Home Buyers

If you are seeking to purchase a home in one of the following areas, there may be homebuyer assistance available to you: Ypsilanti Township, City of Ypsilanti, Pittsfield Township, Superior Township, Northfield Township, Scio Township, York Township, Salem Township, Bridgewater Township, City of Ann Arbor and Ann Arbor Township.

Homebuyers may need assistance with the costs associated with purchasing a home. Community Housing Alternatives, Inc., (CHA) may be able to assist you.  Our programs use an array of funding sources to provide you with the most subsidy and the least out of pocket costs to make your purchase affordable. 

Some of our programs are designed for first time buyers; however there are programs available to low to moderate income buyers regardless of their homeownership status provided they meet the program requirements some of which include the following:

• Homebuyers MUST complete Pre-Purchase Education (registration packet) with the Washtenaw Housing Education Partners and receive a Release to Purchase Certificate before entering into a purchase agreement. If a buyer has already entered into a purchase agreement, we will not fund the home with any of the assistance funds.
  
  
• Homebuyers must be able to obtain a mortgage from an approved WHEP Participating Lender and have credit that is in good shape with no outstanding collections.  For most programs, we are seeking credit scores that are at or above 620.
  
  
• Homebuyers must use a Participating Realtor that has completed the required Housing Professionals Training  which is offered by the Washtenaw Housing Education Partners quarterly.
  
  
• Homebuyers must reside in the home as their Primary Residence
  
  
• Other rules and requirements apply, depending on the program which you are seeking assistance.  We will work with you to assure that you have met the requirements.  

Things to consider before deciding to buy a home:

Be prepared that there are costs associated with purchasing your home that are not covered by the programs for which you are seeking assistance including:

1. Homebuyers are responsible for providing an Ernest Money Deposit (EMD) at the time that they enter a purchase agreement.  This let’s the seller know that you are serious about making the purchase of the home.  
   Cost: Varies but you should plan on $500 to $1,000
   
   
2. Homebuyers are required to pay for the first year of Homeowners Insurance. 
   Cost: Varies, you should plan on $500 to $700 or more depending on the size, style, age, and location of the home
   
   
3. Homebuyers will need to have a Home Inspection and recommended Radon & Pest Inspection.
   Cost: Varies from $250 up to around $350
   
   
4. Buyers are required to provide a minimum of 1% and up to $1,000 from their own funds for many of the programs, however there may be additional costs that you may have to cover at closing.  It is important that you work closely with your Lender and receive a good faith estimate once you have determined that amount of DPA, subsidies and seller concessions that you will be receiving for your purchase. 
   Cost: Varies depending on purchase price and bank fees
   
   

This is just a preview of the costs associated with acquiring a home.  There may and often will be other costs, including the cost for moving and things that you will need and want to purchase for your new home.  We want you to be prepared and encourage everyone to save!

If you feel that you need help with budgeting, please speak to your WHEP counselor, as they will be able to guide you on the best way to save money and restructure your budget so that you achieve a successful transition into homeownership.