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What are the Income Limits BLOG Header

Navigating MSHDA Income Limits: Your Key to Purchasing an Affordable Michigan Home

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This BLOG discusses what the income limits are for MSHDA’s down payment assistance when buying a home.

So, you’ve set your sights on homeownership in Michigan and are exploring the MSHDA MI Home Loan 10K DPA program. This fantastic program offers down payment assistance and other benefits to make buying a home more accessible. But before you dive in, understanding the income limits is crucial.

The Need-to-Know:
  • Income Limits Vary: MSHDA income limits depend on two key factors: your location and your household size. These limits ensure the program supports homeownership across diverse Michigan communities and income levels.
  • No Single Limit: There is no single income limit for the entire state. Instead, specific limits apply to each individual county and your household size.
  • Finding Your Limit: Determining your eligibility is easy. You can:
    • Visit the MichiganDPA.com website and explore their income limit chart.
    • Connect with an MSHDA-approved lender: John Higgins, Senior Loan Officer Mortgage 1, Inc NMLS 136061 can provide personalized guidance based on your specific situation.
Here’s an example:

Imagine you’re a single person looking to buy a home in Lansing, Michigan. The MSHDA income limit, as of MSHDA’s most recent publication on May 26, 2023, for a one-person household in Lansing currently stands at $117,360. 

Beyond the Limits:

Remember, income limits are just one piece of the puzzle. MSHDA also considers other factors like credit score, debt-to-income ratio, and the purchase price of the home.

Taking the Next Step:

If you have an interest in MSHDA’s MI Home Loan 10K DPA and believe you might be eligible for the MSHDA MI Home Loan program, here’s what to do:

  1. Confirm your income eligibility by visiting https://michigandpa.com/income-limits/ using the methods mentioned above.
  2. Connect with an MSHDA-approved lender: John Higgins, Senior Loan Officer Mortgage 1, Inc NMLS 136061 can provide personalized guidance based on your specific situation.
  3. Explore the MichiganDPA.com website for comprehensive program information, resources, and frequently asked questions.
  4. Start the Free Pre-Approval Process by visiting https://michigandpa.com/how-do-i-get-started/. The process of buying your first home always starts with confirming your finances and mortgage options.  No reason to wait to start the free mortgage pre-approval process. Click here to get started on buying your new home.

Owning a home can be a dream come true, and the MSHDA MI Home Loan 10K DPA program, offering up to $10,000 in down payment assistance, can help make that dream a reality for many Michigan residents. By understanding the income limits and taking the right steps, you can navigate your path to affordable homeownership.

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