Published on September 18, 2023
Michigan’s Down Payment Assistance Program Gives Homebuyers a Financial Boost
The dream of homeownership has become more difficult in recent months with rising interest rates at their highest levels in more than 20 years. Yet there are still plenty of options with the help of Community Choice.
One such tool has been enhanced as the Michigan State Housing Development Authority (MSHDA) updated its Down Payment Assistance Program in May to include a streamlined option at $10,000, rather than the previous level of $7,500. Previously only available in select zip codes throughout the state, the “MI 10K DPA” is available to all eligible homebuyers and homeowners in Michigan.
This could make buying a house more possible because it relieves some pressure on the amount needed for a down payment. That down payment is one of the most common barriers for buying a home, especially for first-time homebuyers.
Features of the state’s Down Payment Assistance Program include:
Elimination of Zip code restrictions
Maximum financing is not required.
All other MSHDA MI Home Loan and MI 10K DPA requirements still apply.
A higher down payment amount can help take some of the sting off your mortgage bill with reduced monthly payments. Loan applications must be accompanied by three years of signed, federal tax returns.
It’s just one example of how the mortgage team at Community Choice can help you every step of the way. Even in a challenging housing market, Community Choice provides members with mortgage loans through our partnership with Member First Mortgage, a full-service mortgage lender with more than 50 years of experience in the market.
Even if you may not be in the market to purchase a house today, chatting with one of our attentive and experienced mortgage experts can help you feel better prepared when the time is right. The MSHDA’s Down Payment Assistance Program is one of many tools available. Other options for fixed rate and adjustable loans can be cost competitive. Getting a quote is easy.
As other members have discovered, Community Choice can provide a “speedy” experience as well, if and when needed. After all, your shouldn’t have to wait to make affording your dream home a reality.