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Homebuyers

Homebuyers

Homebuyers

Housing Education

Resources:

Step Forward Michigan

A forgivable loan program that can help you catch up on delinquent payments and taxes or even help you make your mortgage payments while you are drawing Michigan unemployment benefits.  Select the link above to start an application or call us toll-free at 866-946-7432 for more information.

Stages of Foreclosure

If you are facing foreclosure, select the link above to review your options.

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Home Inspections and Property Checklist

Your Realtor® is taking you to view homes for sale - how do you compare them in order to make the right decision for the right house?

We've made that comparison a little easier for you with a Property Checklist :

  • Complete the checklist for each home you tour to quickly compare the features of each home.
  • Consider neighborhood influences; location of schools, busy streets, industrial or commercial developments, and condition of other homes in the immediate area.
  • Hire a professional to conduct a property inspection once you have narrowed down your selection to one home.

A Home Inspection gives you more detailed information about the overall condition of the home. A qualified inspector takes an in-depth, unbiased look at your potential new home to:

  • Evaluate the physical condition, structure, construction, and mechanical systems
  • Identify items that need to be repaired or replaced
  • Estimate the remaining useful life of the major systems, equipment, structure, and finishes
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MI Home Loan Flex

The MI Home Loan Flex program is designed for first-time and repeat homebuyers looking for a more flexible loan product and can be used with the Michigan Down Payment loan.

MI Home Loan Flex

Mortgage Credit Certificate Program

Mortgage Credit Certificate (MCC) Federal Tax Credit

The Mortgage Credit Certificate (MCC) program provides housing assistance by issuing a federal tax credit to first-time homebuyers statewide and repeat homebuyers in targeted areas. 

Program Description:

  • Qualified homebuyers can credit 20% of their annual mortgage interest paid against their year-end tax liability. A tax credit is a dollar for dollar reduction in tax liability.
  • The tax credit is allowable every year for the life of the original mortgage (up to 30 years!)
  • Available to first-time homebuyers statewide and repeat homebuyers in targeted areas .
  • Household income limits can vary depending on family size and property location.
  • Maximum sales price is $224,500 statewide.

Resources:

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Housing Education, Classes and Services

Housing Education Program

Housing education classes, workshops and services are available through MSHDA's Housing Education Program for individuals who are considering homeownership. Education ensures that a homebuyer will have a good understanding of their mortgage loan, the closing process, budgeting, recapture taxes, avoiding predatory lending and foreclosure. Additionally, Homebuyer Education is required for borrowers using MSHDA’s Down Payment Assistance.

Additional Services

  • Pre-Purchase Counseling
  • Homebuyer Education
  • Financial Capabilities
  • Foreclosure Services

Counseling Network

MSHDA's Housing Education Program is made up of nonprofit agencies, MSU Extension offices, Community Action Agencies, and local units of government across the state. Some participating agencies offer on-line Homebuyer Education courses. Our statewide network of MSHDA Housing Educators can help!

MSHDA proudly supports the National Industry Standards for Homeownership Education

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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.

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

Program Description:

  • 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.

Down Payment Assistance available

Resources:

Mortgage Credit Certificate

MSHDA's MI Home Loan Program Top Loan Officers

MSHDA top lenders regions

2020 Top Producing Loan Officers for MSHDA's MI Home Loan Program

Congratulations to all the MSHDA top loan officers that contributed to the success of 2020! In a year where a pandemic closed major portions of our economy, and saw record refinance volumes, your commitment to provide affordable housing solutions in your communities underscores the importance of products that allow buyers to begin their journey to homeownership. The impact you had was immeasurable. Congratulations to our top loans officers of 2020!

 

Region 1 - Southeast Michigan

Region 2 - West Michigan

Region 3 - Central Michigan

Region 4 - Northern Michigan

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