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This BLOG discusses how MSHDA Announces New Lower Rates for the first time since Spring of 2022.
What’s the new MSHDA Rate?
To close out 2022, MSHDA announces new lower rates on its down payment assistance programs. Effective December 9, 2022, for both the MI Home Loan and the MI 10K DPA , the new rate has fallen to 6.375% (APR 6.493%). This new rate applies to all down payment assistance loans with conventional, FHA, or USDA Rural Development loans."Effective December 9, 2022, for both the MI Home Loan and the MI 10K DPA, the new rate has fallen to 6.375% (APR 6.493%)" Click To Tweet
Who can take advantage of the new lowered rate?
MSHDA offers first-time homebuyers and repeat homebuyers across the state an opportunity to purchase a home with either $7,500 or $10,000 in down payment assistance. Currently MSHDA offers its MI $10K DPA in 236 select zip codes and $7,500 everywhere else. Plus, MSHDA also has targeted areas around the state for repeat buyers.
A recap of 2022’s housing market
With lower rates available at the end of the year, home affordability is improving. Although we have
seen an unprecedented rise in mortgage interest rates in 2022, affordable monthly payments are
available throughout the state. With a median sale price of $229,600 in the State of Michigan, nearly
half of all the homes for sale may qualify for this fantastic down payment assistance program. We offer
free mortgage pre-approvals and pre-qualifications, making it simple to find out which house you can
purchase. Give us a call today to quickly start the process here.