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Get Matched Free →MSHDA First-Generation Down Payment Assistance
Funding status: Closed
How much assistance
Up to $25,000 (Deferred Loan)
Deferred loan with no monthly payments. Repayment terms set by MSHDA.
Eligibility
- Income limits: Must fall within MSHDA household income limits, which vary by county and household size.
- Purchase price limit: $224,500
- First-time buyer required: Yes — First-generation homebuyer: no parent of the borrower(s) has owned a home in the last three years.
- Credit score minimum: 640
- Geographic restrictions: Available in all 83 Michigan counties.
- Homebuyer education required: Yes
How to Apply for MSHDA First-Generation Down Payment Assistance
Step 1: Program is currently closed as all funds have been exhausted. Applications are no longer being accepted. When active, applicants needed to work with a MSHDA-approved lender and complete a face-to-face homebuyer education class from a HUD-approved housing counseling agency.
Notes
Funded with $8 million in state budget appropriations. Helped approximately 320 families. Program closed after funds were exhausted. Monitor MSHDA website for potential future funding rounds.