One of the functions of the Michigan State Housing Development Authority (MSHDA), is to provide housing education, mortgages, and down payment assistance for residents of the state of Michigan.
The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. All homebuyers work directly with an Experienced Participating Lender (click to find a lender in your area)
MI Home Loan Program Description:
Available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas. (click here to see the list)
Household income limits apply and can vary depending on family size and property location.
Sales Price limit – $224,500 statewide.
Minimum credit score of 640 required or 660 for multiple-section manufactured homes.
Contact an Experienced Participating Lender to see if you qualify.
Down Payment Assistance Programs:
MI DPA Loan up to $7,500 available statewide. Housing Education class required – MSHDA Housing Education Locator
MI 10K DPA Loan up to $10,000 available in 236 zip codes. Michigan map with zip code locations. Housing Education class required – MSHDA Housing Education Locator
To determine eligibility please contact an Experienced Participating Lender
If you have any questions, call or email me today!
