The State of Michigan has long been a proponent of homeownership. The Michigan State Housing Development Authority (MSHDA) offers assistance in a few different ways with regard to renting and owning a home. When looking at the process of purchasing a home, MSHDA has developed programs that specifically address the down payment needed for a home purchase. Many potential homebuyers could buy a home but lack savings for the down payment and the costs associated with buying a home. MSHDA has developed several down payment assistance (DPA) programs to address this need.
Why would the State of Michigan get involved in the homebuying process? The State of Michigan, through its housing department MSHDA, sees great benefit in promoting purchasing homes as a primary residence. Owning a home comes with many benefits including: creation of personal net worth, cost certainty for the monthly housing expense, and stronger communities. MSHDA has crafted 3 primary DPA’s to address the lack of funds available for a down payment. MSHDA has identified the down payment as the one area that holds potential homebuyers back from ownership.
MSHDA has continued to expand its offerings and now offers 3 options for down payment assistance:
1) MI Home Loan – this has been the primary program offered by MSHDA with regard to down payment assistance. Offering up to $7,500 in assistance in all areas of the state.
2) MI Home Loan FLEX – this program was developed to address some of the MI Home Loan requirements that could block a person or family from utilizing the DPA. The main areas that the FLEX option addresses are prior homeownership and requiring all adult members of the household being on the mortgage.
3) MI 10K DPA – this program is targeted to 236 zip codes in Michigan and provides $10,000 in down payment assistance. By offering a larger DPA in these areas opens the doors to more potential homebuyers in these select areas.
The State of Michigan has long been a champion of homeownership, and their Down Payment Assistance programs have proven to be a great resource for many homebuyers. For more information on all of MSHDA’s DPA’s please visit www.MSHDADPA.com for complete details.