MI Home Loan

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:

  • Michigan Down Payment up to $7,500. (Homebuyer Education class required.)

  • Available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas.

  • Household income limits apply and can vary depending on family size and property location.

  • Sales Price limit - $224,500 statewide.

  • Minimum credit score of 640 required or 660 for multiple-section manufactured homes.

Resources: