MSHDA MI Home Loan Flex DPA

 

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The MI Home Loan Flex is a great option for qualified home buyers. When combined with the Michigan Down Payment loan it can help homebuyers realize the dream of homeownership.

 

 

MSHDA MI Home Loan Flex details:

  • Michigan Down Payment loan: 4% of the purchase price (not to exceed $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. (Only the applicant’s income is used to qualify)
  • Credit Score: Minimum 660
  • Maximum acreage: No MSHDA restrictions (follow loan type guidelines)
  • Eligible homes: principal residence, single family unit or condominium
  • Mortgage terms: Fixed-rate, 30-year terms
  • Loan types: FHA, VA, Rural Development Guaranteed and Conventional up to 97%
  • Available to first-time and repeat home buyers statewide

 

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

 

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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