Michigan Mortgage Review Worksheets
Description
How to fill out Mortgage Review Worksheets?
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FAQ
Low-income household: income of 80% AMI ($50,240) or less. very low-income household: income of 50% AMI ($31,400) or less. extremely low-income household: income of 30% AMI ($18,840) or less.
You must have a 45% debt-to-income ratio. No liquid asset minimums needed. This home must be your primary residence.
Eligible income limits range from $84,200 to $164,900, depending on the where the home is located and the number of household members. Your Michigan First Mortgage Loan Officer will be able to quickly determine income eligibility requirements in every Michigan zip code.
How Much Can I Get? Households can receive up to $25,000 in assistance. You can only get assistance one time per household. Funds are given on a first-come, first-served basis within the program's priority guidelines.
The Homeowner Assistance Fund was established under section 3206 of the American Rescue Plan Act of 2021 (the ARP) to mitigate hardships associated with the coronavirus pandemic by providing funds to prevent homeowner mortgage delinquencies, defaults, foreclosure, loss of utilities or home energy services and ...
Who is eligible for the Michigan Lifeline program? 150% of 2023 Poverty GuidelineNumber of Household MembersAnnual Income (AGI)1$21.8702$29,5803$37,2906 more rows
To qualify, you must meet the following requirements: Complete Homebuyer Education classes. Have a minimum credit score of 640-660 (depending on the type of home). Meet household income limits based on area and household size.
In order to begin receiving cash assistance, a family's total household income must be no higher than $814 per month, which equates to only 42% of the federal poverty line for 2022.
