MSHDA 15,000 Down Payment Assistance

MSHDA Down payment assistance programs are sponsored by the Michigan State Housing Development Authority, and is an ongoing program that allows borrowers that fit certain criteria to receive down payment assistance. Normally a $7,500 program, the MSHDA 15K DPA is usually only offered a few times per year. 

 

Here are some of the qualifications:

• First time homebuyer or haven't owned in 3 years

• 640 Minimum Credit Score

• 1% Down Payment Required from Borrower

• $10,000 Asset Limit (not including retirement accounts)

• Income limits vary by county/area for example: $76,300 Income Limit 1-2 person household, $87,745 for 3+, Here is the complete list: Income Limits

• $15,000 is forgiven after 5 Years, living in the house as primary residence

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Note: Not all lenders are qualified to offer MSHDA Loan Programs, contact me to get a lender referral!

 

Areas - The 15k DPA is only for targeted areas listed below, please see links below to specific maps and cities associated with these zip codes. If you are not purchasing in one of these zip codes you still may qualify for the $7500.

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Home Search zip code parameters have been entered into my home search website just for this program:

Wayne County 15k DPA Home Search

Oakland County 15k DPA Home Search

Macomb County 15k DPA Home Search

Washtenaw County 15k DPA Home Search

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15k DPA Zip Code Maps:

4 County Metro Detroit 15K DPA

Oakland County 15K DPA

Wayne County 15K DPA

Macomb County 15K DPA

Washtenaw County 15K DPA

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