@Home Access is a down payment assistance option designed to help qualified Michigan homebuyers reduce the amount of money they may need upfront when purchasing a home.
Eligible borrowers may receive up to 3.5% of the lesser of the purchase price or appraised value to help with the down payment and/or closing costs.
And here's something many buyers don't realize: you don't have to be a first-time homebuyer to qualify.
@Home Access is paired with an FHA first mortgage and the assistance is provided through a 10-year second mortgage. The second mortgage has monthly payments and is not forgivable, so we'll make sure you understand both loans and the total monthly payment before deciding whether the program is right for you.
Qualified borrowers may receive up to 3.5% of the lesser of the home's purchase price or appraised value through @Home Access.
The funds may be used toward your down payment and/or closing costs, helping reduce the amount of money you may need to bring to closing.
The assistance is provided through a 10-year, fully amortizing second mortgage with monthly payments. The interest rate on the second mortgage is 2% higher than the rate on the FHA first mortgage.
Because every buyer's situation is different, we'll show you how the first and second mortgage work together—including the estimated monthly payments and cash needed to close—so you can decide whether @Home Access makes sense for you.
@Home Access is available to qualified homebuyers using an FHA mortgage to purchase a primary residence. You do not have to be a first-time homebuyer, and borrowers may have ownership in another property, subject to FHA guidelines.
Eligibility requirements include:
Manually underwritten loans have additional credit score and debt-to-income requirements. We'll review your individual situation to determine whether @Home Access may be an option for you.
@Home Access may be used to purchase several types of eligible properties, including:
The property must meet applicable FHA requirements and be purchased as the borrower's primary residence.
If you're considering a property and aren't sure whether it qualifies, we'll help you determine whether it may be eligible for @Home Access before you move forward.
@Home Access combines an FHA first mortgage with a second mortgage that provides the down payment assistance.
The second mortgage has a 10-year term with monthly payments and is fully amortizing, which means the balance is paid down over the term of the loan. The interest rate on the second mortgage is 2% higher than the rate on the FHA first mortgage.
The second mortgage is not forgivable and cannot be subordinated. If you refinance before it has been paid in full, the remaining balance of the second mortgage must be paid off.
Before you move forward, we'll show you the estimated payment for both mortgages so you can see the complete picture—not just the assistance you're receiving at closing.
No. @Home Access does not have a first-time homebuyer requirement. Qualified repeat homebuyers may also be eligible.
No. The assistance is provided through a 10-year, fully amortizing second mortgage. It is not forgivable, and monthly payments are required.
No. @Home Access does not have a maximum household income limit. Borrowers must still meet applicable FHA and program qualification requirements.
Qualified borrowers may receive up to 3.5% of the lesser of the home's purchase price or appraised value.
Yes. The assistance may be used toward the down payment and/or eligible closing costs. Borrowers cannot receive cash back from the down payment assistance proceeds.
Yes. The second mortgage has a 10-year fully amortizing term with monthly payments. The interest rate on the second mortgage is 2% higher than the rate on the FHA first mortgage.
If you refinance before the second mortgage has been paid in full, the remaining balance must be paid off. The second mortgage cannot be subordinated.
Yes. At least one borrower must complete an approved homebuyer education course from Fannie Mae, Freddie Mac, or a HUD-approved nonprofit counseling agency.
