• A conventional loan program at reduced interest rates for college graduates receiving a degree within three years prior to loan application.
• Loan to value ratio up to 80 percent.

• Families must meet income limits to apply.
• Properties must meet sales price limits to be eligible for financing.
• Generally acceptable credit and ability to repay the loan.
• Occupy the home as your principal residence.

• To qualify, properties must be located within the city limits of the eight "Cities of Promise."

• Benton Harbor
• Hamtramck
• Pontiac

• Detroit
• Highland Park
• Saginaw

• Flint
• Muskegon Heights

• New single family homes.
• Existing single family homes or condominiums.
• New condominiums must be approved by the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or the Federal Housing Administration (FHA). Non warrantable condominiums are not eligible for financing.

Because MSHDA loans are funded through the sale of tax-exempt bonds, which benefits borrowers by lowering the loan interest rate, some borrowers are required to repay the government a portion of their gain upon the sale of their home.

MSHDA recognized that this may be a concern for individuals, so the Recapture Tax Reimbursement Program was created. In the event a borrower is required to pay a recapture tax, MSHDA will reimburse borrowers for any recapture tax paid by the borrower to the IRS.