Wayne Metropolitan Community Action Agency (Wayne Metro) is now offering first time homeowners in 10 communities the chance at $7,500 grant towards a down payment.
The First Time Homebuyers Program is aimed to help those unlikely to consider purchasing a home due to financial restrictions.
“For many, becoming a homeowner is achieving the American Dream. For some, this dream is never realized because they feel that it is out of reach…either they think they don’t make enough money or that their credit is beyond repair,” said Wayne Metro Chief Executive Officer Louis D. Piszker.
The program is being offered in select Wayne County communities, including: Brownstown Township, Gibraltar, Hamtramck, Melvindale, Riverview, Rockwood, Romulus, Southgate, Wayne and Woodhaven. To qualify and receive this assistance, prospective homebuyers must purchase a home in one of the 10 communities. The home must be their primary residence and they must reside in the home for at least five years.
“Having a program like this would allow graduates to jumpstart their future by purchasing a home, especially considering how pessimistic we are when it comes to the housing market,” said Marcia Black, a recent Marygrove graduate. “The information and the financial assistance that this program would provide would not only make purchasing a home more attractive, but it would be a more financially smart option in comparison to renting.”
Qualified participants will complete eight hours of homebuyer education instruction and attend one-on-one counseling sessions with a purchasing coach that will help prepare and support those through the homebuyer process. During counseling sessions, homebuyers will receive a personal credit report, consultation and assistance with creating a household budget.
Household income cannot exceed the United States Department of HUD limits.
“With interest rates and housing prices, it can be more affordable to buy than rent. Coming up with a down payment can be challenging and $7,500 from a program like ours can help get people past that barrier,” said Piszker.
Learn more about Wayne Metro’s homeownership program and how to enroll by contacting Wayne Metro at 313.388.9799 or visit www.waynemetro.org/homes.
About Post Author
