MI Next Home offers money for second time homebuyers
Patrick Center February 25, 2014 | WGVU Repeat homebuyers can get up to $7,500 in down payment assistance through the Michigan State Housing Development Authority. It’s called MI Next Home.
“So we’re hopeful, confident that it’ll stimulate the second purchase of homes get people back in homes and help stimulate the housing market.”
Scott Woosley is MSHDA Executive Director. Although the housing crisis is five years in the past, he explains there’s a need to assist trapped homeowners.
“We’ve got so many folks who are either underwater or do not have any equity in their current home, this will allow them the ability to sell their current home have $7,500 or up to $7,500 to purchase a new home.”
While it’s true home values in the Grand Rapids market increased nearly 15 percent last year with mortgage rates remaining near historic lows, Grand Rapids Area Realtors President, Karla Huitsing, explains it’s often the down payment that’s a deal breaker.
“People are looking at their homes and say, ‘By the time I sell, take away my costs, now what do I have left to make another house purchase?’ That’s been a dilemma for people for quite a while. This program now helps them to have $7,500 to help them to be used toward closing costs, down payment, fees, whatever they want to use that for as it relates to to lending. That’s huge.”
MSHDA explains, “Assistance is based on income limits that vary by county but generally range from $70,000-plus for a household of one or two people to just under $100,000 for households of three or more.”
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