MI Home Loan
Eligible homebuyers for the MSHDA’s MI Home Loan must meet several requirements.
Requirements for MI Home Loan
First-time Buyer
Eligible borrowers must be first-time homebuyers. Defined as not having had home ownership in the last 3 years.
640 Credit Score
A credit score of at least 640 is required of eligible borrowers.
Sales Price Limit of $224,500
An eligible borrower cannot purchase a house with a Sales Price greater than $224,500.
Debt to Income: 45%
An applicant is expected to have a maximum debt to income of 45%.
FACT: It’s possible to purchase a home with as little as 1% of the sales price.
Mortgage Options
Conventional
FHA
USDA’s Rural Development
Click Here
To see if you qualify for this program, please click the check mark to the left to begin the pre-approval process. It’s a fast and free option to see if you qualify for up to $7,500 in down payment assistance funds.
Complete MI Home Loan Details
For assistance or if you have any questions,
feel free to give us a call.
- 248-895-7272
Customer Support
- 248-895-7272
- JHiggins@mortgageone.com
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2022 MICHIGAN DPA | MSHDA Down Payment Assistance | Mortgage Program
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