Is a MSHDA Loan right for you?

Michigan State Housing Authority or MSHDA offers down payment assistance for first time home buyers statewide and repeat home owners in targeted area’s.  A MSHDA Loan offers up $10,000.00 in down payment assistance in 236 zip codes. MSHDA’s program is designed to allow more people to buy homes and provide assistance in the housing market.

How do you Qualify for a MSHDA Loan?

  • Applicants must fall within the income requirements for their location.
  • All borrowers must have at least a 640 credit score.
  • Borrowers must occupy the property as their primary residents.
  • A Home buyer education course needs to be completed with a certificate
  • Borrowers maximum debt to income ratio can not exceed 45%.

MSHDA Loan requirements.

  • Maximum Sales price for single family homes is $224,500.
  • Homes can be new or existing construction.
  • Minimum Credit score for single family homes is 640.
  • Minimum Credit score for Manufactured housing is 660.
  • Household income limits do Apply most area’s $101,030.
  • Gifts from relatives are allowable.
  • 1% minimum investment from borrower is required.
  • Borrower is required to pay upfront cost of appraisal and home owners insurance.
  • No borrower reserves are required.
  • Current rent or housing payment history is not required.

MSHDA Loan Features.

  • Down Payment assistance of $7500.00 Statewide
  • Down Payment Assistance of $10,000.00 in 236 zip codes.
  • Competitive interest rates and terms.
  • FHA, VA or conventional loans will Apply.

Helpfull links:

Participating Zip Codes Housing Education Household Income Limits 

All Borrowers applying for a MSHDA Loan must complete a homebuyer education course and receive a certificate of completion from the class provider. Lenders must submit this certificate to MSHDA with the loan package. The certificate of completion is valid for 12 month’s. There may be a few to attend a homebuyer course.

MSHDA will accept the following approved home buyer education classes:

  • Freddie Mac CreditSmart
  • Fannie Mae Homeview
  • eHome America
  • Framework

Getting started is easy. We offer very competitive rates, have great service, and always close on time.


Gold Star Mortgage Financial Group - Christopher Chaffin NMLS # 3446
Christopher Chaffin NMLS # 158336

Contact Us

Gold Star Mortgage Financial Group - Christopher Chaffin
100 Phoenix Drive
Ann Arbor, MI 48108

(313) 218-7492

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