Lake Michigan Credit Union (LMCU) has debuted HomeAssist, a down payment assistance program for first-time homebuyers.
The program – which has been initially funded with $1 million for its launch – offers eligible borrowers $10,000 to use toward their down payment and closing costs. To qualify for HomeAssist, applicants must be first-time homebuyers applying through LMCU, must intend to purchase a primary residence in Michigan or Florida, and must have household income at or below 120% of the local Area Median Income.
The program also requires at least one applicant must identify as Black, African American, or Hispanic. The credit union stated the program was designed to address the homeownership gap for minority households, hence the exclusion of all-White households from consideration.
“As a community-focused credit union, we at LMCU believe everyone deserves a chance to be a homeowner,” said LMCU President and CEO Julie Leonard. “That’s why HomeAssist is such a powerful resource: not only are we giving first-time homebuyers a little extra help, but when our members who are parents own their homes, their children are more likely to own houses of their own one day. We really want to be a factor in starting a chain reaction of positive impact.”
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