MSHDA 10K Down Payment Assistance

There has been a ton of buzz about the newest announcement from MSHDA! They have released a new program to assist purchasers in certain zip codes (236 across MI) with their down payment! So here is the lowdown about this new program!

MSHDA is loaning home purchasers up to $10,000 to use towards their down payment, closing costs, and prepaids and escrows!! This is 0% interest, no monthly payment loan. It only needs to be paid back when you sell, refinance, or pay off the home.

There are some requirements though!

• There is a maximum sale price of $224,500

• Liquid cash assets are restricted to a maximum of $20,000

• There is a minimum borrower contribution of 1%

• Buyer's are required to take a home buyer's education class

• Household income requirements vary by family size and home location

• There is a minimum credit score requirement of 640

• Must be combined with a FHA, Rural Development, or Conventional mortgage

I don't want people to fret if they don't meet all of these qualifications right away though! With a great Realtor/Lender team, we can get you where you need to be to qualify and get into your first home!

If you would like more information on this program, please feel free to reach out to me!

Home Buyer Education Classes.

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Zip Code List.

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Income_Location Requirements.

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