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MI Home Loan

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Eligible homebuyers for the MSHDA’s MI Home Loan must meet several requirements.

Requirements for MI Home Loan

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First-time Buyer

Eligible borrowers must be first-time homebuyers. Defined as not having had home ownership in the last 3 years.

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640 Credit Score

A credit score of at least 640 is required of eligible borrowers.

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Sales Price Limit of $224,500

An eligible borrower cannot purchase a house with a Sales Price greater than $224,500.

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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.

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Did you know  FACT:  It’s possible to purchase a home with as little as 1% of the sales price.

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Mortgage Options

Conventional

FHA

USDA’s Rural Development

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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 $10,000 in down payment assistance funds.

Complete MI Home Loan Details

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For assistance or if you have any questions,

feel free to give us a call.

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2022 MICHIGAN DPA | MSHDA Down Payment Assistance | Mortgage Program
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