First Time Homebuyers

MAKE OWNING A HOME A REALITY

A first-time homebuyer often needs a bit of assistance to turn the dream of owning a home into a reality. The Community Housing Alternatives, Inc., (CHA) homebuyer assistance program was designed to assist households that have the desire to purchase homes in the City of Ypsilanti, and the townships of: Ypsilanti, Pittsfield, Superior, Northfield, Salem, Ann Arbor, Bridgewater, Scio and York.

ABOUT THE DOWN PAYMENT ASSISTANCE (DPA) PROGRAM

CHA is working in collaboration with Michigan State University Extension and POWER, Inc., a local nonprofit, to increase homeownership opportunities in the above listed areas. Often when families purchase their homes they need funds to make the deal work. With the down payment assistance (DPA) program*, they are able to do just that. The DPA program can provide financial assistance to eligible families by offering additional upfront funds to help close the deal. Forgivable grants can be made to households that have completed the required homeowner education program and have received a Release to Purchase Certificate. The DPA program will provide eligible local families with as much as $10,000 in down payment assistance and related costs of buying a home.

(*other rules apply, please see homebuyer education counselor for more information)

WHO SHOULD APPLY?

You should consider this program if you have plans to purchase a home and continue living in it for at least five (5) years. If you remain in the home for the 5-year minimum, the grant will be forgiven. If you stay in the home for less than five years, then the amount of the grant that you must repay will decrease for every year that you continue to own and reside in the home. Another benefit is that you become a part of a network with access to some of the best homeownership services available, including counselors who will guide you through the process of acquiring and maintaining your first home.

ELIGIBILITY REQUIREMENTS

To be eligible for down payment assistance, households must meet the following criteria:

1. Household income cannot exceed 80% of the Area Median Income. See your housing counselor for current income limits.

2. Household must have a Release to Purchase Certificate before receiving application.

3. The home to be purchased must be located in the jurisdictions listed in the first section above.Verification of the property location must be completed before funds are reserved. "

4. Purchaser must contribute personal funds of at least 1% of the purchase price.

5. Other rules apply, please see your counselor for more information...

Income Limits for Aquisition Rehab Program 2007

(80% / 74%): (1) $41,700, (2) $47,700, (3)$53,650, (4)$59,600

(5) $64,350, (6) $69,150, (7) $73,900, (8) $76,650