Down Payment Assistance for Persons With Disabilities
The Michigan State Housing Development Authority (MSHDA) offers the HomeChoice Down Payment Assistance Program for low-to-moderate income individuals with disabilities or families where a family member with a disability is residing in the household. This Down Payment Assistance loan is a second mortgage funded with federal HOME funds.
PROGRAM HIGHLIGHTS
Zero-interest, non-amortizing loan with no monthly payments.
Maximum assistance is $12,000.
Available with the Lender's first mortgage; either FNMA, Conventional, My Community Mortgage (MCM), or FHA.
Available with the Rural Development (RD) Specialist's 502 Direct Loan.
Funds may be used for down payment, closing costs, prepaid/escrow expenses, and home inspections performed by a qualified home inspector.
The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full.
BORROWER GUIDELINES
Available to low-to-moderate income homebuyers. Household income limits vary depending on location and family size.
Sales price limit is $224,500.
Borrower must complete a homebuyer education class.
Minimum borrower contribution of $500.
To find out if you qualify for the MSHDA's Down Payment Assistance Program, please contact an RD Specialist directly. You may also contact MSHDA's Homeownership Division at (517) 373-6840.
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