Homebuyer
Assistance
Down Payment & Grant Resources
Buying a house is a big financial investment, but we’ve put together resources and tips to help ease the stress of saving money for a mortgage down payment, or buying your first house. If you have any questions, simply give us a call at 800.442.2800, or reach out to one of our knowledgeable local mortgage lending experts.
First-Time Homebuyer Resources
To help make the dream of buying your first home a reality, we’ve provided some resources you may find helpful when it comes time to start saving money, or to pay for other costs.
Homeownership Opportunities Program (HOP)
The Homeownership Opportunities Program (HOP) is a grant to assist qualifying first-time home buyers with their down payment and closing cost needs. Qualifying households could get up to $5,000 in assistance!
Program Qualifications
- Be a first-time homebuyer at or below 80% area median income
- Purchase a single-family home, condominium, duplex, or modular unit
- Contribute a minimum of $1,000 towards the purchase of the home
- Complete a required homebuyer counseling course
- Don't allow for total housing debt to exceed 35% of total household income
Get Started
Simply email our Mortgage Lending Team at mtgservicing@honorcu.com and let them know you’re interested in the HOP program.
First-Time Home Buyer Savings Program
The Michigan First-Time Home Buyer Savings Account Program allows first-time homebuyers to open an account and designate it as a “first-time homebuyer savings account” to be used to buy a single family home in Michigan.
Details
- First-time homebuyers & family members can contribute & withdraw from the account tax-free
- Up to $5,000 for a single tax return & $10,000 for a joint return can be claimed on annual state income taxes
- Accrued interest is tax exempt as long as it's used for the home purchase
- The account has a contribution cap of $50,000
Get Started
We’d be happy to help you set up your special homebuyer account. Simply stop by a local member center, or give us a call at 800.442.2800.
Down Payment Assistance
We understand you might feel pressure to save up enough money for a mortgage down payment. But, we are excited to provide a solution for buyers! The Freddie Mac BorrowSmartSM program provides assistance up to $2,500 for income-qualified borrowers to be used towards the down payment, or closing costs required to finance a home.
Get Started
For more details, and to see if you qualify, simply give us a call at 800.442.2800
The BorrowSmartSM Journey
Complete Program Eligibility Assessment
- Available to borrowers who meet program income qualifying criteria.
- Program only eligible for house purchases within the state of Michigan.
Homebuyer Counseling*
- Receive insights and expertise from U.S. Department of Housing and Urban Development (HUD)-certified counselors.
- Review your mortgage readiness.
- Develop a budget and action plan to ensure you’re prepared to own your new home.
Purchase Your New Home
- No first-time homebuyer requirement.
- Funds can be applied to help qualify you for the Freddie Mac Home Possible® mortgage which offers a low, 3% down payment financing option.
1. Complete Program Eligibility Assessment
- Available to borrowers who meet program income qualifying criteria.
- Program only eligible for house purchases within the state of Michigan.
2. Homebuyer Counseling*
- Receive insights and expertise from U.S. Department of Housing and Urban Development (HUD)-certified counselors.
- Review your mortgage readiness.
- Develop a budget and action plan to ensure you’re prepared to own your new home.
3. Purchase Your New Home
- No first-time homebuyer requirement.
- Funds can be applied to help qualify you for the Freddie Mac Home Possible® mortgage which offers a low, 3% down payment financing option.
*Homebuyer counseling is a requirement to participate in this program. There is a $99 counseling fee that is paid by the borrower.
Homeownership Preservation Foundation (HPF) provides access to U.S. HUD-approved housing counseling organizations that implement numerous financial education and housing programs across the nation.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for homebuyers and renters in communities nationwide.
Income-Qualified Home Owner Programs
NIP
AMP
these two aren’t necessarily about buying homes – more for updates
where do these two live? not tied to any products. HUB story, blog,
Our Experts Can Help
Our team of mortgage lending experts across the state of Michigan are ready to guide you through the entire home buying experience, from pre-approval to closing. Come tell us your story. We look forward to helping you!
Our local mortgage lending experts know your community because they live and work there
Your mortgage lender will be with you through the entire process, from pre-approval to closing
Our team can give you helpful payment info and other insights about the process
Tell our team your story. We're sure to have a solution to fit your needs, and your budget.
Get Pre-Approved
You never know when you are going to find the house that checks all of your boxes, so we suggest you get pre-approved so you can shop with confidence knowing how much house you can afford in a hot housing market. Your Honor Credit Union mortgage pre-approval is good for 120 days, or about four months.
Get Pre-Approved
Online
Fill out our easy online pre-approval application 24/7 to start the process.
Apply With
A Local Lender
Start the application process with a mortgage lending expert in your area.
Homebuying Tips
We want to make sure your home buying experience is as easy as possible. We’ve dedicated a section of our blog to mortgage and home buying topics. We hope you find them helpful. If you have questions, reach out to our Mortgage Team or give us a call at 800.442.2800.
Frequently Asked Mortgage Questions
Getting pre-approved is easy! You can simply apply online 24/7. You can also contact a local Honor mortgage lender to set up an appointment. One of the advantages of working with Honor Credit Union for your home loan is the comfort you will feel knowing you can contact your lender directly or stop by his or her office anytime you have questions. Another advantage is that our lenders live in the markets they serve, and all decisions are made locally.
Once your offer to purchase a home has been accepted and signed, you are ready to meet with your lender to turn your pre-approval into a loan application. Please download the document below for a checklist of items that must be provided to your lender in order for them to lock in your interest rate and process your application in a timely manner.
Yes! In fact, applying to get pre-approved for a home mortgage loan is the FIRST thing you should do before you begin your search for the perfect home.
During this process, your lender will provide guidance on the best loan option to fit your situation along with an approved loan amount. Your lender will also give you a pre-approval letter, which signifies that you are a qualified buyer. You can share this letter with your realtor to include with your offer to purchase a home. Not only will your pre-approval letter add more weight to any offers you submit, but it will also guide your home search.
Mortgage interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy.
Over time, inflation has the largest influence on the level of interest rates. A modest rate of inflation will almost always lead to low interest rates, while concerns about rising inflation normally cause interest rates to increase. Our nation’s central bank, the Federal Reserve, implements policies designed to keep inflation and interest rates relatively low and stable.
Private Mortgage Insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender if you stop making payments on your loan.
PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required.
An escrow account is where funds are held by the lender to make payments for your homeowners’ insurance and property taxes. Lenders will collect those funds monthly along with your loan payment and then pay the tax and insurance bills when they are due. Generally, the funds are included in your total monthly payment. Since the price of property taxes and insurances can fluctuate, so can the amount needed for your escrow account to cover those bills. Sometimes this can change your required monthly payment.
Honor Credit Union is a proud member of:
*APR = Annual Percentage Rate. Your rate may be different depending on your credit profile and home value. Rates are subject to change without notice. Additional restrictions may apply.
