Habitat for Humanity Grand Traverse Region Homeownership Program

What is Habitat for Humanity Grand Traverse Region Homeownership Program?

Habitat for Humanity Grand Traverse Region Homeownership Program is down payment assistance for homebuyers in Traverse City, Michigan, administered by Habitat for Humanity Grand Traverse Region.

• Habitat for Humanity Grand Traverse Region partners with middle-income individuals and families who could not otherwise buy a home, helping them purchase a newly built or rehabilitated home with an affordable mortgage capped at 30% of gross income. The program explicitly includes down payment assistance, financial-management training, a personal mentor, and 200 sweat-equity hours per adult. Income is considered up to 120% of AMI; applicants need a 640+ credit score and personal debt under 11% of income.
• Down payment assistance.
• Affordable mortgage (payment capped at 30% of income).
• Personal mentor.
• Financial management training.
• Funding comes from Habitat for Humanity Grand Traverse Region (donations, grants, sweat equity).

Do you have to pay it back?

Habitat for Humanity Grand Traverse Region Homeownership Program is down payment assistance and is repaid under the terms set by Habitat for Humanity Grand Traverse Region.

• Repayment is triggered by Affordable Habitat mortgage with payment capped at 30% of gross income at closing; resale/affordability restrictions per Habitat policy.
• The assistance is recorded in First (Habitat mortgage) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Habitat for Humanity Grand Traverse Region Homeownership Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Habitat for Humanity Grand Traverse Region Homeownership Program limits household income to 120% of the area median income, which varies by county and household size.

• Income considered up to 120% of area median income (less income does not make a candidate more eligible). Illustrative qualifying examples (Leelanau County): adult couple up to $84,000/yr; two adults + two children up to $105,000/yr. Full dollar table by household size not published.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Habitat for Humanity Grand Traverse Region Homeownership Program can be used for Single Family.

• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Habitat for Humanity Grand Traverse Region Homeownership Program serves buyers purchasing in Traverse City, Michigan.

How do you apply?

Applications for Habitat for Humanity Grand Traverse Region Homeownership Program go through Habitat for Humanity Grand Traverse Region, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Habitat GTR Financial Management/Budgeting/Home Maintenance classes; Habitat Michigan financial coaching.

2. 2

   Contact Habitat for Humanity Grand Traverse Region to reserve funds

   Funds are reserved through Interest form then application/selection by volunteer family selection committee., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.