Lakeshore Habitat for Humanity Homeownership Program

What is Lakeshore Habitat for Humanity Homeownership Program?

Lakeshore Habitat for Humanity Homeownership Program is a forgivable loan for homebuyers in Holland, Michigan, administered by Lakeshore Habitat for Humanity.

• Lakeshore Habitat for Humanity equips low-to-moderate income families and individuals in the greater Holland/Zeeland area (Allegan and Ottawa counties) to become homeowners through homebuyer education, sweat equity, and an affordable Habitat mortgage. The program includes down payment assistance forgivable-loan funds of up to $12,000 toward prepaid expenses, closing costs, and principal reduction, plus up to $350 reimbursement for pre-purchase counseling. Applicants must save a $4,000 down payment, have a 620+ credit score, and a DTI under 43%.
• Affordable Habitat mortgage.
• Up to $12,000 forgivable DPA for closing costs/prepaids/principal reduction.
• Up to $350 homebuyer-education reimbursement.
• Homebuyer education and financial coaching.
• Energy-efficient new home.
• Funding comes from Lakeshore Habitat for Humanity (donations, grants) plus down payment assistance funding for prepaid/closing/principal reduction.

How much assistance does it provide?

Lakeshore Habitat for Humanity Homeownership Program offers up to $12,000 in assistance.

• Buyer contribution: Families must be able to save $4,000 by the time of closing for a down payment.
• Amounts are the program's published maximums, not an offer — Lakeshore Habitat for Humanity determines any individual award.

Do you have to pay it back?

Lakeshore Habitat for Humanity Homeownership Program is a forgivable loan, so the balance is forgiven once the program's conditions are met.

• Repayment is triggered by Affordable first mortgage held/serviced by Habitat; DPA forgivable-loan funds subject to recapture if resold before the affordability period elapses (specific trigger not stated on official page).
• The assistance is recorded in First (Habitat mortgage); DPA recorded as subordinate forgivable loan position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Lakeshore Habitat for Humanity 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?

Lakeshore Habitat for Humanity Homeownership Program sets its income limit as follows: Families must have and maintain annual gross income within Lakeshore Habitat's published income guidelines (income range table posted as an image on the official page; specific dollar figures by household size not machine-readable). Income-based program (low-to-moderate income).

• 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?

Lakeshore Habitat for Humanity Homeownership Program can be used for Single Family.

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

Where does it apply?

Lakeshore Habitat for Humanity Homeownership Program serves buyers purchasing in Holland, Michigan.

• The program targets specific areas: Building activity currently concentrated in Holland, MI (greater Holland/Zeeland area).

How do you apply?

Applications for Lakeshore Habitat for Humanity Homeownership Program go through Lakeshore Habitat for Humanity, 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 Lakeshore Habitat for Humanity homeownership/financial classes; Homeowner Services Coach.

2. 2

   Contact Lakeshore Habitat for Humanity to reserve funds

   Funds are reserved through Application opens only when a build cohort is active; interest-notification sign-up list maintained between cycles., 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.