Unlock Your Dream Home with MSHDA Down Payment Assistance For Michiganders
I wanted to share some exciting news about down payment assistance programs offered by the Michigan State Housing Development Authority (MSHDA) that can make homeownership more achievable for you.
MSHDA recently announnced $10,00 down payment assistance programs will be offered statewide now. Previously only select zip codes would be eligible to receice $7,500 or $10,000, base on the zip code location. Now the whole entire state of Michogan is eligle for $10,000 in housing assistance.
The eligibility requirements for MSHDA down payment assistance are flexible, including credit scores as low as 640 and minimum down payment is only 1%. The program is available to both first-time and repeat home buyers who have not been on a title of a home in the last three years. Borrowers have the option to choose from Conventional, FHA, VA, or USDA loans
Mortgage 1 has been MSHDA's #1 lender since 2013, providing reliable and trusted services to Michigan home buyers. This program is especially beneficial for first-time home buyers or those who have not owned a home in the last three years. Mortgage One goal, is to make housing more attainable for Michiganders.
Some other key eligibility requirements include the home being your primary residence, a sale price limit of $224,500, household income limits that vary by location, an overall debt-to-income ratio of 45% or less, attendance a homebuyer educational course, and contributing at least 1% of the loan amount.
If you are interested in exploring these down payment assistance programs offered by MSHDA, I would be happy to provide more information and guide you throughout the home buying process. Homeownership may be more attainable than you think with these valuable programs.
Don't miss out on this opportunity to make owning your dream a reality. Please feel free to reach out to me with any questions or to discuss this further. We are here to help!
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Tim Tomkowiak
“I am a license loan officer. And I help ordinary people build equity and wealth through home ownership”
