Michigan Program For First Time Home Buyers Provides $7,500 In Down Payment Assistance

If you’re in Michigan and dreaming of becoming a first time home buyer, but think that it will never happen, the Wayne Metropolitan Community Action Agency (Wayne Metro) is now offering a program that will give first time homeowners in 10 communities the opportunity for a $7,500 grant towards their down payment.

The Michigan Chronicle reports:

The First Time Homebuyers Program is aimed to help those unlikely to consider purchasing a home due to financial restrictions.

“For many, becoming a homeowner is achieving the American Dream. For some, this dream is never realized because they feel that it is out of reach…either they think they don’t make enough money or that their credit is beyond repair,” said Wayne Metro Chief Executive Officer Louis D. Piszker.

The program is being offered in select Wayne County communities, including: Brownstown Township, Gibraltar, Hamtramck, Melvindale, Riverview, Rockwood, Romulus, Southgate, Wayne and Woodhaven. To qualify and receive this assistance, prospective homebuyers must purchase a home in one of the 10 communities. The home must be their primary residence and they must reside in the home for at least five years.

“Having a program like this would allow graduates to jumpstart their future by purchasing a home, especially considering how pessimistic we are when it comes to the housing market,” said Marcia Black, a recent Marygrove graduate. “The information and the financial assistance that this program would provide would not only make purchasing a home more attractive, but it would be a more financially smart option in comparison to renting.”

>> read the complete article at michchronicleonline.com

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