Genesee County, Michigan – Genesee County has announced an improved Down Payment Assistance Program that will help first-time home buyers with providing substantial financial support. This program is a big step toward making homeownership accessible to more people. With an offer of up to $10,000 for each qualified recipient, this program is a big step up from what was previously available to help people buy homes in Genesee County.
The program, which is paid for by the U.S. Department of Housing and Urban Development, helps low- and moderate-income families buy homes by giving them loans with no interest that are canceled after the buyer lives in the home for five years. This project is part of a larger effort in the county to help people buy their own homes and keep communities stable.
Anthony Kelly, a planning expert for Genesee County, explained that the program helps those in need of financial help and that it works on a first-come, first-served basis. This makes sure that the help gets to the people who are ready and willing to take the first step toward property as soon as possible.
Those who want to take advantage of this excellent offer must meet several requirements. They should be first-time home buyers who can get a loan from a lender approved by the county. Those interested can’t make more than 80% of the area’s median income, with some adjustments made for family size. Additionally, people who want to be beneficiaries must not own any other properties, have no more than $30,000 in assets, and choose properties in the county that are not in the towns of Flint or Clio or the villages of Otter Lake or Lennon.
The income range for people and families who are interested in this opportunity is from $42,500 for a single person to $70,400 for a family of six. This rule will make sure that only those who really need financial help can become part of the program.
People who want to apply should visit the Genesee County Planning Commission’s website to find a list of accepted lending institutions that can help them become homeowners.
Those interested can also call Anthony Kelly at 810-766-6566 or send email at [email protected] for more information or to start the application process.