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Attention First Time and Repeat Home Buyers!

Have you heard about the MSHDA down payment assistance program?

The State of Michigan offers up to $7,500 in down payment assistance to qualified borrowers.

 

 

 

MSHDA MI Home Loan

 

  • Michigan Down Payment loan: up to $7,500

  • Cash asset restriction of $10,000

  • Maximum home purchase price of $224,500

  • Income limits vary statewide from $64,100 to $123,620, total household income determined by location and family size

  • Credit score: Minimum 640 (660 for manufactured home)

  • Maximum acreage 2 acres: 1 buildable lot (exceptions up to 5 acres may apply)

  • Eligible homes: principal residence, single family, condo, multiple-section manufactured home

  • Mortgage terms: fixed-rate, 30-year terms

  • Available to first-time home buyers statewide and to repeat homebuyers in targeted areas

 

 

 

MSHDA MI Home Loan Flex

 

  • Michigan Down Payment loan: 4% of the purchase price (not to exceed $7,500)

  • Cash asset restriction of $10,000

  • Maximum home purchase price of $224,500

  • Income limits vary statewide from $64,100 to $123,620, total household income determined by location and family size

  • Credit score: Minimum 660

  • Maximum acreage 2 acres: No MSHDA restrictions – follow loan type guidelines

  • Eligible homes: principal residence, single family or condo

  • Mortgage terms: fixed-rate, 30-year terms

  • Available to repeat homebuyers

 

 

 

 

Information on household income limits

 

Information on targeted areas

 

Homebuyer Education Class

 

 

 

To see if you qualify, get in touch with us today!

 

Start Your Application

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