Michigan residents can take advantage of the new down payment program in purchasing their next home. This is great for those that are trying to get the best deal and are strapped for cash. The new program is called “MI Next Home” and homebuyers can qualify for up to $7,500 toward their new or existing home.
What is “MI Next Home?”
The program started on February 24th in Michigan in an effort to boost real estate efforts in the Grand Rapids area. While the economy is improving, this is the perfect time to focus on real estate in the area. Many residents are interested in their first home or in upgrading their current home but the only thing stopping them was the down payment. This program is going to make this dream accessible.
The program is going to assist with down payments and closing costs, so that should help with those that were reluctant to sell their homes and upgrade, as well as those first time home buyers. Another market they are aiming for is those empty nester’s whose kids have left the home and they are looking to downsize.
Requirements for the Program
Requirements for approval include:
- Asset restrictions of $7,500
- Sale price has to hit within sales price limits
- Applicant’s income must meet guidelines
- Buyer has to reside in the home as their primary residence
- All previous homeowners qualify
This program is going to make a huge difference in the real estate market in Grand Rapids. It’s going to make it possible for those that have been wanting to buy a new home to do this now, by providing the down payment and making their dream come true. Residents in Michigan can take advantage of “MI Next Home” by going to www.michigan.gov/mshda.
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