Home Of The 20 Day Closing
If you’ve been taking the right steps towards home ownership but need a little help with the upfront costs, down payment assistance (DPA) may be just what you need to stay headed in the right direction. The Michigan State Housing Development Authority (MSHDA) offers up to $7,500 to help eligible borrowers cover their down payment costs. DPA comes in the form of a zero interest, non-amortizing loan with no monthly payments. Payment is only due when the property is sold, transferred or if the loan is refinanced or paid off.
Let us Help you Get Down Payment Assistance
DPA can help alleviate the burden of the large upfront costs needed for your new mortgage, but trying to qualify without the proper guidance can cause some serious undue strain. Your state helps provide this service and to make sure its being utilized by the correct borrowers they require very specific paperwork be completed and certain guidelines be met. The Bally Team can ask you the right questions to confirm if you qualify for DPA and if so we’re here to make sure you receive every dollar you’re eligible for.
The jargon, fine print and confusing verbiage in the documents needed to qualify for DPA can be a headache at times. The time spent deciphering paperwork without assistance could be used on picking out the perfect furniture or decorations for your new home.
Are you Eligible to Get Down Payment Assistance?
Down payment assistance is an excellent option for those who qualify and should be explored by every borrower to see if it’s a good fit for their home financing needs. The program isn’t limited to just first-time home buyers, the Michigan Next Home Down Payment Assistance Program offers the same great benefits to those buying for the 2nd time.
The eligibility requirements for these programs are as follows:
First time homebuyer
Second time homebuyer
The Bally Team can help confirm if you meet these qualifications and guide you through the process step by step to assure you receive any assistance you’re entitled to. We understand how much a reduction in out of pocket down payment costs can mean to you and we will work tirelessly to make it happen.
Get Down Payment Assistance today
The down payment assistance process becomes significantly easier when The Bally Team has your back. You’ll have a guide for each and every step of the way making sure you’re well educated and comfortable with the DPA process.
Here’s just some of the benefits of working with The Bally Team:
No need to take our word for it, here’s just a few of the stellar reviews Amer and his team have received.
“Amer and the Bally team were amazing! From start to finish they made the home buying process so easy! And they work quick... Amer wasted no time from initial contact with pricing out different loan options and letting me know what was best for what I was trying to accomplish. I could contact him or his team at any time of the day and ALWAYS got a quick response back, hard to find that these days. I see myself doing future business with Amer and the Bally team and I'm always recommending him to friends/family. Thanks Amer!”
“My experience with the bally team and Jenny has been an extremely pleasant experience. We refinanced our home within 7 days from start to finish. She was informative and extremely attentative and made sure that we got the best deal possible. We would highly recommend Jenny for any of your mortgage loan needs. A total of $270 savings a month, without stepping a foot into her office. Jenny along with the title company came to our house and within half hour we signed our refinance paperwork.”
Our friendly, experienced staff will make it our focus to save you as much money, time and headache as we possibly can. From exploring your down payment assistance options and charging zero fees on our loans to closing in a lighting fast 20 days, we want to make sure your time and energy are spent on the important things. Make your home buying journey simple and understandable by letting The Bally Team do the hard work for you.
FREQUENTLY ANSWERED QUESTIONS
Q. Is there a limit on my assets that would stop me from qualifying?
A. Qualifying homebuyers cannot have more than $20,000.
Q. Does the money in my retirement account count as an asset?
A. No it does not. Money in retirement accounts is excluded
Q. What is the maximum amount I can receive?
A. A total of $7,500 or 4% of the home’s value.
Q. What is the maximum income limit.
A. Maximum income limits range from $67,300 - $141,680, which is determined by location and household size.
Q. Is Down Payment Assistance restricted to homes in certain areas?
A. Yes, the program is restricted to homes in specific cities/counties.