For many potential homebuyers, especially First-time buyers, the down payment can be difficult. The MI Home Loan—combined with the Michigan Down Payment loan is designed to make it a little easier for qualified homebuyers. This combination provides up to $7500 Down Payment Assistance to first time buyers to help them achieve homeownership.
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. Since no interest accrues and there are no payments, you may find this loan a better option than borrowing from your retirement fund, depleting your savings account or using money from family. The Michigan down payment of up to $7,500 can only be used in conjunction with a MSHDA mortgage.
For more information on this program, please contact us at firstname.lastname@example.org