First-time homeowners can take advantage of money-saving program

DEARBORN – A new program is giving lower-income people the chance to own a first house in the city.

The city’s Department of Economic & Community Development is accepting applications for this program, called First Time Homebuyer Assistance program, but they will only be available for a limited time.

The program allows lower-income persons or families to purchase a newly renovated Dearborn home, which was once foreclosed.

Benefits of the program include the ability to subsidize the mortgage principal amount so that house payments will be affordable. And, the homeowner might also quality for $5,000 toward the down payment or the closing costs.

An interested person must be a first-time homebuyer, successfully complete an eight-hour U.S. Department of Housing and Urban Development-approved counseling program, be “mortgage ready,” and have annual household income that is at or below 120 percent of area median income. Other eligibility requirements will apply.

This program is part of the HUD Neighborhood Stabilization Program, which was authorized to assist states and local governments in addressing the effects of abandoned or foreclosed properties.

The city would acquire and rehabilitate eight or more foreclosed properties with the intent of selling to qualified homebuyers.

For further information, call the Dearborn Economic & Community Development Department at (313) 943-2180, Ext. 7.

More details can also be found at on the Department of Economic and Community Development page.