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Housing
HELPING HARDEST HIT HOMEOWNERS
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The U.S. Department of Treasury approved the Michigan State Housing Development Authority’s (MSHDA) plan to distribute $154.5 million in federal funds beginning July 12, 2010 that should help more than 17,000 Michigan households avoid foreclosure. In February President Obama announced $1.5 billion in funding for innovative measures to help families in the states that have been hit the hardest by the aftermath of the housing bubble. |
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MSHDA was selected as one of five state Housing Finance Agencies (HFAs) to share in the Hardest Hit Fund investment and is the first of the nation’s HFAs to implement its plan. |
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Michigan’s Helping Hardest Hit Homeowners plan is designed to provide:
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Mortgage payment assistance for homeowners currently receiving unemployment compensation,
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Rescue funds for homeowners who have fallen behind in their mortgage payments due to no fault of their own and who have overcome this obstacle, and
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Federal matching funds for principal reductions for homeowners who can no longer afford their mortgage payments as a result of reduced income.
FOR MORE INFORMATION, VISIT MSHDA'S WEBSITE AT:
http://www.michigan.gov/mshda/0,1607,7-141--235359--,00.html
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CLICK HERE TO VIEW THE BERRIEN COUNTY HOUSING STUDY
Property Improvement Loan Program (PIP)
MSHDA’s Property Improvement Program provides a low interest rate loan which can also provide you with assistance on deciding what kind of repairs are necessary to maintain or improve your home. The interest rate is 4% to 8% based upon gross household income. There is a monthly payment and a 4% origination fee ($200 minimum - $800 maximum). Homeowners can request a loan up to $25,000 with no equity requirement. With equity, the homeowner can borrow up to $50,000.
Eligibility Requirements:
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you are a reasonable credit risk, demonstrate an ability to repay the loan and meet MSHDA’s underwriting criteria
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income cannot exceed $60,500 (If you live in the city of Benton Harbor or Benton Charter Township, income cannot exceed $74,750.)
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proof of ownership (warranty deed)
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taxes, and insurance paid and current
Applications are accepted anytime. If interested in more information, contact Katie Montoya at (269) 983-7111 x 8257 or send an e-mail to cmontoya@berriencounty.org.
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