The Western U.P. Planning and Development Regional Commission (WUPPDR) wants to help up to six first-time homebuyers in the Keweenaw. If you live in the Houghton-Hancock area or if you are planning on moving there, you may qualify for the program.
"All they need to do is qualify with our income eligibility requirements; they need to be a first-time homebuyer looking in our targeted area, they need to take a homebuyer education course, be pre-qualified with our lender," said Ashley Curtis, executive assistant of WUPPDR.Homebuyers can receive up to $10,000 in down payment assistance, and that money can also be used for closing costs.
According WUPPDR, the rehabilitation and down payment assistance comes in the form of a Michigan State Housing Development Authority (MSHDA) loan that is forgivable after five or ten years depending on the amount borrowed."It's a really great opportunity. They can get up to $25,000 in rehab for a home and so that will help sell homes in the area that realtors may have trouble selling because these homes can be rehabbed," Curtis said.Money from this program can also be used to weatherize or insulate the home."You have to make between 40 and 80 percent of the average median income for this area," Curtis said.The average medium income is $19,000 with an estimated median house value of $105,000.
â??We can provide assistance to a single person, a family of four, or a family of eight,â?? Curtis added.
There are different program requirements based upon family size. Funding for this program will end in December.
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