HOMEBUYER/PURCHASE REHABILITATION PROGRAM (HP/R)

No family requirement

Income between 40% to 80% of Bay County median

Reasonable credit or repairable credit

Purchase price limited to $182,100

Up to $5,000 down payment without children

Up to $10,000 down payment with children

Up to $20,000 toward rehabilitation, plus up to $10,000 for lead paint abatement

Workshop attendance

$10,000 asset cap

1% minimum down payment

Purchase home in targeted areas within City of Bay City or the City of Pinconning

ACQUISITION DEVELOPMENT/RESALE (AD/R)

No family requirement

Income between 40% to 80% of Bay County median

Good credit

Purchase price limited to $182,100 for new construction

Purchase price limited to $182,100 for rehabilitation

Up to $30,000 toward down payment and closing costs

Homeownership counseling

$10,000 asset cap

1% minimum down payment

Purchase home from Bay Area Housing, Inc.

First mortgage from MSHDA participating lender

*In the form of a second mortgage.

Current Homebuyer MAP of target areas