MI Home Loan

Eligible homebuyers for the MI Home Loan must meet several requirements.

Requirements for MI Home Loan

1st Time Home Buyer

First-time Buyer

Eligible borrowers must be first-time homebuyers. Defined as not having had home ownership in the last 3 years.

Credit Score

640 Credit Score

A credit score of at least 640 is required of eligible borrowers.

Sale Price Limit

Sales Price Limit of $224,500

An eligible borrower cannot purchase a house with a Sales Price greater than $224,500.

Debt to Income

Debt to Income: 45%

An applicant is expected to have a maximum debt to income of 45%.

THIS IS MHSDA’S MOST AFFORDABLE AND
POPULAR DOWN PAYMENT ASSISTANCE PROGRAM.​

Did you know

FACT:  It’s possible to purchase a home with as little as 1% of the sales price.

$7,500 DPA

Mortgage Options

Conventional

FHA

USDA’s Rural Development

Click Here

To see if you qualify for this program, please click the check mark to the left to begin the pre-approval process.  It’s a fast and free option to see if you qualify for up to $7,500 in down payment assistance funds.

Complete MI Home Loan Details

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For assistance or if you have any questions,

feel free to give us a call.

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2021 MSHDA DPA | Down Payment Assistance | Mortgage Program
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