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This BLOG discusses MSHDA’s Announcement for New Lower Interest Rates for 2023.
What is the new MSHDA Rate?
MSDHA has announced a rate reduction, as of April 13, 2023, on its MI Home Loan and its MI 10K DPA down payment assistance (DPA) programs. MSHDA has lowered the rate from 6.625% to 6.250% on all loans with a DPA. This is great news as we head into the spring selling season. With the run-up in rates seen over the past 12 months, affordability for first-time home buyers has taken a hit. This reduction in rates will undoubtedly help more first-time home buyers attain homeownership. When coupled with the recent announcement by FHA lowering its monthly mortgage insurance premium from 0.85% to 0.55%, the cost of homeownership is moving in the right direction."The interest rate as of April 13, 2023 will be 6.250% which is an decrease from 6.625%" Click To Tweet
For more information on this fantastic first-time homebuyer program, visit www.MichiganDPA.com. We have created a website devoted to the MSHDA down payment assistance programs. I would love to help you get your clients into their first home. And the MSHDA DPA programs make that dream of owning a home a little easier.
Please give me a call with any questions!