The state of Michigan is launching a new program to help first-generation home buyers afford a down payment.
To qualify, applicants must be a first-time home buyer whose parents have not owned a home within the last three years. They also are required to fall within income limits set by the Michigan State Housing Development Authority.
CEO Amy Hovey says the average cost of a home in Michigan far exceeds the state’s average income levels:
“The first generation down payment assistance program is really going to help families that find it most difficult to enter into home ownership to actually realize that dream of owning their own home.”
The pilot program will offer up to $25,000 dollars to more than 320 families in Michigan.
