Some of the mortgage settlement funds sent to the state of Florida are being used to assist first-time homebuyers with new home purchases, according to the Grand Rapids Business Journal. 

Pete Daly with the GRBJ has more: 

The Assistance to Homebuyers grants — $3,000 for anyone or $5,000 for military veterans — are funded by $15 million from the Michigan share of the $25 billion National Mortgage Settlement announced in February. Forty-nine state attorney generals — including Michigan’s — and the federal government reached the historic settlement with the nation’s five largest mortgage servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

Click here to read more in the Grand Rapids Business Journal.