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| Down Payment Assistance |
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| For many low-to-moderate income homebuyers, saving money for a down payment can be a challenge. Let the Michigan State Housing Development Authority (MSHDA) help you "close the deal" with our Down Payment Assistance Program. See a participating lender for details. |
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| PROGRAM
HIGHLIGHTS |
- Zero-interest, non-amortizing loan with no monthly payments.
- Maximum assistance is $7,500.
- Available with MSHDA's FHA, Rural Development or 97 percent Conventional first mortgage.
- Funds may be used for down payment, closing costs, prepaid/escrow expenses and a home inspection performed by a licensed home inspector.
- The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full.
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| BORROWER
GUIDELINES |
- Available to low-to-moderate income homebuyers. Household income limits are approximately 80% of the area median income and vary depending on location and family size.
- Sales price limits - $195,000 to $224,500 depending on location.
- Borrower must complete a homebuyer education class.
- Minimum borrower contribution of one percent of the sales price.
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