MI Home Loan
Eligible homebuyers for the MSHDA’s MI Home Loan must meet several requirements.
Requirements for MI Home Loan
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%.
THIS IS MSHDA’S MOST AFFORDABLE AND POPULAR DOWN PAYMENT ASSISTANCE PROGRAM.
FACT: It’s possible to purchase a home with as little as 1% of the sales price.
USDA’s Rural Development
Complete MI Home Loan Details
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2022 MICHIGAN DPA | MSHDA Down Payment Assistance | Mortgage Program