"Close the Deal" with a New Down Payment Assistance Program from MSHDA!

April 22, 2009

Source: Courtney Schrems
Job Title: Director of Marketing and Educational Development
Phone: (269) 382-1597
Email: CourtneyS@gkar.com

For many low-to-moderate income homebuyers, saving money for a down payment can be a challenge. The Michigan State Housing Development Authority (MSHDA) help you "close the deal" with a 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, Rural Development or 97% Conventional 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 very 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.

For more information visit www.michigan.gov/mshda

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