Following a story MHProNews.com posted Feb. 24, 2014 regarding assistance the state of Michigan is offering to repeat homebuyers, including those buying manufactured homes, we have been informed the Mi Next Home program offers $7,500 maximum assist, or four percent of the purchase price, whichever is lower. Northern Homes Executive Director Jane MacKenzie says her non-profit is providing foreclosure counseling, both for mortgages and property taxes, as well as home-buying education and financial management classes, a prerequisite for receiving down payment assistance. They must have a minimum credit score of 640, or 660 for manufactured homes, according to thealpenanews.com.
MSHDA Homeownership Division Program and Business Development Manager Carol Brito says the program is currently only for government-backed loans through FHA, the Departments of Agriculture and Veterans Affairs, but she hopes to expand it to conventional loans. No payments are due and no interest accrues, but it must be paid back when the house is sold or the owner refinances to a different loan.##
(Photo credit: Alan Warren/theannarbornews.com–Scio Farms Estates)