Independent Bank announced that it is offering MSHDA (Michigan State Housing Development Authority) Grants under the new National Mortgage Settlement Funds program. Independent Bank is one of the first initial lenders to offer these grants.
A first-time homebuyer grant can be as much as $3,000 for non-military members and up to $5,000 for military members. Borrowers refinancing under Freddie Mac or Fannie Mae’s Home Affordable Refinance programs may be eligible for $500 to apply toward closing costs.
Down Payment Assistance (DPA) grants:
A DPA program is available for first-time homebuyers purchasing a one-unit, owner-occupied primary residence located in Michigan. Homebuyers are eligible if they have not had an ownership interest in a principal residence during the three-year period ending on the date of purchase.
Home affordable refinance programs (HARP)* refinance closing costs:
Borrowers applying for home affordable refinance programs may be eligible to receive up to $500 toward their closing costs. Grants support refinances of single-family, owner-occupied principal residences located in Michigan.
To learn more about these programs, contact your local mortgage loan officer for details at 800.285.3111.
*HARP refers to the programs offered by Freddie Mac and Fannie Mae. MSHDA eligibility requirements apply.