The City of Flintís First Time Homebuyers
Downpayment Loan Assistance Program offers
down payment assistance to qualified Flint buyers (one who has not owned a home in the past three years) for the purchase of their first home. The program is for persons or families who have incomes at or below 80 percent of the median income for the Flint area. Buyers are expected to make a minimum investment toward the sale price. Private lenders process the second mortgage in conjunction with the first mortgage financing.
How it Works
Interested purchasers should work with real estate professionals to obtain a home. The purchaser must also apply directly to a government regulated participating lender. The participating lender assists the purchaser in completing the necessary steps to apply for the first time homebuyer down payment loan assistance program. Funds are available on a
first come first serve basis until program funds are exhausted. The home selected must be decent, safe, and sanitary in accordance with local residential property standards.
payable if the home is sold, ownership transferred,
or when the purchaser no longer utilizes the home
as their principal place of residence. After a specified
term, the loan is forgiven.
of any known lead based paint hazards. A risk assessment or
inspection for possible lead-based
paint hazards is recommended prior to purchase.
To obtain additional information
requirements, contact the City of Flint Department of Community and
Economic Development at
810.766.7436 or www.cityofflint.com/dced