Northwest Michigan Habitat for Humanity Home Ready Program

What is Northwest Michigan Habitat for Humanity Home Ready Program?

Northwest Michigan Habitat for Humanity Home Ready Program is a first mortgage for homebuyers in Petoskey, Michigan, administered by Northwest Michigan Habitat for Humanity.

• Northwest Michigan Habitat for Humanity's Home Ready program partners with lenders to create affordable mortgage products for buyers in Emmet and Charlevoix counties, eliminating barriers such as high interest rates, down payments, and closing costs and ensuring homeowners pay no more than 30% of income toward housing. Buyers own both the home and land, complete homebuyer education, and pledge 200 hours of sweat equity within two years of purchase.
• Affordable lender-partnered mortgage.
• Housing costs capped at 30% of income.
• Own home and land.
• Homebuyer education.
• Funding comes from Private donations; partnered lender mortgage products.

Do you have to pay it back?

Northwest Michigan Habitat for Humanity Home Ready Program is a first mortgage and is repaid under the terms set by Northwest Michigan Habitat for Humanity.

• The assistance is recorded in First position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Northwest Michigan Habitat for Humanity Home Ready Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Northwest Michigan Habitat for Humanity Home Ready Program sets its income limit as follows: Household income must fall below published income caps for Emmet or Charlevoix County (caps vary slightly by county; published on program page).

• 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?

Northwest Michigan Habitat for Humanity Home Ready Program caps the purchase price as follows: Housing costs capped at no more than 30% of income.

• Eligible property types include Single Family.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Northwest Michigan Habitat for Humanity Home Ready Program serves buyers purchasing in Petoskey, Michigan.

How do you apply?

Applications for Northwest Michigan Habitat for Humanity Home Ready Program go through Northwest Michigan 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 Northwest Michigan Habitat homebuyer education courses.

2. 2

   Contact Northwest Michigan Habitat for Humanity to reserve funds

   Funds are reserved with the provider 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.