Loan Products

HAMC offers the following General Loan Products:

USDA

• 33 Year Loan
• Income must be 80% or below median income
• Interest rate varies with economy once closed
• Fixed rate

Bond Program

• 25-30 Year fixed rate mortgage
• Income limit range of $60,000-$70,000 annually
• 3% Down Payment

Secondary Market

• All applicants, regardless of income
• Must have a credit score in the 700-720 range
• 3% Down Payment
• Refinance available

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HAMC offers the following Home Improvement Loan Products:

Small Cities Block Grant

• 3% interest rate
• 20 Year Loan
• 80% or Below median income
• For owner-occupied dilapidated structures

Community Works

• 80% or below median income
• New homeowners up to $30,000 secured loan
• Fixed rate of 2-6%
• Max 15 years
• Several Programs varying from an Unsecured $1,500 with interest rates of 2-6%
• Max 2 years of financing
• Owner-occupied housing for repairs

Housing Preservation Grant (Wayne County only)

• 1%-3% interest rate
• Max Loan $20,000 ($10,000 Grant-$10,000 Community Works)
• Payment subsidized based on income
• 50% or less of the median income