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MORTGAGE

MSHDA

Mortgage > MSHDA

What is MSHDA?

Make Homeownership More Affordable

If saving for a down payment is holding you back from owning a home, the Michigan Down Payment Assistance Program (MI 10K DPA) may be able to help!

Through MSHDA, qualified homebuyers can receive up to $10,000 to help cover down payment costs—making it easier than ever to own a home.

First State Bank is a proud participating lender. Let’s see if you qualify!

How MSHDA Down Payment Assistance Program Works

Up to $10,000 in assistance applied toward your down payment.
Available to first-time and repeat homebuyers (depending on location).
Works with Conventional, FHA, VA, and Rural Development loans.
Fixed-rate, 30-year mortgage terms for predictable home financing.
Down payment assistance funds are limited—don’t miss your opportunity!

Who Qualifies?

To be eligible for MSHDA Down Payment Assistance, you must meet the following criteria:

Credit Score: Minimum 640 (660 for manufactured homes).
Income Limits: Varies by location and family size.
Eligible Properties: Single-family homes, condos, or multiple-section manufactured homes.
Maximum Acreage: 2 acres (exceptions up to 5 acres may apply).
Homebuyer Education Class: Required to receive assistance.
Available Statewide: For first-time homebuyers and repeat buyers in designated areas.

Income Limits and Home Purchase Price adjust annually.