Help when buying a house

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There are a few programs through the state that will help you when trying to buy a home and your low income. When trying to find these programs check your state housing and development agency. They usually offer a few programs that will help pay for a down payment on a house. There are different loans and even grants that will pay for your down payment. Here are a few that are offered in Michigan. Trust me I'm going to look into this myself.

NSP 80/20 Loan Program
The abandoned or foreclosed property has been purchased, rehabbed, and is now being sold by a MSHDA Grantee or Non-Profit Agency to an eligible borrower who is obtaining 100% financing from the Homeownership Division.

NSP Acquisition Rehab Loan Program
The eligible borrower purchases an existing abandoned or foreclosed property and the Homeownership Division provides downpayment assistance up to $10,000 for properties not requiring repairs, or up to $25,000 if including the cost of repairs.
With both programs, the second lien is a 0%, non-amortizing loan, forgivable over a 10 year term at 10% per year.These programs were effective July 7, 2009 through MSHDA-approved participating lenders, and reservations will be accepted until September 1, 2010. You may contact a lender to participate in this program, or for further information contact MSHDA at (517) 373-6840.

HUD Areas of Greatest Need
The Foreclosure Risk Score of the property must be 6 or greater to qualify for these products. Please use the following links to determine the Risk Score.