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.
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.
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.
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.
Rates have been a hot topic for the last few years. As they plummeted into the low 3’s when COVID hit and then essentially double in 2022 when the country experienced huge inflation numbers. This will not be a boring presentation about rates. We are going to touch on what’s going on overall with rates. However, the main purpose of this event is to show you how a rate is determined for an induvial buyer. We will talk about things buyers can do to help improve the rate they are being offered. We will talk about programs that have very attractive rates and discuss things sellers can do to help lower the rate for a buyer. A lower rate equals more buying power for a home buyer and everything we cover will help agents sell more homes in 2023. The market is back to normal and it’s still a great time to buy.
Here is a list of some of the things we will cover during the event:Visit Jeremy's Blog