Persons interested in purchasing a home in Shelby Acres will need to be pre-qualified from a mortgage lender. In the process of becoming pre-qualified, a prospective buyer may apply for down payment assistance by completing the Oceana County Development Corporation Down Payment Assistance Application form.
Assistance for qualifying buyers would be at the below income levels:
Extremely Low Income
Very Low Income
Low Income
Low to Median Income
Above Median Income
25% (of purchase price)
20%
15%
10%
0%
To receive down payment assistance from OCDC, owners will be required to maintain their ownership of their Shelby Acres home for a minimum of 5 years.
As the Preferred Lender for Shelby Acres home buyers, Shelby State Bank is already prepared to pre-qualify you according to the terms described above. We have a dedicated Shelby Acres mortgage loan officer waiting to assist you right now!
Contact Deana Fox at 231-861-6062 or visit a webpage built just for you at ShelbyBank.com/Shelby-Acres today!
Income levels for application of this table will be derived from annual tables issued by the Michigan State Housing Development Authority (“MSHDA”). Approvals will be made by a 3-member committee. Approvals will be based upon a review of the applicant’s income sources, history and stability of income earnings, and background and credit checks, with the award contingent upon the applicant’s closing on the purchase of a home from OCDC.
