MSHDA MI HOME LOAN - $7500 Down Payment Assistance (DPA)
For many potential homebuyers – especially first-time buyers – the down payment can be difficult. The MI Home Loan—combined with the Michigan Down Payment loan is designed to make it a little easier for qualified home buyers.
MSHDA MI Home Loan details:
- Michigan Down Payment loan: up to $7,500
- Cash asset restriction of $20,000
- Maximum home purchase price of $224,500
- Income limits vary statewide from $71,600 to $144,060, total household income, determined by location and family size
- Credit score: Minimum 640 (660 for manufactured homes)
- Maximum acreage: 2 acres: 1 buildable lot (exceptions up to 5 acres may apply): 1 buildable lot
- Eligible homes: principal residence, single family unit, condominium, multiple-section manufactured home.
- Mortgage terms: Fixed-rate, 30-year terms
- Loan types: FHA, VA, Rural Development Guaranteed and Conventional up to 97%
- Available to first-time homebuyers statewide and to repeat homebuyers in targeted areas
Click Here to Download a Flyer on the MSHDA MI Home Loan
For more information, visit TheMortgage1Team's website for all the specifics on downpayment assistance programs from the Michigan State Housing Development Authority and MSHDA.
Or get your instant mortgage approval at www.GetYourMortgageinaSNAP.com. You can have your pre-approval completed in as little as 15 minutes and be looking for your new home right away.
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