Michigan State Housing Development Authority
MI Home Loan Flex Lender Requirements and Application (MBS Program formerally known as MI NEXT)
Why should I become a MI Home Loan Flex Lender?
Repeat homebuyers may be eligible for Down Payment Assistance on FHA and RD loans up to a maximum of $7,500.00 or 4% of the purchase price whichever is less. This can be applied to the down payment, closing cost and prepaid expenses (taxes and insurance). Maximum financing required.
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.
MSHDA does not restrict the closing costs on the MI Next Home program. Your normal closing costs will apply.
Recapture tax will not apply on MI Next Home mortgages.
Lenders can enhance their CRA performance.
Participating lenders receive free MSHDA marketing materials and a preferred lender listing on MSHDA’s website.
If you have questions please contact the Business Development Specialist for your area.
Lender Application and Approval
Lenders must complete the US bank training material located on the US bank website. Click here to register.
Whom do I contact to check the status of my Lender application, renewal or changes on our current application?
Please contact US Bank at email@example.com
Where are the MI Home Loan Flex Lenders listed?
Access our Experienced Loan Officer list
How are Lending institutions compensated for loans?
Generally, approved Lenders can earn 2% - 3% on MI Next Home loans:
1% origination fee from the borrower
1% DPA Premium (if MSHDA's Down Payment Assistance is used)
1% Service Release Premium (SRP)
Does US Bank have any program fees?
Yes. A funding fee of $400.00 and a tax service fee of $85.00. These fees will be netted out from the funding of the loan.
When do closed loan files need to be delivered to US Bank?
Closed loan files need to be delivered to U.S. Bank within 45 days of reservation. A $375.00 extension fee is applied to loans that are not purchased by U.S. Bank within 70 days.