Housing Assistance Program

Buying your first home can be a challenge. To make it easier, we offer the Housing Assistance Program, providing up to $3,000 for qualified closing costs. Created in partnership with the Michigan State Housing Development Authority (MSHDA) the program makes a good thing even better.

It starts with MSHDA's MI Home Loan Program, where first-time homebuyers can qualify for a zero-interest loan up to $7,500* to assist with down payment, closing costs, and/or prepaids. In addition, Bank of Ann Arbor will provide a grant up to $3,000 for qualifying buyers to cover allowable closing costs. That's up to $10,500 in assistance to put your dream of a new home within reach.

Program Advantages

  • Down payment assistance for MSHDA-qualifying buyers purchasing a primary residence (see MSHDA's program requirements and limits at Michigan.gov/Homeownership).

How It Works

  • Bank of Ann Arbor will provide a grant up to $3,000 to be applied towards all allowable closing costs and prepaid expenses as allowed by the MSHDA program.
  • The bank will require completion of a MSHDA approved homebuyer education course.
  • The grant is available for buyers who qualify for MSHDA's MI Home Loan Program.
  • The grant is available to first-time homebuyers (repeat homebuyers in MSHDA targeted areas) in conjunction with the homebuyers' participation in the MI Home Loan Program.
  • Homebuyers must not exceed MSHDA's income and sales price limits.
  • The home to be purchased must be occupied as a primary residence by the homebuyer.

Learn More

We're committed to helping you afford your first home. Have questions? Call a Bank of Ann Arbor mortgage expert at 734.662.1600.



Equal Housing Lender NMLS #718852

Subject to credit approval and acceptable appraisal. Qualified borrowers must be participating in MSHDA's MI Home Loan Program. One grant per home purchase transaction. Borrowers must carry insurance on the property that secures a loan and flood insurance may be required. Any taxes or additional conditions imposed by the city, state or county in which the subject property is located will be the borrower's sole responsibility. Other terms and conditions may apply. Program terms and conditions are subject to change at any time without notice.


* MSHDA's MI Home Loan Program subject to terms and conditions. Visit Michigan.gov/Homeownership to learn more.





Mortgage

 
We’ve donated more than $1,000,000 to 261 local non-profits since we were founded in 1996.

We've donated more than $1,000,000 to 261 local non-profits since we were founded in 1996