Families may be able to obtain money to help buy houses through the Homeowner Purchase and Rehabilitation Program.

The Monroe County Opportunity Program has received funding from the Michigan State Housing Development Authority to assist qualifying residents with home rehabilitation, down payments and closing costs toward the purchase of homes within the City of Monroe.

In order to qualify for assistance, Monroe County residents must have readily repairable credit and liquid assets of not more than $10,000 after closing – meaning not more than $10,000 can be in savings accounts or invested in a manner that can be turned into cash. A family’s income also has to fall between 40 and 80 percent of the median range. For a family of four, for instance, this would be between $27,960 and $55,900 a year.

A home’s total mortgage payment must fall between 25 and 33 percent of total household income. A family of four earning $48,000 a year and looking for a home to purchase, for example, would need to have a mortgage payment between $1,320 and $1,000 a month in order to meet the qualifications of the program.

Up to $30,000 could be used to help with a down payment or closing costs, said Tracy Palm of MCOP. The money also could be applied to repairs that need to be made to a home before a bank will guarantee financing.

For example, if a buyer has settled on a home but the bank pulls funding because the roof and furnace need to be replaced, the program can help make those improvements in order to secure financing.

The boundaries for eligible homes stretch from Stewart Rd. in the north to Eighth St. in the south and from Detroit Ave. in the east to Telegraph Rd. in the west.

“It’s a great time for folks to buy,” said Ms. Palm. “We have the money this year, and we would like to use it.”

Residents interested in the Homeowner Purchase and Rehabilitation Program can call the Monroe County Opportunity Program at 241-2775, ext. 202, for more information.

This story can be found at www.monroenews.com and on page 2A of today’s print and e-editions of The Monroe Evening News.