The Down Payment Assistance Program is designed to assist Sault Tribe members in becoming owners of structurally sound homes. The funds are Housing and Urban Development dollars restricted to low-income members. Eligible applicants could receive up to $9,500 to be applied towards down payment and closing costs. Each participating applicant will need to contribute $500 of their own money to receive the maximum grant of $9,500 or 20 percent of the home’s purchase price. This program is open to members residing in the tribe’s service area, which covers Chippewa, Luce, Mackinac, Alger, Schoolcraft, Delta and Marquette counties in the Upper Peninsula of Michigan.

The application period ends March 19, 2010.

The program is open to members whose total incomes are at or below 80 percent of the area median income, adjusted for family size. Participants must obtain mortgages with local lenders. The Housing Authority will assist applicants in demonstrating that they have stable incomes and the ability and willingness to meet financial obligations.

Program funds are available to lower the cost of buying a home. Funds will be in the form of a note applied as a lien against the property. No monthly payments apply; the amount depreciates 20 percent each year and is forgiven after five years.

Trained staff will assist eligible applicants in successfully working through the process of making applications to banks or other lenders for mortgage loans, assist with inspection concerns and aid in the real estate process.

Borrowers are required to participate in the Homebuyer Education sessions designed to help homebuyers in understanding and fulfilling the responsibilities of homeownership.

If you have any questions, please call homeownership specialists Dana Patrick or Ryan Madigan at (906) 495-1450 or toll free at (800) 794-4072.