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NSP was passed by Congress in 2008 under President Bush
and as of this writing--March 23, 2009--we are just seeing the monies hit the county level. The purpose of this program is to help sell the vacant foreclosed homes for sale that liter our Macomb County neighborhoods.
The State of Michigan grant was the third highest in the country at $263,000,000. Macomb County will be receiving $9,800,000. 60% will be going to the high targeted areas of Mt. Clemens, Eastpointe and Centerline, while the remaining 40% will be spread out among the other cities and townships outlined in the county's brochure in grey. In addition, Saint Clair Shores and Roseville will be receiving $3,100,000 and Clinton Township, Sterling Heights and Warren will be receiving a total of $20,100,000. Monies have also been set aside for planning and Administrative use.
Buyers must fall into the income limits as stated below. They must purchase the home as an owner occupant (live in the home), must attend home buying classes, must qualify for the loan and be willing to purchase a foreclosed home in the areas designated by the county or city/townships offering NSP. For more information view this brochure.
The grant money is to help buyers with down payment, closing costs and fix up costs, if necessary. The program is on a first come, first serve basis and the monies will move fast. The loans will have no interest and no payments and you will only need to pay the loan back, if and when you sell, refinance or change title. At this point the county stated that any loans coming out of the $9.1 m will be forgiven after 15 years. We will receive more information as it comes from the other cities and townships.
Home buyers at or below the median income are eligible based on their income as noted in the chart to the right. However, at least $25% of the funds must go to the buyers that are at or below the 50% AMI as seen to the right.
For more information feel free to give us a call or drop us a line and we will help you through the process. Again funds are on a first come first service basis and monies will move quickly.
We can also assist you with mortgage Representatives to see if you qualify.
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| Family Size |
50% AMI |
120% AMI |
| 1 |
$24,450 |
$58,700 |
| 2 |
$27,950 |
$67,100 |
| 3 |
$31,450 |
$75,500 |
| 4 |
$34,950 |
$83,900 |
| 5 |
$37,750 |
$90,600 |
| 6 |
$40,550 |
$97,300 |
| 7 |
$43,350 |
$104,000 |
| 8 |
$46,150 |
$110,700 | |
If you purchase a home in 2009 you may also qualify for the First-Time home buyer $8000 tax credit. |
