Up To $7,500 DPA Available
If you’re in need of down payment assistance in Michigan, we have excellent news for you. The Michigan State Housing Development Authority (MSHDA) provides up to $7,500 towards your down payment with their “MI First Home” program.
There are some requirements that need to be met in order to receive the down payment assistance, but those requirements are very basic. From their website:
MI First Home
The MI First Home loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas.
To determine eligibility please contact an Experienced MSHDA Lender. (An Experienced Lender has completed at least one MSHDA Loan in the last six months.)
- Down Payment Assistance up to $7,500. (Homebuyer Education class required.)
- Available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas.
- Household income limits apply and can vary depending on family size and property location. Income Limits – Expanded Version
- Sales Price limit – $224,500 statewide.
- Minimum credit score of 640 required or 660 for multiple-section manufactured homes.
Down Payment Assistance in Michigan
In addition to this statewide program, you should also check to see if there are local programs offered in Michigan that provide additional help that can be applied toward your down payment.