Northern Michigan Real Estate: Homeownership Opportunities Program (HOP Grants)

Homeownership Opportunities Program (HOP Grants)

Homeownership Opportunities Program

This is a grant program that I just learned about last week and it has tremendous value to many home buyers.  Home buyers can receive a matching grant up to $7,500.

Eligible families can use the HOP Grant for down payments and closing costs.  For every $1 you save, you can receive $3.  So if you save $1,500, you can receive a matching grant of $4,500.  This gives you a total of $6,000 for your down payment and closing costs. 

The HOP Grant is open to households with annual incomes of 80 percent of less of their area's median income.  The income level is adjusted for the size of your household. 

As long as you live in the home for at least five years after you get the grant, you do not have to repay the money.  If you sell the house within the first five years, you may have to return a portion of the money. 

This is a fabulous program for clients that need a little extra assistance with their down payment or closing costs. 

Wolverine Bank offers this program in Michigan and you can speak with Sharon Starks to get additional information or to refer a client.  Sharon can be reached at 989.839.8718

Christine Stalsonburg, Realtor

Re/Max Bayshore Properties

 

231-409-4140


 

 

 

 

 

 

 

4 comments • Christine Stalsonburg Your Traverse City Michigan Realtor • March 21 2010 07:17AM

Comments

Hi I am wondering if this program extends to the Arkansas area of Pine Bluff? If it does please tell me the things I have to do in order to qualify for this. 

 

Thank You,

Yolanda Eve

Posted by Yolanda Eve over 1 year ago

Yolanda:

I will check on this and get the Loan Officers contact information for you in the Pine Bluff area.

This is a wonderul program.

Christine

Posted by Christine Stalsonburg Your Traverse City Michigan Realtor (Re/Max Bayshore Properties) over 1 year ago

Hi Christine ....

Can you please inform me as to rather or not this grant is availale in the Miami-Dade County area. Any information you can obtain regarding Housing Grants for this area would be very helpful and very much appreciated.

Thank you in advance for your assistance.

 

~ Blessings~

 

Posted by Angelique 8 months ago

I am not sure if the program is availabe in your area.  You would be best served to speak with a local mortgage loan officer about the possibility of this program in your area.

 

Please let me know if I can be of any additional assistance to you.

 

Christine

 

Posted by Christine Stalsonburg Your Traverse City Michigan Realtor (Re/Max Bayshore Properties) 8 months ago

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