LiveYpsi Homebuyer Assistance Program

LiveYpsi Homebuyer Assistance Program is a forgivable loan for homebuyers in Ypsilanti, Michigan, administered by Eastern Michigan University (Office of the President). LiveYpsi is an employer-assisted homebuyer program that provides eligible Eastern Michigan University (EMU) and EMU Foundation employees with a forgivable loan of $5,000 or $10,000 (depending on property location) to assist with the purchase of a primary residence in the City of Ypsilanti or designated areas of Ypsilanti Township. The loan is forgiven 20% per year over five years as long as the participant remains an eligible employee, occupies the home as their primary residence, and pays property taxes. Created in 2012 to stabilize neighborhoods around EMU's main campus, the program is funded by EMU and Washtenaw County. Eligible expenses include down payment, moving expenses, and home renovations. Forgivable loan of $5,000 or $10,000. 20% forgiven per year over 5 years. Usable for down payment, moving expenses, and renovations. Accrued interest also forgiven at year 5. Funding comes from Eastern Michigan University and Washtenaw County (seed funding originally provided by the DTE Foundation); subject to availability of funds.

LiveYpsi Homebuyer Assistance Program offers between $5,000 and $10,000 in assistance, depending on the award tier a homebuyer qualifies under. Award tiers: Two amount tiers based on property location: $5,000 or $10,000 (see LiveYpsi map). Homebuyer contribution: Not published. Amounts are the program's published maximums, not an offer — Eastern Michigan University (Office of the President) determines any individual award.

LiveYpsi Homebuyer Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by 20% of the loan is forgiven for each year the participant remains an eligible EMU/EMU Foundation employee, occupies the home as primary residence, and timely pays property taxes; failure to meet these terms before year 5 triggers repayment of the unforgiven balance plus accrued interest. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

LiveYpsi Homebuyer Assistance Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Not published on official program page. Residency requirement: Property must be the participant's primary residence located within the City of Ypsilanti or specific designated areas of Ypsilanti Township (per LiveYpsi map). Loan term: 5-year forgivable loan, 20% forgiven annually, contingent on continued eligible EMU/EMU Foundation employment (appointment of 50% or more), owner occupancy, and timely property tax payment. EMPLOYER-RESTRICTED: open only to regular employees of EMU and the EMU Foundation. Eligible uses include down payment, moving expenses, and home renovations.

LiveYpsi Homebuyer Assistance Program sets its income limit as follows: No income limit published; eligibility is based on being a regular EMU or EMU Foundation employee with an appointment of 50% or more, not on household income. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

LiveYpsi Homebuyer Assistance Program caps the purchase price as follows: Not published.

LiveYpsi Homebuyer Assistance Program serves homebuyers purchasing in Ypsilanti, Michigan.

Applications for LiveYpsi Homebuyer Assistance Program go through Eastern Michigan University (Office of the President), which publishes the current terms and the application steps on its own site. Funds are reserved through Application submitted to EMU (administered through the Office of the President); subject to availability of funds. 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.