MSHDA’s Homeownership division provides a variety of programs and products for both homebuyers and homeowners. Michigan Mortgage has been MSHDA’s No. It is a second mortgage that must be used in conjunction with MSHDA's MI First Home or MSHDA's MI Next Home first mortgage. Borrowers receiving a Michigan Down Payment loan must take HBE from a MSHDA approved agency or from a HUD approved agency who has a physical location in Michigan. The Michigan State Housing Development Authority (MSHDA) now backs one of the more successful down payment assistance and home loan programs in the United States. Effective October 8th 2018, potential home buyers in the State of Michigan may qualify for $15,000 in forgivable down payment assistance. Proceeds of the bonds and notes are loaned at below-market interest rates to developers of rental housing, and also fund home mortgages and home improvement loans. Scroll to Top All homebuyers work directly with a participating lender. The MSHDA First loan does have what is called a recapture tax. mshda loan The Michigan State Housing Department Authority (MSHDA) offers down payment assistance to help people with no monthly payments. The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas.All homebuyers work directly with a participating lender. It is a second mortgage that may be used in place of a down payment when buying a new home in the form of down payment assistance. 1 Lender since 2014. MI Home Loan. Generally, approved Lenders can earn 3% on MI First Home loans, 0.25% for timely submission of closing paperwork. Borrowers may be eligible for Michigan Down Payment on FHA, RD and Conventional 97% loans up to a maximum of $7,500. MSHDA financing can be used easily with most loan types; Conventional, FHA, VA, or RD. It has a 0% interest rate. The Michigan State Housing Development Authority (MSHDA) introduced a new down payment assistance program for eligible, first time home buyers purchasing in the 49442 zip code.. Mortgage 1 has been MSHDA’s #1 lender since 2013. Homebuyer Education is also required for Borrowers on any MI Home Loan Flex Conventional loan 95.01% LTV and above. To see if you qualify for this program, please click the check mark to the left to begin the pre-approval process. Borrower's minimum investment is 1% of the purchase price. The DPA second mortgage terms include 0% interest and no payments until the home is sold, refinanced, transferred or the MSHDA first mortgage is paid in full. A VA-Automatic approved mortgagee, if you intend to originate MSHDA VA loans. ), MSHDA Housing Education Locator & MI Home Loan Experienced Loan Officer Locator, MI Home Loan - Mortgage Companies, Banks, and Credit Unions, Performance Based Contract Administration. Limits Menu Toggle. A FHA Direct Endorsement approved mortgage lender, if you intend to originate MSHDA FHA loans. Some functions of this site are disabled for browsers blocking jQuery. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. Posted on March 22, 2014 by Anthony Bird - Buying a Home, First Time Home Buyer, Local Michigan, Mortgage Tips. The “Step Forward Down Payment Assistance” program is a $15,000 forgivable loan and is to be used in conjunction with the MSHDA MI Home Loan first mortgage for first time buyers. Mailing Address: MSHDA Homeownership Division 735 East Michigan Avenue Post Office Box 30044 Lansing, Michigan 48909 Zero-interest, non-amortizing loan with no monthly payments The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full. Eligible lenders must meet ALL of the following criteria: Have Mortgagee Errors and Omissions insurance coverage of at least $300,000, Have Fidelity Bond insurance coverage of at least $300,000, Must be licensed to service mortgage loans in Michigan. FHA Mortgages. Available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas. Programs Include: Home Mortgages (MI Home Loan and MI Home Loan Flex) Michigan Down Payment available. 2021 MSHDA | Down Payment Assistance | Mortgage Program. A MSHDA loan is a special loan put out by the Michigan State Housing Development Authority. This can be applied to down payment, closing costs and prepaid expenses (taxes and insurance).Maximum financing required. MSHDA reserves the right to deny or cancel accounts, monitor, log, or record any activity using these resources. Box 30044, Lansing, MI 48909. Michigan State Housing Development Authority, Performance Based Contract Administration. If your company meets all of the requirements listed below, MSHDA welcomes your application to participate in our Homeownership loan program. To determine eligibility please contact an Experienced Participating Lender (An Experienced Lender has completed at least one MSHDA Loan in the last six months.) The Michigan down payment loan is a second mortgage loan that is due back to MSHDA when the first mortgage is paid in full, the house is sold, refinanced or homeownership interest is transferred. Unauthorized access or misuse of the information contained on the Partner Portal will result in disciplinary action leading to termination of access and/or prosecution under Federal, State, or Local law. The money can be used towards a down payment, closing costs, taxes and insurance due at closing. The balance of the $15,000 (if applicable) must be used to reduce the MSHDA MI Home Loan first mortgage principal balance. ), Michigan Down Payment up to $7,500. What everyone is referring to as the new MSHDA grant is not free money. Actually, it is not even a grant. Participating lenders receive free MSHDA marketing materials and a preferred lender listing on MSHDA's website. To determine eligibility please contact an Experienced Participating Lender  (An Experienced Lender has completed at least one MSHDA Loan in the last six months. By James Lutz, Mortgage Loan Officer. A big stipulation of the MSHDA DPA program is that all adults occupying the residence must co-apply and qualify for the loan, including adult children, unless they are verifiable, full-time students. The loan commitment is valid 90 days for an existing home and 180 days for new construction. The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. Learn More about FHA Mortgages Basically, what that is, is if the borrower has seen a very substantial increase in income with in the first 9 years and wishes to pay off the MSHDA loan they will be taxed a recapture tax set by MSHDA. Household income limits apply and can vary depending on family size and property location. We can help if you’re trying to purchase a home, improve your … Minimum credit score of 640 required or 660 for multiple-section manufactured homes. MSHDA offers mortgage assistance of up to $7,500 for qualified home buyers. We work with the Michigan State Housing Development Authority (MSHDA) to help assist first time home buyers get in to the house of their dreams. It’s a fast and free option to see if you qualify for up to $7,500 in down payment … Fax: 517-335-7081. Scroll to Top The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. Borrowers still required to provide at least 1% of the loan amount themselves. Why should I become a MI Home Loan lender? The homeownership division of the Michigan State Housing Development Authority (MSHDA) provides a variety of products to help homebuyers achieve and afford their first home. For many potential home buyers – especially first-time buyers – the down payment can be difficult. MSHDA’s loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. MI Home Loan Lender Requirements and Application (Formerly known as MI First). 2021 MSHDA | Down Payment Assistance | Mortgage Program. The most popular program is MSHDA’s Down Payment Assistance (DPA). Main Line: 517-373-6840. Lenders can enhance their CRA performance. The MI Home Loan offered through MSHDA and Mortgage 1, Inc. is designed to make it a little easier to obtain home ownership for qualified home buyers. The Michigan State Housing Development Authority offers mortgage programs for both first-time home buyers and repeat buyers. Michigan State Housing Development Authority - MI State Housing Development Authority Browsers that can not handle javascript will not be able to access some features of this site. Where are the MI Home Loan lenders listed? MSHDA’s Homeownership Division delivers responsive homeownership products, education, and technical assistance that empower our customers and strengthen and sustain Michigan communities. MSHDA loan is a home down payment assistance program offered by the state of MIchigan. Designed for low- to moderate-income homebuyers, depending on the home location and family size, this program requires the … The MSHDA Home Loan Program with Michigan Down Payment Assistance is designed to make it a little easier for qualified homebuyers in targeted areas. Learn More about MSHDA Mortgage Programs. Mortgage Credit Certificate (federal homebuyer tax credit) The Step Forward DPA can be used toward the down payment, closing costs, and prepaids/escrows on the purchase of a single-family principal residence. The Michigan State Housing Development Authority (MSHDA) offers Down Payment Assistance (DPA) to help homebuyers purchase a home. Michigan State Housing Development Authority, better known by its acronym MSHDA, was established in 1966 to help give lower income families a better opportunity to become homeowners. Eligible lenders must also have one of the following designations: A FNMA, FHLMC, or Federal Home Loan Bank approved seller/servicer, if you intend to originate MSHDA Conventional loans. Call 866-421-2821 All homebuyers work directly with a participating lender. What are the MI Home Loan lender requirements? How are lending institutions compensated for loans? The down payment assistance is repaid when the home is sold, the mortgage is refinanced or the home loan is paid off in full. Funds Available: $20 million; Available Areas: 61 eligible zip codes MSHDA Home Loan Flex Program Michigan Down Payment Assistance of 4% of the purchase price. This mortgage loan program is designed primarily for first-time homebuyers and allows the borrower to put a lower down payment and have less than perfect credit. Please complete the MSHDA Lender Application, review the MSHDA Lender Agreement, and return both to Christine Blank at MSHDA's Division of Homeownership, 735 East Michigan Avenue, P.O. Lenders can enhance their CRA performance. MSHDA financing can be used easily with most loan types; Conventional, FHA, VA, or RD. Michigan State Housing Development Authority, An Experienced Lender has completed at least one MSHDA Loan in the last six months. Eligible lenders must be one of the following: A state or federally chartered credit union, Licensed or registered under the Michigan Mortgage Lenders and Servicers Licensing Act. If you live in Michigan, the size of the down payment is no longer an excuse if you want to become a home owner. Up to $7,500 in down payment assistance; can be used for borrower paid closing cost, pre-paid expenses and down payment. Limitations: Income Limits MI Home Loan Flex. Better yet, buying in Michigan? Low interest rates mean more purchasing power for the buyer. The loan commitment is valid 90 days for an existing home and 180 days for new construction. (Homebuyer Education class required.). A USDA Rural Development Guaranteed mortgagee, if you intend to originate MSHDA RD loans. It is specifically designed to help make purchasing a home affordable for first time buyers and those with moderate incomes. If you have questions please contact the Business Development Specialist for your area. The down payment assistance programs are designed for low to moderate income homebuyers, depending on the home location and family size.

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