City of Grand Rapids Homebuyer Assistance Fund (HAF)

City of Grand Rapids Homebuyer Assistance Fund (HAF) is a forgivable loan for homebuyers in Grand Rapids, Michigan, administered by City of Grand Rapids Community Development Department. City of Grand Rapids program offering up to $7,500 to low- and moderate-income homebuyers for down payment, closing costs, and prepaid expenses on a home within Grand Rapids city limits. Provided as a forgivable second mortgage with a 60-month term, forgiven pro-rata for each complete month the buyer resides in the home. Up to $7,500 toward down payment, closing costs, and prepaid expenses. Funding comes from Federal Community Development funds (HUD).

City of Grand Rapids Homebuyer Assistance Fund (HAF) offers up to $7,500 in assistance. Amounts are the program's published maximums, not an offer — City of Grand Rapids Community Development Department determines any individual award.

City of Grand Rapids Homebuyer Assistance Fund (HAF) is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Secured by a second mortgage/promissory note with a 60-month term; forgiven pro-rata each complete month of residence. Outstanding balance due if owner stops occupying as primary residence before forgiveness completes. The assistance is recorded in second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Grand Rapids Homebuyer Assistance Fund (HAF) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required. Household must have $10,000 or less in assets (or after closing). Property must be in Grand Rapids city limits, meet HUD/FHA minimum property standards, pass structural/mechanical/electrical/plumbing inspections, meet lead-based-paint guidelines, and have a purchase price at or below HUD-established limits. Applications must be submitted through a participating lender.

City of Grand Rapids Homebuyer Assistance Fund (HAF) limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% of Area Median Income (per published CDD income limits by household size). Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Grand Rapids Homebuyer Assistance Fund (HAF) caps the purchase price as follows: Purchase price at or below HUD-established limits.

City of Grand Rapids Homebuyer Assistance Fund (HAF) serves homebuyers purchasing in Grand Rapids, Michigan.

Applications for City of Grand Rapids Homebuyer Assistance Fund (HAF) go through City of Grand Rapids Community Development Department, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.