Stop Renting and Start Owning with MSHDA’s Down Payment Assistance Programs
Homeownership might feel like an impossible dream in today’s market, especially for first-time buyers navigating rising costs and limited inventory. But for Michigan residents, there’s good news! With the Michigan State Housing Development Authority (MSHDA) Down Payment Assistance programs, owning your own home is more achievable than you think.
The MI 10K DPA Program
One of MSHDA’s standout programs is the MI 10K DPA Loan, which offers up to $10,000 statewide in down payment assistance. This program can be a game-changer for buyers who are ready to make the leap from renting to owning but need a little financial help to get there.
Program Highlights and Qualifications
To take advantage of the MI 10K DPA Loan program, here’s what you need to know:
Minimum Credit Score: MSHDA requires a 640 credit score, or 660 for manufactured homes on a permanent foundation.
Property Size: Eligible properties must have less than two acres (exceptions up to five acres may apply).
Set Interest Rates: The interest rates are determined directly by MSHDA, offering stability for homebuyers.
Purchase Price Limit: Currently set at $224,500, the limit is expected to rise to approximately $510,000 by early May.
Note: All borrowers are subject to qualification, underwriting approval, lender terms, and conditions. Online homeownership education may also be required.
Why This Matters for Michigan Buyers
With rental costs continuing to rise, many families are seeking opportunities to invest in their futures and secure stable housing. The MI 10K DPA Loan helps remove one of the biggest barriers to homeownership—affording the down payment.
Get Started Today with Stark Real Estate
At Stark Real Estate, we understand the challenges of navigating the real estate market, and we’re here to help you every step of the way. Whether you’re a first-time buyer or returning to the market, our team is ready to answer your questions and guide you through the MSHDA program.
Contact us today to learn how you can qualify for the MI 10K DPA Loan and turn your dream of owning a home into reality. With programs like this, there’s no better time to stop renting and start owning!
