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August 13, 2025
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MSHDA Touts Acreage Limit Increases as Potential Pathway to Homeownership During Upper Peninsula Tour
MARQUETTE, Mich. – As a team from the Michigan State Housing Development Authority (MSHDA) visits housing partners and developments in the Upper Peninsula this week, the agency is highlighting a recent change designed to open more doors to homeownership across the state.
In March, MSHDA more than doubled the maximum acreage limit for properties financed through its single-family mortgage programs, from 2 to 5 acres, with the ability to go up to 10 acres in some cases.
“This flexibility expands the pool of properties eligible for purchase, which is really important in rural areas where larger lot sizes are common,” said MSHDA CEO and Executive Director Amy Hovey. “We’re taking a close look at all of our programs and are moving quickly with solutions that meet the needs of Michigan’s diverse housing markets and help more people become homeowners.”
Recognizing larger properties can come with higher prices, MSHDA is also celebrating the recent passage of bipartisan legislation that increased the maximum home purchase price for MSHDA-backed loans. Previously capped at $224,500, the limit is now tied to 90% of the IRS maximum sales price, allowing income-qualified buyers in the U.P. and across the state to access more financing in areas where home prices have risen.
Together, the expanded acreage limit, high sales price cap, and popular pilot programs, like MSHDA Rate Relief Mortgage and First-Generation Down Payment Assistance (DPA), contributed to record-breaking months for MSHDA’s single-family mortgage and DPA programs.
That momentum is being felt across the U. P. MSHDA’s goal to have at least one loan close in every county in the region, something the agency has never done before, is closer with 26 loans administered in the first half of 2025 alone, including in historically underserved counties like Baraga, Luce and Schoolcraft.
“Thanks to our committed network of lenders and realtors, we’re breaking new ground in new areas,” Hovey said. “It’s clear that these updates are helping more people put down roots and build equity in the communities they call home.”
MSHDA’s MI Home Loan and MI 10K DPA products are available to qualified first-time homebuyers in all 83 counties. To learn more about homeownership opportunities through MSHDA, visit Michigan.gov/homeownership or find a MSHDA MI Home Loan lending partner or housing education agency in your area.
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About MSHDA
The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.