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.
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