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Homeownership Assistance
Below is a list of some of the many different homeownership assistance resources and provisions provided by the government to address the housing crisis.
It is my hope that you will find the information below resourceful during these currently difficult economic times.
Homeownership Counseling
The Michigan State Housing Development Authority provides homeownership counseling through its Michigan Homeownership Counseling Network. To learn more about the certified Network Counseling services available in your area, please visit here.
Loan Modification Scams
Homeowners facing foreclosure need to be aware of loan modification scams. Information is your best defense. If you see the signs of a scam and know the facts, you can protect yourself. Please visit here for more information.
Homeowner Affordability and Stability Plan
On March 4, 2009 the Obama Administration released details on their “Making Home Affordable” program designed to address the nation’s home ownership issues. For more information on the initiative please visit MakingHomeAffordable.gov.
Michigan Homeowner Tax Exemptions
PRE Exemption: You may be eligible for a Principal Residence Exemption (PRE) on the home you live in. This exempts you from paying the school operating millage of 18 mills and translates to a significant savings on your taxes.
Always verify on your tax bill, assessment notice, or with the local assessor to make sure you have this credit. It will reduce your tax bill considerably, if you qualify. If you believe you qualify and do not already have this exemption, you should file a Homeowner’s Principal Residence Exemption Affidavit with your local assessor before the May 1 deadline.
The form can be obtained on-line at www.michigan.gov [Form 2368 (Rev. 4-07)] or by contacting your local unit of government.
Poverty Exemption: Each local unit of government has the authority to grant yearly Poverty Exemptions to homeowners who file a Poverty Exemption application with their township or city Supervisor and/or Assessor. Typically, these Poverty Exemptions are reviewed and acted upon at the March Board of Review meeting.
It is recommended that you contact your local unit of government for their qualification policies and applications. If approved by the Board of Review and Supervisor, the Poverty Exemption can result in a reduction of your tax bill for the upcoming year. Poverty Exemption applications must be filed yearly.
HOPE for Homeowners
On October 1, 2008 the Bush Administration unveiled the HOPE for Homeowners program to refinance mortgages for borrowers with difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration.
The HOPE for Homeowners ends on September 30, 2011 and is available to only owner occupants and will offer 40-year fixed rate mortgages – so the borrower’s last payment will be the same as the first payment.
For more information this program, please visit here or call 1 (800) 225-5342.
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