The Calhoun County Treasurer’s Office has partnered with Independent Bank to launch a homebuyer assistance program.
Applicants who meet the qualifications are eligible for up to $6,000 in down payment assistance from the County Treasurer’s Office, and up to $2,000 from Independent Bank to help cover closing costs.
Requirements include purchasing a primary residence in Calhoun County, a household income at or below 120% of the county’s Area Median Income, attending pre-purchase homebuyer counseling, financing the purchase through Independent Bank and contributing at least $1,000 towards home purchase.
“It doesn't cost them anything and it's online, but we really want successful homeowners. Because going from being a renter, for example, into a homeowner, there's a lot of things you might not consider,” said Executive Vice President for Independent Bank Patrick Ervin about the homebuyer training program.
Melinda Weaver is the Calhoun County treasurer; she helped put this program into place.
The homebuyer assistance program is an opportunity to give back to the community in an affordable way for the county, according to Weaver.
“I just think with the housing issues we have across the United States, I'm excited to be able to help somebody get a home,” Weaver said.
Homeownership and building assets are critical to developing generational wealth, according to Ervin.
“That's why we put all these tools out there. You know there's not only making a living as a mortgage lender, but it's making a difference in people's lives and it's rewarding,” Ervin said.
There are similar programs in Kalamazoo and Oakland counties. Applicants do not need to be first-time homebuyers in Kalamazoo and Calhoun counties. In Oakland County, they must be first-time homebuyers.
Independent Bank also has a mortgage-ready program, that Ervin says work particularly well with the homebuyer-assistance programs.
The bank has an arrangement with the nonprofit financial counseling service GreenPath for applicants who do not meet the requirements for a mortgage, such as credit score.
For applicants who enroll in the program, Independent Bank will pay $500 on their behalf to GreenPath for a credit repair and counseling program, according to Ervin.
Once they graduate, Independent Bank will give the person $250 in an Independent Bank checking account. They are also considered “mortgage ready.”
Once applicants find a house they want to purchase, they can receive an additional $750 toward the purchase. That is on top of the down payment assistance and closing cost assistance, according to Ervin.
“That program has been very effective and we are getting people into the program and then out the other end and putting them in houses that they just not would not have been able to get to at all, you know, six months before,” Ervin said.
The mortgage-ready program is available throughout the 25 counties that Independent Bank serves.
