MSHDA MI Home Loan DPA

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For many potential homebuyers – especially first-time buyers – the down payment can be difficult. The MI Home Loan—combined with the Michigan Down Payment loan is designed to make it a little easier for qualified home buyers.

 

 

MSHDA MI Home Loan details:

  • Michigan Down Payment loan: up to $7,500
  • Cash asset restriction of $10,000
  • Maximum home purchase price of $224,500                                                                                 
  • Income limits vary statewide from $64,100 to
  • $123,620, total household income, determined by location and family size
  • Credit score: Minimum 640 (660 for manufactured homes)
  • Maximum acreage: 2 acres: 1 buildable lot (exceptions up to 5 acres may apply)
  • Eligible homes: principal residence, single family unit, condominium, multiple-section manufactured home.
  • Mortgage terms: Fixed-rate, 30-year terms
  • Loan types: FHA, VA, Rural Development
  • Guaranteed and Conventional up to 97%
  • Available to first-time homebuyers statewide and to repeat homebuyers in targeted areas

 

Click Here to Download a Flyer on the MSHDA MI Home Loan

 

Get Your Instant Mortgage Approval with:

The Mortgage 1 Team

NMLS #129386

Mortgage 1, Inc.

43456 Mound Road
Sterling Heights, MI 48314

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