MSHDA - Down Payment Assistance

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Down Payment Assistance

For many low-to-moderate income homebuyers, saving money for a down payment can be a challenge. Let the Michigan State Housing Development Authority (MSHDA) help you "close the deal" with our Down Payment Assistance Program. See a participating lender for details.

PROGRAM HIGHLIGHTS
Zero-interest, non-amortizing loan with no monthly payments. Maximum assistance is $7,500. Available with MSHDA's FHA or Rural Development first mortgage. Funds may be used for down payment, closing costs, prepaid/escrow expenses and a home inspection performed by a licensed home inspector. The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full.
BORROWER GUIDELINES
Available to low-to-moderate income homebuyers. Household income limits vary depending on location and family size. Sales price limit is $224,500. Borrower must complete a homebuyer education class. Minimum borrower contribution of one percent of the sales price.