• 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 97 percent.
• Zero interest Down Payment Assistance available to qualified borrowers.

• 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.

• Borrowers must attend a homebuyer education class for any loan that has a loan to value of 97 percent or greater.
• The homebuyer education class must be provided by a MSHDA certified counselor.
• MSHDA's approved counseling agencies are located throughout the State of Michigan. Visit our counselor locator to find a counseling agency near you.

• MSHDA offers special reduced mortgage insurance premiums by partnering with MGIC and Genworth.
• Job loss protection coverage is available at no additional cost to borrowers.

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.