The Michigan State Housing Development Authority (MSHDA) offers various programs and initiatives to assist individuals and families in obtaining affordable housing. As a top MSHDA lender for the last decade, Mortgage 1 has established a strong partnership with MSHDA and has the expertise to navigate MSHDA programs and assist clients in accessing the resources and support they need to find affordable housing solutions.
At Mortgage 1, we understand the unique challenges faced by current and prospective homeowners. That's why we offer a diverse range of programs and resources designed to support individuals in their housing journey. Whether you're in need of down payment assistance or require mortgage payment support, as an MSHDA partner, we have options available to suit your specific needs. We recognize the significance of finding a stable and comfortable place to call home, and our dedicated team is committed to guiding you through the process every step of the way. Count on Mortgage 1 to provide the assistance and guidance necessary to help you achieve your housing goals.
The MSHDA MI Home Loan and Home Loan Flex programs are mortgage loans specifically designed to cater to the needs of both first-time homebuyers (have not owned a home in the previous three years) state-wide and repeat homebuyers in targeted areas.
MI Home Loans offer several advantages to borrowers, including lower interest rates and the option to combine it with an MSHDA down payment assistance program.
$10,000 down payment assistance is now available to all eligible homebuyers and homeowners in Michigan, previously only available in select zip codes throughout the state.
The MI 10K DPA program allows for appraisal gap coverage and eliminates the maximum financing requirement. There is no-asset limit, and the loan must be combined with a MSHDA MI Home Loan first mortgage, which can be FHA, RD Guaranteed, or Conventional. A minimum 1% borrower contribution is required, but the loan itself has 0% interest and does not require monthly payments.
Don't miss out on the opportunity to secure safe, affordable housing in Michigan. Take the first step towards a brighter future by applying to access the support and resources available through MSHDA programs. Our streamlined application process ensures that you receive the assistance you need as quickly as possible.
Your journey toward affordable housing starts here, and we're here to help you every step of the way. Apply today using our Pro SNAP app, or contact us today to learn more.
