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City of Grand Rapids Homebuyer Assistance Fund

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DOWNPAYMENT AND CLOSING COST ASSISTANCE

FOR FIRST-TIME HOMEBUYERS

How the Homebuyer Assistance Fund Works:
 Offers up to $5,000 in a zero-interest, second mortgage loan with no monthly payments.
 Assists with downpayment, closing costs and prepaid expenses.
 Available for homes located in the City of Grand Rapids CDBG General Target Area. Please refer to the map on the back of this page.
 Homebuyers must occupy the home as their primary residence for a minimum of five years. After five years, the loan is forgiven. If the home is sold or occupied by renters within five years, pro-rated payment of the loan is immediately due.
 May be used with almost every type of mortgage loan, including FHA, VA, conventional or other loan program. Land contracts are not eligible.
 Applications are provided by participating lenders. See listing on attached page.
Guidelines for Homebuyers
 Available to first-time homebuyers with household income not exceeding the maximum annual income limits. Please refer to the chart on the back of this page.
 Must be pre-qualified/approved for a mortgage loan from a participating lender.
 Homebuyer must contribute at least 1% of the sales price.
 Household assets may not exceed $5,000. See lender for more details on asset limits.
 Homebuyer must complete an approved Homebuyer Education course.
Types of Homes that Qualify
 Existing or newly-constructed single and two-family homes and condominiums located in the General Target Area may be purchased. Homes must be occupied by the existing owner, occupied by the homebuyer, or vacant. Additional conditions apply to two-families. HAF assistance is not available to finance rental properties or to refinance a currently-owned property.
Home must meet HUD/FHA Minimum Property Standards at the time of closing.
 Maximum purchase price for a single family home is equal to the maximum FHA mortgage limit.
 Structural, Mechanical, Electrical, Plumbing and Termite inspections are required.
 Property must meet Program guidelines regarding Lead-based Paint.
FOR MORE INFORMATION ABOUT THE HOMEBUYER ASSISTANCE FUND CONTACT A PARTICIPATING LENDER LISTED ON THE ATTACHED PAGE
City of Grand Rapids Community Development Department 616-456-3677

INCOME LIMITS/DEFINITIONS

MEDIAN
INCOME
1-Person 2-Person 3-Person 4-Person 5-Person 6-Person 7-Person 8-Person
LOW – MODERATE
MEDIAN INCOME
(80% AMI)
33,400 38,200 42,950 47,700 51,550 55,350 59,150 63,000
For households in excess of eight members, 8% of the four-person base should be added to the eight person income limit. This
amount should be rounded to the nearest $50.00.
Annual income is generally defined as the gross amount of income anticipated to be received by all adults in a family during the 12
months following the effective date of the determination. However, there are exceptions to this. Please contact a participating lender
for specific information regarding income eligibility. Income Limits subject to change.
City of Grand Rapids Community Development Department 616-456-3677

HOMEBUYER ASSISTANCE FUND
PARTICIPATING LENDERS
Applications for the Homebuyer Assistance Fund must be made through any one of the participating mortgage lenders listed below. Please call a Mortgage Lender in advance to arrange a time to meet with a loan officer.
Amera Mortgage Corp.
1971 E Beltline Ave NE
Suite 200
Telephone: 389-1094

Bank of America
40 Pearl St NW
Telephone: 451-7579

Bank of Holland
51 Ionia Ave SW
Telephone: 243-1903

Chemical Bank
2185 3-Mile Rd NW
Telephone: 785-3400

Diamond Residential Mortgage Corp.
4565 Wilson Ave SW, #4A
Telephone: 532-3000

Exchange Financial Corp.
3243 East Paris SE
Telephone: 957-3480

Evolve Bank & Trust
2305 East Paris SE #101
Telephone: 284-4502

Fifth Third Mortgage
1850 East Paris SE
Telephone: 653-9621

First Place Bank
4175 Parkway Pl SW
Suite 100
Telephone: 724-3880

Huntington Mortgage Co.
1241 East Beltline NE #200
Telephone: 771-6396

Independent Mortgage Co.
4200 East Beltline NE
Telephone: 363-1209

Lake Michigan Credit Union
4027 Lake Dr SE
Telephone: 242-9790

Lender Ltd.
100 Grandville Ave SW #300
Telephone: 458-4500

Summit Home Mortgage
5670 Arroyo Vista NE
Telephone: 884-0777

Wells Fargo Home Mortgage
3152 Peregrine Dr NE
Telephone: 447-4675

HOMEBUYER EDUCATION PROVIDERS

The following agencies are approved by the City of Grand Rapids to provide education and counseling to homebuyers.
LINC (formerly Lighthouse Communities) Inner City Christian Federation (ICCF)
1167 Madison Ave SE 920 Cherry St SE
(616) 451-9140 (616) 336-9333

New Development Corp. Oakdale Neighbors
228 Carrier St NE 1260 Kalamazoo Ave SE
(616) 361-7500 (616) 248-2848