MI Home Loan
The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. All homebuyers work directly with a participating lender.
To determine eligibility please contact an Experienced Participating Lender (An Experienced Lender has completed at least one MSHDA Loan in the last six months.)
Program Description:
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Michigan Down Payment up to $7,500. (Homebuyer Education class required.)
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Available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas.
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Household income limits apply and can vary depending on family size and property location.
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Sales Price limit - $224,500 statewide.
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Minimum credit score of 640 required or 660 for multiple-section manufactured homes.
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