Homebuyer Education

 

We serve Emmet, Cheboygan, Charlevoix, Antrim, Otsego, Crawford, Presque Ilse and Roscommon counties.

Register for a free Homebuyer Education workshop. View our calendar of upcoming workshops.

Take online workshop through

 

Manual for Homebuyers

Are you tired of renting?

Do you dream of owning your own home?

Northern Homes offers free one-on-one counseling and group workshops for new homebuyers which cover the following topics:

  • Understanding your credit & personal credit report review
  • Smart budget practices & creating a custom budget that fits your lifestyle
  • Are you ready to buy?
  • Which mortgage products are available to first-time homebuyers
  • Down payments, interest, closing costs, and other fees
  • Inspectors and realtors
  • Homeowner's insurance
  • How to protect yourself from housing scams and predatory lending practices
  • Fair housing rights

Upon completing the Homeownership Training Counseling Sessions or Workshops you will receive the certificate required by most lenders when entering into a government loan program such as MSHDA, RD Rural Development, FHA or VA.

Make your dream of homeownership a reality. Email or call (231) 582-6436 to register.

Northern Homes is a HUD* Certified Housing Counseling Agency and our Counselors are also HUD Certified as well as being certified by MSDHA* as LINKS to Homeownership Counselors.

If you do not have the time to take advantage of our free Homebuyer Education Workshop you may take the course online at    for a minimal fee. After completing the online course you will receive a certificate that is required by many mortgage lenders.

To Whom it May Concern:

As a single grandparent raising my two grandsons in a rented apartment, I dreamed of owning my own home where we could have more room to play and grow as a family. Not knowing exactly what to do about my credit and financing, or how to go about it, I contacted Northern Homes Community Development Corporation in Boyne City, Michigan for help.

The counselor pulled a copy of my credit report which we reviewed together. She was very thorough and explained it all to me which was most helpful since they can be difficult to understand. We discussed various types of financing that were available and the counselor even gave me application forms so I could make an immediate application.

The counselor was very well informed and educated about the process and provided me with the credit education, financial management and home buying skills I needed. In addition, she provided me with numerous handout materials that have made the house hunting and mortgage application process much easier for me to understand. I now feel more confident and prepared to move forward with homeownership.

T. Bradley

Apply for a USDA Rural Development 502 Direct Mortgage Loan

Apply here!


What Can 502 Do For You?

  • No down payment required
  • Alternative credit analysis
  • Interest rates as low as 1%
  • Payment assistance available
  • Affordable monthly payments
  • No monthly private mortgage insurance premium charge (PMI)
  • Fixed interest rate terms of 33 or 38 years.



Thank you so much for your wonderful information and energy at our recent Educational Breakfast Series, "Living on a Fixed Income!" Please know how much we appreciated your gift of tie and knowledge! We look forward to future projects!

K. Korson and the entire OCCOA Staff

502 Home Ownership Loans Through Northern Homes CDC

Through a new partnership with USDA Rural Development, Northern Homes CDC is now offering this special mortgage product exclusively to eligible homebuyers in our service area.

Getting a 502 loan provides an opportunity to own your home and build equity for the future. We offer financing options for customers with fixed incomes, those who are self-employed, and other local employees.

Rural Housing 502 Direct Loans are loans that are directly funded by the Federal Government. Mortgage payments are based on the household’s adjusted income.


Family Size

1-4

1-8

Antrim

$46,950

$61,951

Charlevoix

$50,700

$66,900

Cheboygan

$46,950

$61,950

Crawford

$46,950

$61,950

Emmet

$54,400

$71,800

Kalkaska

$46,950

$61,950

Ogemaw

$46,950

$61,950

Oscoda

$46,950

$61,950

Otsego

$48,500

$64,000

Presque Isle

$46,950

$61,950

Roscommon

$46,950

$61,950

  • Must not own adequate housing.
  • Unable to secure credit from conventional resources.
  • U.S. Citizen or qualified alien status.
  • Must occupy the dwelling as your primary residence.
  • Must have stable and dependable income.
  • Must show repayment to meet all obligations. Ratios cannot exceed a PITI 29%/33% and Total Debt 41%.
  • Must have acceptable credit history.
  • Must have household income that does not exceed the low income guidelines established for the county. Please refer to the income limits on the back of this insert.
  • Have the legal capacity to incur loan.

Other restrictions and fees may apply.
For other county income guidelines, please call Northern Homes CDC at (231) 582-6436


Property requirements include, but are notlimited to the following guidelines.

  • Must be in an eligible rural area.
  • Must be considered modest for the area, 2000 square feet or less.
  • Must not be income producing, no in-ground swimming pool, no farm structures and lots cannot be sub-divided.
  • CANNOT finance used manufactured housing; however, a new manufactured home provided by an approved dealer contractor is allowable; other restrictions may apply.
  • Property must have access to its own water & waste utilities and located on a publicly maintained road.
  • Value of property cannot exceed the Maximum Area Loan Limit Guideline.

Property Requirements

Maximum Property Market Value

Antrim

$234,000

Charlevoix

$234,000

Cheboygan

$136,000

Crawford

$234,000

Emmet

$160,000

Kalkaska

$234,000

Ogemaw

$234,000

Oscoda

$234,000

Otsego

$234,000

Presque Isle

$136,000

Roscommon

$234,000

Other restrictions and fees may apply.

For other county property guidelines, please call Northern Homes CDC at (231) 582-6436

Typical fees applicants are responsible for include: application fee, inspection fee, required repairs (major repairs may be included in loan contingent upon appraisal), first year homeowners insurance and closing fees. Gift money and Sellers Concessions are acceptable and may be used towards closing costs. Other fees and restrictions may apply.