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Homeownership Program Albion
College and the Michigan State Housing Development Authority (MSHDA) have
partnered to bring an exciting new benefit to qualified faculty and
staff. This program which provides a MSHDA mortgage and down payment
assistance to purchase a home is consistent with Albion College’s commitment
to its employees and the community of Albion. This program is
available to employees with an annual household income of $72,600 or
less. There is a housing purchase limit of $224,250. Participants
who qualify will receive a home loan that is guaranteed to be at
least 1/8% less than the lowest published rate for a 30-year fixed
rate MSHDA home mortgage. (Income and purchase limits as of
12/19/2007, see
http://www.michigan.gov/mshda/0,1607,7-141-5485_5486-99920--,00.html
for up-to-date limits.) Benefits of Homeownership • Every monthly payment is an investment in your future. • Interest is tax-deductible. • Homeowners have a greater involvement and investment in the community. • Realizing the dream of homeownership is a source of pride and accomplishment.
Benefits of Employer Assisted Housing
• Being located closer to work means reduced commuting time. • You will receive assistance with completing the home-buying process. • This win-win program can help foster a strong relationship between you and your employer. Program Guidelines • Available to tenured/tenure-track faculty and full-time staff in good standing. • Albion College will make available on a first- come, first-served basis, a 5-year forgivable personal loan. Not repayable unless the employee leaves the College within 5 years. • Down payment assistance will come in the form of a check at closing to cover the down payment and/or the closing costs. • The down payment assistance amount from Albion College will be matched up to $5,000 by MSHDA for qualified employees. • To receive the down payment assistance the employee must meet the loan specifications from MSHDA, be pre-approved by a MSHDA-participating lender and attend a homeownership class through a MSHDA-certified counselor. • Employee cash assets cannot exceed $10,000. Retirement accounts or 401K plans will not count as a cash asset. Cash, stocks, bonds and real estate equity are all considered cash assets. • The employee must contribute 1% of the sales price of the home for closing costs, down payment or prepaid fees such as insurance or taxes. Dollar amounts indicated are subject to change as determined by MSHDA. 8 Easy Steps to Homeownership 1. Be sure you meet the minimum requirements as described by Albion College. 2. Express your interest in the program to Albion College’s Human Resources Office. Get all necessary documentation of your qualification for this benefit. 3. Attend and complete an approved home- ownership counseling class. 4. Work with a local MSHDA-participating lender to pre-qualify for a mortgage. 5. Shop for your new home within the geographic boundaries prescribed by the College. 6. Upon completing an offer to purchase, obtain the College’s approval of your selected home. 7. Work with your lender to prepare for closing. 8. Get ready to move in! Local MSHDA-Approved Counselors
Community Action Agency of South Central Michigan - Albion 517-629-9403 Jackson Affordable Housing Corporation 517-788-4626 Community Action Agency - Jackson 517-784-4800
Local MSHDA-Approved Lenders Citizens Bank - Greg Shack - 517-788-2804 Chemical Bank - Rebecca Vettel - 800-943-7386 County National - Don Germann - 517-849-0201
For additional information and a printable brochure in Adobe format click here. |
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Albion College ◦ Albion, Michigan
◦ 517/629-1000
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