MSHDA (Michigan State Housing Development Authority) mortgages are a popular choice for first-time home buyers in Michigan or repeat home buyers who meet the State’s criteria for downpayment assistance. Through MI First Home or MI Next Home programs, homebuyers in Grand Rapids and other Michigan communities may be eligible to receive down payment assistance up to 4% of the purchase price, thereby needing only a fraction of the normal downpayment to make homeownership a reality. Guild Mortgage Inlanta is an authorized MSHDA lender who can assist you in accessing these excellent programs.
What Is MSHDA?
MSHDA’s mission is to enhance Michigan’s economic and social health through housing and community development activities. MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. Proceeds of the bonds and notes are loaned at below-market interest rates to developers of rental housing, and also fund home mortgages and home improvement loans. MSHDA also administers various federal housing programs.
What Are the Most Popular MSHDA Mortgage Programs?
- MI First Home: Offers Down Payment Assistance up to $7,500 available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas. Household income limits apply and can vary depending on family size and property location. Sales Price limit statewide is $224,500. Minimum credit score of 640 required or 660 for multiple-section manufactured homes.
- MI Next Home: Offers Down Payment Assistance up to $7,500 (or 4% of the sales prices – whichever is less). Available to repeat homebuyers statewide. All adults in the household DO NOT need to apply. Only qualifying borrowers (that are repeat homebuyers) will be underwritten for credit, assets and income. Collections and judgments DO NOT necessarily need to be paid off; the lender will follow their Automated Underwriting System findings. Income limits can vary depending on family size and property location. Maximum sales price is $224,500 statewide. Minimum credit score of 660 required.