The Michigan State Housing Development Authority (MSHDA) has been assisting Michigan families with homeownership for over 51 years.
MSHDA now offers down payment assistance to Michigan families through an interest-free loan for down payment assistance.
On October 16th, 2017 MSHDA announced their down payment assistance program historically limited to FHA, RD and Rural Development financing will now be available with 3% down conventional financing.
There are several important advantages that conventional lending provides over what has been traditionally offered with MSHDA down payment assistance. Including:
• No up-front mortgage insurance and potentially lower monthly mortgage insurance than FHA (based on credit score).
• Faster Appraisals – FHA appraisals typically take longer than a conventional appraisal.
• Mortgage insurance may be removed at some point in the future (FHA is for the life of the loan).
• Borrowers may qualify for income-based student loans payments instead of 1% of the balance that FHA requires.
Mortgage 1 continues to be the #1 MSHDA lender in Michigan for 5 consecutive years. Please contact our office for more information.
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*This is not a commitment to lend. Restrictions apply. All Rights Reserved. Mortgage 1 Inc. is not acting on behalf of or at the direction of MSHDA or the federal government. Mortgage 1 Inc. NMLS# 129386 is not affiliated with your current lender. Mortgage 1, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age (provided you have the capacity to enter into a binding contract), because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. The federal agency that administers our compliance with these federal laws is the Consumer Financial Protection Bureau P.O. Box 4503 Iowa City IA 52244 Actual payment amount will vary based upon credit history, rates in effect at the time of consummation, LTV, and other credit factors.AnA LTV ratio above 80% may result in a need for mortgage insurance. If mortgage insurance is required, the amount of your payment will increase. The APR is subject to change at any time prior to consummation, and individual APRs may vary for loan purchases and loan refinances due to loan programs being offered, loan volume, or other factors. All borrowers are subject to qualification, underwriting approval, lender terms, and conditions. Terms, conditions, and rates are subject to change without notice. The information provided is for dissemination to and for the use of real estate and financial entities only and is not an advertisement for the extension of credit to consumers. Online homeownership education may be required. Equal housing lender, NMLS#129386