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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.
- 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 licensed home inspector
- The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full
- 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
For more information about qualifying for HomeChoice Down Payment Assistance in Macomb and Oakland counties only, please contact:
Main Street Bank
39600 Garfield Rd. Ste A
Clinton Twp, MI 48038
Office 586-412-3300 extension 407
For other areas of the state please contact a RD Specialist in your area. You may also contact MSHDA's Homeownership Division for further information at (517) 373-6840.