Grand Rapids Homebuyer Assistance Grant Program

Homebuyer Assistance Grant Program Details

Homebuyer Assistance Grant Program

Homebuyer Assistance Grant Program

A grant program for the purchase of a single-family, owner occupied, primary residence. If the borrower has had ownership interest in a primary residence in the last three (3) years from the date of purchase, they are not eligible for the program. This program supports non-military homebuyers with a grant of $3,000.00. It supports military homebuyers with a grant of $5,000.00 (Military includes Veteran, Active Duty, Reservists).  Buyers can use the grant in conjunction with their own first mortgage including the MSHDA’s existing Down Payment Assistance (DPA) program using a waterfall review, i.e. a first lien with MSHDA, then apply the grant, then if needed apply the MSHDA DPA. These funds may be used with any loan type.

PRODUCTS:  This grant can be used on any of our Mortgage 1, Inc. programs – FHA, FHA 203K, RD Guaranteed, VA, Conventional or MSHDA products.

GRANT PURPOSE: Thepurchase of a single family/one-unit, owner occupied, primary residence 

GRANT TERMS:There is no lien and no repayment is required.

SALES PRICE LIMIT:None  – Minimum loan amount of $30,000

INCOME LIMITS: None

REQUIREMENTS: First Time Homebuyer purchasing a single family/one-unit primary residence.

CASH BACK AT CLOSING: Limited to the amount the buyer pays into the transaction outside of closing            

LOAN DOCUMENTATION REQUIREMENTS:  APPLICATION DOCUMENTS: Homebuyer Assistance Grant Program Application/Affidavit

CLOSING DOCUMENTS: 1. Executed HUD  2. Closing letter

Courtesy of:

Scot Veneklase, Sr Loan Officer
Mortgage 1
3243 E. Paris Ave SE
Kentwood, MI 49512
616-293-7040-Cell
616-957-3480-Office
sv@mortgageone.biz
www.HomeLoansWithScot.com

If you are thinking of buying or selling a home, please don’t hesitate to call or email me anytime.You can start your search for Grand Rapids homes or condos right here!


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