MI Home Loan FLEX
Requirements for MI Home Loan FLEX
1st Time or Repeat Homebuyer
Eligible borrowers can be either a first-time homebuyer or a repeat homebuyer.
660 Credit Score
To qualify for the MI Home Loan FLEX, a credit score of at least 660 is required.
Sales Price Limit of $224,500
A potential homebuyer can purchase a house with a maximum Sales Price of $224,500.
Debt to Income: 45%
A maximum debt to income of 45% is expected for eligible borrowers.
THIS IS MHSDA’S MOST FLEXIBLE DOWN PAYMENT ASSISTANCE PROGRAM.
FACT: Not ALL Adults in the household need to apply, ONLY qualifying borrowers will be necessary.
USDA’s Rural Development
Complete MI Home Loan FLEX Details
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2022 MICHIGAN DPA | MSHDA Down Payment Assistance | Mortgage Program