MSHDA LOAN
The Michigan State Housing Department Authority (MSHDA) offers down payment assistance to help people with no monthly payments. Michigan Mortgage has been MSHDA’s No. 1 Lender since 2014.
MSHDA Eligibility Requirements
- Available for credit scores as low as 640
- The alternative credit review is available for some borrowers who have no credit score
- The minimum down payment is 3% and down payment assistance is available
- Available to first-timers as well as repeat home buyers in economically disadvantaged target areas
- You have your choice of Conventional, FHA, VA or USDA Loans
- The home has the be your primary residence
- The 2018 sale price limit is $224,500
- There are income limits that vary by location
- The overall debt-to-income ratio of 45% or less
- Borrowers must attend a homebuyer education course if you receive down payment assistance
- Borrowers have to contribute at least 1% of the loan amount
