Homes For Sale and Home Repairs

NMHSA is offering three gracious homes for sale at affordable prices in Cadillac:

438 Lincoln St. (pictured), 737 Stimson & 801 Lester to income eligible homebuyers.  NMHSA REHAB Homes includes three homes to be sold on a first come - first eligible - first served basis.  Homebuyers must have good credit and the ability to obtain a mortgage.  The homes are listed at their appraised value, but Special Financing to make mortgages affordable is included with this homebuyer's opportunity.  To see the homes listed, call Assist 2 Sell at 876-2000.

All three homes must be sold to buyers with incomes below the following guidelines,

based on household size:

 1-person ($28,650) 2-person ($32,750) 3-person ($36,850)

4-person ($40,950) 5-person ($44,250) 6-person ($47,500)

• Homebuyers must have an income that is not more than 80% of the area median income for Wexford County (see below) and meet asset limits.
• Homebuyers must have a minimum of a 1% down payment from their own funds (all other closing costs can be financed with special financing).
• Prior to purchase, homebuyers must attend a Homebuyer Counseling Class provided at no cost through NMHSA.
• Homebuyers must qualify for a first mortgage with a lender.

If a homebuyer is eligible, but cannot afford a mortgage for the entire purchase price, they may be eligible for assistance through MSHDA to decrease the amount of the first mortgage. NMHSA will assist the homebuyer in getting a second mortgage, up to $20,000, in order to help approved buyers afford their new home. The 2nd mortgage from MSHDA will have zero interest and will not require a monthly payment. The loan is simply paid back to MSHDA when the house is sold or it is no longer the buyer's primary residence, or if the first mortgage is refinanced in the future. Click here to see our  homes.