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.

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.

Northwest Michigan Habitat for Humanity Home Ready Program 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. On credit, the program states: Must receive mortgage approval of at least $190,000 from a partnered lender. A homebuyer education course is required, through Northwest Michigan Habitat homebuyer education courses. Residency requirement: Must live OR work in Emmet or Charlevoix County. Must live or work in Emmet or Charlevoix County. Must receive mortgage approval of at least $190,000 and have reliable income. Pledge 200 sweat equity hours within 2 years of purchase. Income caps published on program page (vary by county). Provider email not published online - contact by phone.

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.

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.

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

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. 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.