The Michigan State Housing Development Authority (MSHDA) offers down payment assistance to people with no monthly payments.
The down payment program offers assistance up to $7,500. (or 4% of the purchase price, whichever is less.) The funds can be spent on closing costs, prepaid expenses homeowners insurance or property taxes) and the down payment itself. Borrowers still required to provide at least 1% of the loan amount themselves.
The down payment assistance is repaid when the home is sold, the mortgage is refinanced or the home loan is paid off in full. It has a 0% interest rate.
Michigan home buyers that have not owned a home in the last three years can fit into the first time home buyer classification. That means that if they owned a home but lost prior to three years ago, they may be able to get a fresh start under these programs.
MSHDA Eligibility requirements;
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