Michigan’s Down Payment Assistance Program: A Great Time to Buy a Home
Purchasing a home is a significant milestone in one’s life, but it can also be a daunting task, especially for first-time buyers. Typically, the cost of a down payment is one of the most significant barriers
to homeownership. Fortunately, the state of Michigan has a program that can help. The Michigan Down Payment Assistance Program (MSHDA) offers financial assistance to homebuyers to help with the cost of a down payment and closing costs.
Purpose:
The MSHDA Down Payment Assistance program is designed to help low-to-moderate income individuals and families purchase their first home in Michigan. The program provides up to $7,500 ($10,000 in select zip codes) in down payment and closing cost assistance. It can be used towards the purchase of a single-family home, townhome, or condominium. The assistance is provided in the form of a deferred second mortgage. Which means that the borrower does not have to pay it back until they sell, refinance, or the home is no longer their primary residence.
Requirements:
The program has several eligibility requirements, including income limits, credit score requirements, and homebuyer education. However, the program is flexible, and there are options for borrowers with less than perfect credit. Additionally, the program is available to veterans and active-duty military personnel, as well as rural residents.
Why MSHDA?
The MSHDA DPA program is a great opportunity for first-time homebuyers in Michigan to become homeowners. Many individuals and families who thought homeownership was out of reach can now afford to purchase a home. It’s a great time to take advantage of the program. Interest rates are attractive and sellers are again willing to negotiate, making it a perfect time to buy a home.
In conclusion, the Michigan Down Payment Assistance Program is a valuable resource for first-time homebuyers in the state of Michigan. The program provides financial assistance to help with the cost of a down payment and closing costs. Helping make homeownership more affordable. Simply put, now is an excellent time to take advantage of the program and become a homeowner. If you’re a first-time homebuyer in Michigan and you’re interested in the program, you can apply right here on our website – APPLY NOW. After you complete the application we will call you and go over the different options available to you. If you have any questions or would like to apply over the phone give us a call at (269) 360-7109.
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October Lunch and Learn: Unconventional Lending In An Unconventional Market
1 Hour Con Ed Credit Available!
The real estate market is constantly changing, leading to many challenges for buyers and sellers alike. Never has there been a greater opportunity to leverage innovative lending solutions to better serve your clients. As you know we think outside of the box. Yes we do lots of loans that fit in the box, but getting the deals done that don’t fit in the box can make all the difference in this market. During this class we will cover some more unique loan programs and ways to structure transactions to help get offers accepted in an unconventional world. This class is approved for 1 hour of continuing education thank you Devon Title for sponsoring the continuing education portion of this event!
Hot Topics We Will Cover
Here is a list of some of the things we will cover during the event: