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BOAA's Housing Assistance Program

Bank of Ann Arbor (Honorable Mention) - Ann Arbor, Michigan

2021 Community Commitment Awards Submission

  • Entry Category: Affordable Housing
  • Asset Size: Small

First-time homebuyers are presented with many challenges throughout the homebuying process. To make purchasing your first home a little easier, Bank of Ann Arbor has developed a Housing Assistance Program in partnership with the Michigan State Housing Development Authority (MSHDA). The program is a housing assistance grant initiative to help first time homebuyers in low to moderate census track communities with income limitations. To qualify for Bank of Ann Arbor’s Housing Assistance Program, first-time, or repeat homebuyers in MSHDA targeted areas, must qualify for MSHDA’s MI Home Loan Program. The MSHDA program offers homebuyers a zero-interest loan up to ,500 for down payment assistance, closing costs, and/or prepaids. Bank of Ann Arbor will then provide a grant up to ,000 for qualifying buyers to cover allowable closing costs. The Bank of Ann Arbor grant is not a loan and there is no repayment expectation. The combined programs offered by Bank of Ann Arbor and MSHDA provide homebuyers up to ,500 in assistance toward their first home.

To qualify for BOAA’s Housing Assistance Program, homebuyers are required to complete the MSHDA approved homebuyer education course, as part of the prerequisite to qualify for MSHDA’s zero-interest loan. The homebuyer must not exceed MSHDA’s income and sales price limits, and the home to be purchased must be occupied as a primary residence by the homebuyer.

For more information regarding Bank of Ann Arbor’s Housing Assistance Program please visit https://www.boaa.com/personal/home-loans/housing-assistance.aspx.

Equal Housing Lender NMLS #718852