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MI 10K DPA Loan
What is the MI 10K Down Payment Assistance Program?
The MI 10K Down Payment Assistance program is designed to assist homebuyers with low and moderate incomes with up to $10,000 to assist with down payment, closing costs, and pre-paid expenses. Michigan State Housing Development Authority (MSHDA) down payment assistance is available statewide and is provided as an interest-free loan.
- Available statewide
- Must be combined with a MSHDA MI Home Loan
- DPA up to $10,000
- Can be used for the down payment, closing costs, and prepaid expenses
- Homebuyers must contact a MSHDA approved lender to apply
- Max financing is not required
- No monthly payments
- A Homebuyer Education certificate of completion is required for all homebuyers
- Repayment of the loan is deferred until certain events, such as payoff of your first mortgage, the sale or refinance of the home, or when the home is no longer owner-occupied.