When it comes to having enough funds to buy your first residence, a subsidy of $7,500 can mean the difference between continuing on as a lessee, or entering the realm of property ownership. For first time home buyers in Michigan, a new down payment program offers just that.
Developed by the Wayne Metropolitan Community Action Agency, the goal of the new program is to make the dream of buying one’s first home a reality.
The News Herald reports:
The program is being offered in 10 Wayne County communities, a majority of which are in the Downriver area. The eligible communities are Brownstown Township, Gibraltar, Hamtramck, Melvindale, Riverview, Rockwood, Romulus, Southgate, Wayne and Woodhaven.
To qualify for and receive assistance, prospective eligible homebuyers must purchase a house in one of the 10 communities, the house must be their primary residence, and they must reside in it for no less five years.
Qualified participants will complete eight hours of homebuyer education instruction and attend one-on-one counseling sessions with a purchasing coach who will help prepare and support them through the house purchasing process and all that comes with being a homeowner.
>> read the full story at thenewsherald.com