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| Down Payment Assistance for Persons With Disabilities |
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| The Michigan State Housing Development Authority (MSHDA) has a Down Payment Assistance Program for low-to-moderate income people with disabilities or families where a family member with a disability is residing in the household. This Down Payment Assistance loan is to be combined with a Fannie Mae, HomeChoice conventional first mortgage. |
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| PROGRAM DETAILS |
- Down payment assistance is provided in the form of a second mortgage for a maximum amount of eight percent of the sales price for down payment and up to $3,000 for closing costs and prepaids.
- Individuals may receive up to $12,000 in Down Payment Assistance Funds.
- The borrower must make a minimum cash investment of $500.00, which must be from their own resources.
- MSHDA's HomeChoice program is available to borrowers who meet the Program's Income Limits. These income limits are based on 80 percent of the area median income, adjusted for family size, except where lower by state law.
- MSHDA's HomeChoice Down Payment Assistance loan is a zero percent non-amortizing loan and is due on sale, transfer of the property, or refinance to a non-HomeChoice mortgage.
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| Depending on where you live, and your income level, you may also be eligible for the Rural Development 502 Direct Loan Program, or MSHDA's Homeownership Programs. To find out if you qualify for the HomeChoice Program, please contact MSHDA's Technical Assistance Provider, Daryl Domke, at 616-363-2140. |
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