How to apply for Step Forward Michigan
A new video gives practical information for homeowners looking for help from Michigan’s Hardest-Hit Fund.
Step Forward Michigan’s Loan Rescue program helps homeowners who are behind on their mortgage, property taxes, or condo association dues with financial assistance to support their primary residence. The maximum amount of financial assistance is $30,000 and comes in the form of an interest-free loan. These loans are forgivable at 20 percent each year as long as the property remains the homeowner’s primary residence and ownership of the property does not change.
MSU Extension has created a how-to-apply video to help homeowners be better prepared for the application process. It is important to know that not everyone will qualify for help if they don’t meet Step Forward MI eligibility requirements. However, many people do not know that they could qualify and therefore do not even try. Others are finding the online application process to be confusing. Many people have had to apply multiple times before getting their application properly submitted for review.
To help alleviate confusion, the video provides a step-by-step guide to answer the most important questions you have including:
- How does the program work?
- What are the eligibility requirements?
- What is a qualifying financial hardship?
- What paperwork do I need?
- Where can I go to apply?
- What if my application is declined?
The program is available statewide and still has $19 million in funds at the time this article is being published. The financial assistance is on a first-come, first-serve basis and once depleted the program will likely not be funded again. You can go directly to Step Forward Michigan website to apply, but it is recommended you watch the how-to-apply video at least once before you begin.
For additional resources visit Michigan State University Extension. Michigan State University Extension offers financial literacy and homeownership workshops throughout the year to help you become financially healthy. For more information of classes in your area, please visit either the MSU Extension events page or MI Money Health website. Additionally, you can take the Financial Health Survey at MI Money Health to access if you’re financially healthy and discover more ways you can improve your financial health.