GRAND RAPIDS (WZZM) - There is good news for first-time homebuyers.
After December 1, residents in Michigan will be eligible for a $3,000 to $5,000 grant to purchase a home.
WZZM 13 On Your Side first heard the news from West Michigan homebuilder Sable Homes. The funds will come from the Michigan State Housing Development Authority.
The $15 million fund will soon be available to anyone who has not owned a home in the past three years. Members of the military will be eligible for $5,000, while non-service members will get $3,000.
The money comes from a settlement between several states, including Michigan, and the top five mortgage providers as a penalty for what the states call "bad banking practices."
"It's important," says John Bitely, president of Sable Homes. "If you're currently renting or don't own a home, and you haven't for three years, you should get rolling on this. The inventory is low for homes to purchase, too."
People with the Michigan State Housing Development Authority believe between 3,000 and 5,000 first-time homebuyers could benefit from the grant.
You can find out about the grant from your Realtor or home builder.