Looking for a little help with your downpayment? If you’re buying a home in Michigan, MSHDA’s first-time home buyers loan program might be exactly what you need.

If you’re a first-time home buyer, getting enough money for a down payment can seem like a major hurdle. But there’s good news! The Michigan State Housing Development Authority (MSHDA) has a program that helps home buyers afford their down payment by loaning them up to $10,000 towards it This is what you need to know.

Mortgage 1: The Lender You Can Trust Have questions about mortgage lending? Call 866-532-0550 or locate a Mortgage 1 loan officer near you to discover why.

What Is MSHDA?

The Michigan State Housing Development Authority “provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns, and villages, and address homeless issues.” Part of its mission is to make owning a home in Michigan an affordable and realistic goal for as many people as possible. In addition to buying a home, it also offers programs for improving existing properties and dealing with foreclosure.

What Assistance Does MSHDA Offer First-Time Home Buyers?

The MI Home Loan program helps first-time buyers with their down payment. In addition to homebuyer education classes, these MSHDA products provide loans of up to $10,000 statewide.

Who Qualifies for First-Time MSHDA Home Buyer Assistance?

If this is your first time buying a home, you should look into the MI Home Loan and MI Home Loan Flex programs. To qualify, you must meet the following requirements:

• Can be combined with the MI 10K DPA Loan up to $10,000.
• Sales price limits apply and can be found at  Michigan.gov/Homeownership.
• Total household income limits vary statewide,  determined by location and household size.
• Credit Score: Minimum 640.
• Maximum acreage: 5 acres (exceptions up to  10 acres may apply).
• Eligible homes: principal residence, single family  unit, condominium, single and multiple section manufactured homes (built after 6.14.1976).
• Mortgage terms: Fixed-rate, 30-year terms.
• Loan types: FHA, VA, Rural Development  Guaranteed and Conventional 97%.
• Available to first-time homebuyers statewide and to repeat homebuyers in targeted areas.

Additionally, only homes that are priced $544,233 or less are eligible for assistance with downpayment. For additional information, see our earlier post on MSHDA Downpayment Assistance.

Is MI Home Loan Only for First-Time Home Buyers?

No—In certain targeted areas, the MI Home Loan is available to both new and repeat home buyers.

Mortgage 1: Michigan’s Most Trusted Lender for First-Time Home Buyers

As Michigan’s top MSHDA lender, Mortgage 1 is ready to help you understand what Michigan loan programs are right for you. We’ve helped many first-time home buyers navigate MSHDA’s Mi Home and MI Home Flex programs, and we can help you find answers to all your home-buying questions.