Dave: Hi Everybody Dave Sullivan here for Mortgage 1 with…
Michelle: Michelle Wilson Branch Manager of Mortgage 1 South Lyon and Heartland.
Dave: Michelle, Great job again this year with the MSHDA program. Mortgage 1 is the #1 MSHDA lender and Michelle is the #1 loan officer for southeastern Michigan. Michelle tell us a little bit about what MSHDA is and what that program offers?
Michelle: MSHDA is a state-funded program that gives assistance and/or different rates to assist first-time buyers and repeat buyers depending on the location of the home. Borrowers can get as much as $7500 downpayment assistance or can get a discounted rate. There are also federal tax credit programs. It’s just an added bonus to assist first time buyers or some repeat buyers depending on the program standards. It can give buyers opportunities that otherwise they would not have.
Dave: The down payment assistance is it like a loan? Do they have to pay that back or is that granted to them?
Michelle: Well the down payment assistance is a lien against the property. It doesn’t have to be paid back until they refinance or sell the property. Chances are the borrower won’t have any additional fees or costs. It’s just kind of giving them the money now to get them into a new home until they can refinance or sell the property.
Dave: Are there requirements as far as income or do they have to take classes in order to qualify for that?
Michelle: Some of the programs have classes that have to be taken. They all have an income requirement but it depends on the county and the city. We structure it to make sure that all the programs are offered and what programs best fit the borrower’s needs.
Dave: Great, If people wanted to reach out to the #1 MSHDA lender in southeastern Michigan how would they do that?
Michelle: They can reach me at (248)486-1117 just ask for Michelle Wilson
Dave: Great thank you so much.