Dearborn Launches First Time Homebuyer Program
The city of Dearborn has launched a new money-saving program aimed at helping lower-income persons or families purchase a newly renovated Dearborn home, which was once foreclosed.
The Dearborn Department of Economic & Community Development is now accepting applications for this program, called First Time Homebuyer Assistance program, but they will only be available for a limited time.
The program, according to a city of Dearborn press release, offers many benefits, including the ability to subsidize the mortgage principal amount so that house payments will be affordable. And, the homeowner might also quality for $5,000 towards the down payment or the closing costs.
To be eligible, an interested person must be a first-time homebuyer, successfully complete an eight-hour HUD approved counseling program, be “mortgage ready,” and have annual household income that is at or below 120 percent of area median income. Other eligibility requirements will apply.
The new program is part of the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program, which was authorized to assist states and local governments in addressing the effects of abandoned or foreclosed properties.
The City of Dearborn would acquire and rehabilitate eight or more foreclosed properties with the intent of selling to income-qualified homebuyers.
For further information, call the Dearborn Economic & Community Development Department at 313-943-2180, extension 7. More details can also be found at www.cityofdearborn.org, on the Department of Economic and Community Development page.