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Home Ownership is More Accessible Than Ever
Michigan State Housing Development Authority (MSHDA) is offering down payment assistance with the Michigan Down Payment program. Qualified applicants may receive up to $10,000.00 in Down Payment Assistance.* First State Bank is proud to be a participating lender. Are you eligible? Give us a call today!
MSHDA Details:
- Michigan Down Payment loan: up to $10,000*
- Cash asset restriction of $20,000
- Maximum home purchase price of $224,500
- Income limits vary statewide from $64,100 to $123,620, total household income, determined by location and family size
- Credit score: Minimum 640 (660 for manufactured homes)
- Maximum acreage: 2 acres: 1 buildable lot. (exceptions up to 5 acres may apply)
- Eligible homes: principal residence, single-family unit, condominium, multiple-section manufactured home
- Mortgage terms: Fixed-rate, 30-year terms
- Loan types: Conventional, FHA, VA, Rural Development
- Available to first-time homebuyers statewide and to repeat homebuyers in targeted areas
- Buyers may be eligible for up to $10,000 of down payment assistance through the MI 10K DPA program. Visit Michigan.gov for additional details and eligibility requirements.
*Applicants can receive up to 4% of the purchase price, not to exceed $10,000.00 (Homebuyer Education Class required).
