More families can become homeowners with help from Oakland County program

Oakland County Community & Home Improvement Division (OCCHI) is
looking to help families buy a home, provided they meet certain
criteria. The Oakland County Home Buyer Program is aimed at helping low
income families with good credit and a steady income take ownership of
vacant, foreclosed single family homes as their primary residence.

Homebuyers with incomes at or below 50% of Area Median Income (AMI) are
eligible for assistance. For example, a family of four earning up to
$34,950 per year is eligible under this program. Homebuyers must also
have a credit score of 620 or better, have a sustained income with a
two year history, be lawfully in the United States, and have no history
of bankruptcy or foreclosure within the last 36 months.

Applicants can obtain a Homebuyer Screening Form beginning at 8:30 a.m.
on Monday, November 9 by visiting the Oakland County Community &
Home Improvement Division website at oakgov.com/chi or by calling
248-858-1529. Funds are limited and applications are processed on a
first come, first served basis. OCCHI will obtain credit reports for
completed applications at no cost to the applicant.

Oakland County can provide no-interest loans for down payment
assistance, closing costs, home improvements or other financing. The
homebuyer must prequalify for a fixed rate mortgage loan from a lending
institution. This loan represents 51% of the purchase price. Oakland
County will finance the remaining 49% of the purchase and
rehabilitation costs up to $100,000. The homebuyer must also provide
$1,000 to initiate the purchase. The homebuyer only pays on the
conventional mortgage obtained from their lender. Payment on the down
payment and home improvement loans is deferred until the property
changes ownership.

Funding for the Oakland County Home Buyer Program is provided by the
U.S. Department of Housing and Urban Development’s (HUD) Neighborhood
Stabilization Program (NSP). This one-time emergency funding allows
homebuyers to purchase foreclosed homes at a discount, and rehabilitate
or redevelop the homes to stabilize neighborhoods impacted by
foreclosure and abandonment and reverse the decline of neighborhood
housing values.

The Oakland County Home Buyer Program covers properties in select
Oakland County communities. Contact Farmington Hills, Pontiac, Royal
Oak, Southfield, or Waterford directly to inquire about home buying
assistance programs in their communities. For more information and to
obtain a Homebuyer Screening Form, visit the Oakland County Community
& Home Improvement website at www.oakgov.com/chi or call 248-858-1529.