Special Loan Program For 1st Time Buyers In MI
If you’re looking to purchase your first residence in Michigan but find yourself at a loss as to where to turn for a mortgage loan. You need not worry. First time home buyer loans in Michigan are provided by the Michigan State Housing Development Authority (MSHDA). Not only do they provide below-market rates on your mortgage loan, they also provide other very advantageous programs for 1st time home buyers.
Here are some details on MSHDA’s loan program:
MSHDA Mortgage Interest Rates
MSHDA MI First Home
MSHDA MI First Home mortgage rates are effective for loan reservations received on or after Wednesday, August 17, 2016. The interest rate remains the same for the life of the loan.
30 Years – No Down Payment Assistance (DPA)
- 0 Points
- 3.000% Interest Rate
- 3.096% APR
30 Years – With Down Payment Assistance (DPA)
- 0 Points
- 3.750% Interest Rate
- 3.851% APR
Conventional funding limited to 80% LTV
The annual percentage rate (APR) quoted above represents a typical $99,200 FHA-insured, fixed rate loan on a $100,000 home with a down payment of $2,250 and financed Upfront Mortgage Insurance Premium (UFMIP). This APR is based on a 1% origination fee, 15 days interest adjustment and $220 for loan closing fee. Please note that the actual APR may vary depending upon the Mortgage Loan Fees the participating lender charges the borrower.
For complete details on this loan, including contact information and instructions on how to apply, please visit this MSHDA loan page.
More Michigan First Time Buyer Resources
In addition to the above first time homebuyer loan from MSHDA, there are resources available as well. Be sure to visit Michigan down payment assistance, as well as our page that shares details about grants available in MI to purchase your first home.