Step 1 - Program Description
MI Next Home
The MI Next Home loan program is designed specifically for the repeat homebuyer and is available statewide. This program offers more flexibility than the MI First Home program and customers can still use our popular Down Payment Assistance.
What are the overall eligibility requirements?
- Down Payment Assistance up to $7,500 (or 4% of the sales prices – whichever is less).
- Available to repeat homebuyers statewide.
- All adults in the household DO NOT need to apply. Only qualifying borrowers will be underwritten for credit, assets and income.
- Collections and judgments DO NOT necessarily need to be paid off; the lender will follow the AUS findings.
- Income limits can vary depending on family size and property location.
- Maximum sales price is $224,500 statewide.
- Minimum credit score of 660 required.