MSHDA MI Home Loan Flex DPA
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
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