Owning a home comes with many benefits, including cost certainty for your monthly housing payments and household wealth creation. If you have thought of purchasing a home but have not saved for a down payment, the State of Michigan through the Michigan State Housing Development Authority (MSHDA), has several programs designed to help by providing much of the funds needed to buy a home.
MSHDA offers several Down Payment Assistance (DPA) programs to assist homebuyers with not only funds for the down payment, but also the other costs associated with the home buying process. MSHDA currently offers 3 DPA’s.
- MI 10K DPA – The newest addition to MSHDA’s DPA offerings, the MI 10K DPA is eligible in 236 select zip codes and provides up to $10,000 in down payment assistance. Visit https://michigandpa.com/10k-dpa/ for a complete list of eligible zip codes thought the State of Michigan.
- MI HOME LOAN – This $7,500 DPA has been available throughout the State of Michigan for decades. For those zip codes not eligible for MSHDA’s new MI 10K DPA, the MI HOME LOAN is the choice.
- MI HOME LOAN FLEX – This FLEX program is MSHDA’s alternative option for home buyers that may not meet the first-time homebuyer status or having all adult members of the household on the mortgage.
The State of Michigan has long been a proponent of home ownership and the Down Payment Assistance programs have proven to be a great help for many homebuyers. For more information on all of MSHDA’s DPA’s please visit www.MSHDADPA.com for all the details.