Many of you will remember the $3,000 MSHDA First Time Home Buyer Grant that was available two years ago. This product is now back but with some changes. This grant will not last forever however there are at least $600,000 in unused grant funds that are now available.
Who is Eligible? The grant will be available to first time home buyers in Michigan who are defined as those people who have not owned homes that served as their primary residences in the past 3 years.
Bonus–Active military & veterans are eligible for up to $5,000.
- The grant cannot make up more than 25% of the purchase price.
- Grant can only be used in conjunction with the MSHDA MI First Home Loan Program– With or without MSHDA’s down payment assistance program. This program has restrictions and rules of its own click here to review and learn more.
- All loans must be approved by your mortgage company’s underwriter and have a MSHDA reservation number dated April 15, 2015 or later until the funds are exhausted.
Click here to apply for a mortgage to see if you qualify for the MSHDA Loan and take advantage of this great $3,000 First Time Home Buyer Grant.
For those people who do not qualify for this program there are other great mortgage programs out there including but not limited to:
- Conventional Loans with varying down payment options
- FHA Loans including the FHA 203k Renovation Loan
- USDA RD Loans (zero down payment)
- VA Loans
- And more….