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| MSHDA offers a variety of loans for low- to moderate-income homebuyers. All of the following loan products are 30-year fixed-rate mortgages. |
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Conventional Loan
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Federal Housing Administration Loan
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Veterans Administration Loan
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Rural Development Loan
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| Conventional
Loan |
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Conventional mortgages are available to homebuyers who meet our sales price and income limit guidelines. We even allow non-traditional credit. |
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| Federal Housing Administration (FHA) Loan |
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An FHA loan is available to homebuyers who meet sales price and income limit guidelines. Down payment assistance of up to $7,500 may also be available. |
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| Veterans Administration (VA) Loan |
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If you are a veteran, a VA loan may be available to help you buy your own home. They are available to veterans who meet MSHDA’s sales price and income limit guidelines. If you have served our country, you should take a look at a VA loan. It’s a great way to get on track to homeownership. |
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| Rural Development (RD) Loan |
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A Rural Development guaranteed loan could be the right choice if you are looking at a home in rural Michigan. These 30-year fixed-rate mortgages allow down payment assistance and non-traditional credit. If you are looking at a home in the country and you meet our sales price and income limit guidelines, a Rural Development loan may be the right choice. |
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| Unless you are buying a home in a MSHDA targeted area, you are not eligible if you have owned a home in the last three years. |
