Homeownership Programs

Our homeownership programs help low- and moderate-income households purchase a quality, affordable home. These programs are available for specific homes in Oakland and Macomb counties that have been purchased and rehabilitated by Community Housing Network.

Homes are 100% move-in ready, up-to-date, and energy efficient
Purchase price set based on appraised value
Approved homebuyers receive assistance based on their personal financial situation to reduce the mortgage payment and/or closing costs
Homebuyer assistance is provided through a zero-interest, zero-payment, “soft second” mortgage* with the county
Homebuyers should have a minimum of 1% of the home’s purchase price available in personal funds at time of closing

Determine if your income fits within our program limits (reference table above)
Determine if the homes available are right for your family size. Most of our homes are 2-3 bedrooms, 900-1200 square feet, one-story ranches), with the assumption that no more than two people will be in each bedroom.
Fill out the initial eligibility screening and submit it so your initial eligibility can be determined
Get pre-approved for a loan from a knowledgeable lender.
Complete a MSHDA-approved Homebuyer Education class
Gather all required documents for the application process (NOTE: documents are only good for six months, so do not gather required documents until you are ready to apply)
Submit county-specific loan application to CHN

A soft second mortgage is an interest-free mortgage, and no payment is due until you move out of your home. It will help lower your monthly mortgage payment by bringing down the interest rate and/or covering a large portion of your down payment. The amount of your soft second mortgage is determined by the county within which you apply, calculated based on Federal guidelines. This mortgage is not intended to cover the full price of your home; therefore you must still obtain a standard mortgage from a bank or lender.

You may be eligible if you meet the following criteria:

Maximum household income is no greater than 80% Area Median Income
1 person householdmaximum income: 50,150
2 person household maximum income: 57,300
3 person household maximum income: 64,450
4 person household maximum income: 71,600
5 person household maximum income: 77,350
6 person household maximum income: 83,100
7 person household maximum income: 88,800
8 person household maximum income: 94,550
Tri-merge credit score of at least 620
Have a down payment of roughly 1% of purchase price at closing
1. Note: This is a rough estimate. Many times after the homebuyer’s assistance and mortgage loan are factored into the closing cost, there can be a balance that still needs to be paid by the homebuyer.
No bankruptcies within the last two years
No foreclosures within the last three years