The Michigan State Housing Development Authority (MSHDA) sets specific income and sales price limits to ensure that its housing assistance programs are targeted toward those who need them most. These limits help maintain the affordability and accessibility of housing for low—and moderate-income families across Michigan.

Understanding these limits and how they apply can help potential homebuyers make informed decisions and take advantage of the opportunities provided by MSHDA to achieve stable and affordable housing. Here’s a breakdown of MSHDA’s income and sales price limits of 2024 and how they impact homebuyers.

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MSHDA Income Limits 2024

Income limits are the maximum income a household can earn to qualify for MSHDA programs. These limits vary based on the number of people in the household and the property’s location. There are different limits for targeted and non-targeted areas:

• Targeted Areas: These are areas identified for both first-time homebuyers and repeat buyers to apply. The income limit for buyers in targeted areas ranges from $109,440 to $174,720, depending on county and household size. 
• Non-Targeted Areas: These are only available to first-time homebuyers. The income limits are generally lower in these areas. The income limit for buyers in targeted areas ranges from $91,200 to $143,520, depending on county and household size. 

Income limits are influenced by the area median income (AMI) and are adjusted annually to reflect changes in the cost of living and housing market trends. Income limits ensure that MSHDA programs are accessible to those with the greatest need and that housing remains affordable for low and moderate-income families.

MSHDA Sales Price Limits 2024

Sales price limits are the maximum prices for homes purchased using MSHDA’s assistance programs. These limits ensure that homes financed through MSHDA remain within reach for those who qualify. For 2024, the sales price limit across all areas in Michigan is $224,500. 

MSHDA Programs These Limits Apply To

1. I Home Loan Programs: These programs provide down payment assistance and competitive interest rates for first-time homebuyers or repeat buyers in targeted areas. Eligibility is defined by the previously mentioned income and sales price limits.
2. Mortgage Credit Certificate (MCC) Program: Allows homebuyers to claim a tax credit for a portion of the mortgage interest paid annually. The income and sales price limits ensure the program benefits low and moderate-income families.

How to Apply for an MSHDA Loan

Setting income and sales price limits helps MSHDA target its resources effectively, ensuring that housing assistance reaches those who need it most. By doing so, MSHDA can support the creation of safe, healthy, and affordable housing options, which is crucial for fostering stable and thriving communities across Michigan. To apply for a MSHDA program:

1. Check Eligibility: Use the income and sales price limits to determine if you qualify.
2. Gather Documentation: Prepare the necessary financial and personal documents.
3. Submit Application: Complete and submit the application through a MSHDA lender.

Mortgage 1 is an approved lender and has been the top MSHDA lender in Michigan for over a decade. For more detailed information about the specific limits in different counties and to see if you qualify for MSHDA’s homeownership programs, find a local Mortgage 1 office near you or contact us today to learn how to get started. Apply below.