First Time Home Buyer Assistance
In collaboration with the Federal Home Loan Bank of Atlanta, Mackinac offers several excellent assistance programs for 2016 to first time homebuyers nationwide. Applicants cannot have owned a home within the last 3 years. The home to be purchased must be their primary residence. Some programs have income requirements determined by family size and location of the home. Borrowers receive pre-closing financial counseling. Mackinac is a nationwide lender.
The assistance is in the form of a zero interest no payment loan that is forgiven after 5 years of occupancy.
Review these programs for your eligibility:
$10,000 for veterans who have served in an overseas military intervention.
$7,500 for veterans who have not served in an overseas military intervention.
Workers in Healthcare, Law Enforcement, Education, Firefighting
$7,500; Borrower must provide $1 of their own funds for every $4 of assistance.
First Time Homebuyers Who Do Not Meet the Above Guidelines
$5,000; Borrower must provide $1 of their own funds for every $4 of assistance.
The pool of funds for this assistance is limited, and in previous years has been exhausted before year-end. For more details, contact a loan officer, or visit http://corp.fhlbatl.com/files/documents/ahp-setaside-brochure.pdf