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Mi Next Home - Frequently Asked Questions
How will MSHDA’s MI Next Home help me buy my next home?
- Repeat homebuyers may be eligible for Down Payment Assistance up to a maximum of $7,500.00 or 4% of the purchase price, whichever is less. This can be applied to the down payment, closing cost and prepaid expenses,(taxes and insurance).
- All adults in the household do not need to apply. Only qualifying applicants will be underwritten for credit, assets and income.
Where are the MI Next Home Lenders listed?
Access our Experienced Loan Officer list - Mi Next Home Lenders are highlighted on the list.
What are the overall eligibility requirements?
- Any previous homeowner
- The applicant's income must fall within income limit guidelines
- Sales price must fall within the sales price limits
- The buyer occupies the home as their principal residence
- Asset restriction of $7,500.00 when using DPA
- A minimum credit score of 640 is required or 660 for manufactured homes
What are eligibile properties?
- New or existing single-family homes
- New or existing multiple-section manufactured homes built after 6/14/1976 and permanently affixed to real estate
- Condominiums – proof from Lender that the development is approved by FHA or Fannie Mae
What are eligible loan types for the MI Next Home program?
FHA, Rural Development and VA
Is Homebuyer Education required when using DPA? Yes
Visit our Housing Counseling Locator to find an agency who provides Homebuyer Education in your homebuyers county (on-line Homebuyer Education may also be available)