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Unveiling the Down Payment Puzzle: How Much Help Can You Get in Michigan?

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This BLOG discusses how much down payment assistance can one get from MSHDA.

Buying a home is an exciting yet financially challenging endeavor. The down payment, a significant barrier for many, can seem insurmountable. Thankfully, the State of Michigan offers a tremendous down payment assistance program through the MSHDA (Michigan State Housing Development Authority) to help bridge this gap. But the amount of assistance you can receive might leave you wondering: How much can I actually get?

Exploring the Options:

Here’s a glimpse into the most popular MSHDA program and its typical assistance:

  • MI Home Loan 10K DPA (Down Payment Assistance): This program offers up to $10,000 in assistance, but remember, it’s a second mortgage that needs to be repaid when you sell your home or refinance.
  • First Mortgage: Using the MSHDA down payment assistance program requires that you qualify for either a conventional, FHA, or USDA Rural Development.
Beyond MSHDA:

While MSHDA offers substantial support, remember that some local programs might offer additional assistance options. However, their availability and eligibility criteria will vary depending on your location.

Finding Your Answer:

To determine your specific eligibility and potential assistance amount, take these steps:

  1. Visit the MSHDA website: Explore their program page and use the interactive map to check available programs based on your zip code.
  2. Visit www.MichiganDPA.com to connect with an MSHDA-approved lender: John Higgins, Senior Loan Officer Mortgage 1, Inc NMLS 136061 can provide personalized guidance based on your specific situation.

With some research and the right resources, you can unlock the door to your dream of homeownership DPA in Michigan and navigate the down payment challenge effectively. Buying your first home can seem like a daunting process.  However, utilizing programs such as the MSHDA MI Home Loan 10K down payment assistance program can make a huge difference in attaining the dream of homeownership.


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