MHSDA Down Payment Assistance
Homeownership is closer than it appears with the Michigan State Housing Development Authority (MSHDA) Down Payment Assistance Program.
The funds provided by this program can be used for closing costs, pre-paids, and the down payment itself. The Down Payment Assistance (DPA) funds are not “free” money — it’s a state loan at a zero percent interest rate that is paid back when the house is sold or the mortgage is refinanced.
Available With: Conventional Loan, FHA Loan, RD Loan, & VA Loan
- $10,000 Down Payment Assistance
- Buyer must have at least 1% into transaction
- $224,500 Sales Price maximum
- 640 minimum credit score
- Manufactured (Double-wide) are acceptable
