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.

To determine eligibility please contact an Experienced Participating Lender (An Experienced Lender has completed at least one MSHDA Loan in the last six months.)

PROGRAM DESCRIPTION:

Michigan Down Payment up to $7,500. (Homebuyer Education class required.) Available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas.

Household income limits apply and can vary depending on family size and property location.

Sales Price limit - $224,500 statewide.

Minimum credit score of 640 required or 660 for multiple-section manufactured homes.

RESOURCES:.

Top MI Home Loan - Loan Officers of 2018 MI Home Loan -

Mortgage Companies, Banks, and Credit Unions

Housing Education Program

Home Inspections and Property Checklist

MI Home Loan - Program Card

https://www.michigan.gov/mshda/0,4641,7-141-45866_45868-370762--,00.html