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Get Matched Free →MSHDA MI 10K DPA Loan
Funding status: Active
How much assistance
Up to $10,000 (Zero-Interest Loan)
No monthly payments. Due upon sale, transfer, refinance, or payoff of the first mortgage.
Eligibility
- Income limits: Varies by county and household size. Ranges from $91,200 to $174,720 depending on location.
- Purchase price limit: $544,233
- First-time buyer required: Yes — First-time homebuyers statewide and repeat homebuyers in targeted areas.
- Credit score minimum: 640
- Geographic restrictions: Available statewide in all 83 Michigan counties.
- Homebuyer education required: Yes
How to Apply for MSHDA MI 10K DPA Loan
Step 1: Work with a MSHDA-approved lender who will process the MI Home Loan first mortgage and the MI 10K DPA second mortgage together. Complete a homebuyer education course from an MSHDA-approved or HUD-approved agency in Michigan. Maximum liquid assets of $7,500 (excluding retirement accounts). Minimum borrower contribution of 1% of the purchase price.
Notes
Replaced the previous $7,500 DPA program. Must be paired with an MI Home Loan first mortgage.