year Fixed-Rate Loan at 5.00% and 96.5% loan-to-value (LTV) is $682.20 with 1.25 points due at closing. The Annual Percentage Rate (APR) is 6.410%. The principal and interest payment does not include property taxes and home insurance premiums, which will result in a higher actual monthly payment. Rates current as of 02/15/2018. Program available through Rivebank Finance LLC for Michgian Properties only. Riverbank Finance LLC and it's programs are not affiliated nor sponsored by the State of Michigan or MSHDA.