The MI HomePower Initiative provides down payment and closing cost assistance to increase access to capital to purchase a home, sustain housing affordability and promote long-term homeownership, housing affordability and financial success. MI HomePower is not a total solution to foreclosure prevention, abusive and predatory lending practices, barriers to homeownership, or closing "wealth" or other societal gaps. MI HomePower is, however, a comprehensive and consolidated beginning to not only creating access to affordable homeownership, but also promoting the skills, tools, and knowledge and opportunities for long-term homeownership, housing affordability and financial success.

The MI HomePower ADDI offers secured loan-to-grant (non-amortizing, non-interest-bearing) up to the greater of 6% of the sales price or $10,000 for purposes of eliminating the monthly and long-term expense of private mortgage insurance. Beyond the savings and equity investments gained from down payment and closing cost assistance, this will also reduce monthly mortgage-related expenses by an estimated 8% to 12% and potentially save each home-buyer an additional $15,000 or more during the first 10 ½ years of homeownership.

MI HomePower is specifically for eligible first-time homebuyers purchasing a 1-4 Family property, including a condominium or PUD. Consistent with our long term community asset building objectives all MI HomePower funded recipients are required to complete 8 hours of financial literacy/homebuyers education provided by a HUD approved counselor. In addition, due to our partnership with FDIC, each participant must complete five "Money Smart" training modules. The MI HomePower Initiative may also be utilized along with other existing affordable homeownership and financial assistance programs.

Partners and Affiliates

AIG United Guaranty
Bank of America
Citizens Bank
Connecticut Housing Finance Authority (CHFA)
State of CT Department of Economic and Community Development (DECD)
Federal Deposit Insurance Corporation (FDIC)
Genworth Financial
McCue Mortgage
New Alliance Bank
People’s United Bank
PMI
Radian
Webster Bank

Files

Mi HomePower Brochure