MSHDA Announces $10,000 Down Payment Assistance Program for Michigan Home Buyers

MSHDA announced a new down payment assistance loan program called MI 10K DPA Loan, which offers $10,000 in assistance to buyers to use towards the required down payment, closing costs and prepaids/escrows. The program is available in 236 Michigan zip codes.

MSHDA DPA ProgramAccording to MSHDA, “This program was created to offer assistance to purchasers within specific geographic areas where the opportunity to purchase a home is high but the rate of homeownership needs improvement. Homebuyers looking to purchase a home within one of these areas will benefit from additional support to help them achieve homeownership.”

The MI 10K DPA Loan program will provide:

  • $10,000 to use towards the required down payment, closing costs and prepaids/escrows; any additional down payment can be used to buy down the first lien.
  • Maximum financing is not required.
  • Must be combined with a MSHDA MI Home Loan first mortgage (FHA, RD Guaranteed, or Conventional).
  • Minimum 1% borrower contribution.
  • Cash assets are restricted to $20,000.
  • 0% interest and no monthly payments.
  • Loan is due when the home is sold, refinanced, the first mortgage is paid in full, homeownership interest is transferred, or the home ceases to be the primary residence.
  • Available in 236 Michigan zip codes.

The program is available in the following Lakeshore zip codes.
Muskegon County: 49440, 49441, 49442, 49444, 49445
Ottawa County: 49417, 49423, 49424, 49428, 49464

For more information about the MI 10K DPA Loan program, reach out to your Michigan Mortgage Loan Officer. Thank you for trusting us to guide you home!

1 reply
  1. Carol Charron
    Carol Charron says:

    I currently have a housing voucher in 49417 area code. Rents are heading to $1600 for a 2 bedroom. Is this available for people on a housing voucher?

    Carol Charron
    17744 Brucker St.
    GH, MI 49417
    616-990-6670

    Reply

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