Homeownership Special: MSHDA Maximum Sales Price Limit Increase Incoming!!
Exciting news for Michigan homebuyers! The State Senate has passed House Bill 5032, which will significantly increase the maximum sales price limit for MSHDA home loan programs.
What Does This Mean?
Currently, MSHDA’s maximum sales price limit for eligible homes is $224,500. This limit has remained unchanged since 2009, making it increasingly difficult for many Michiganders to qualify for assistance in areas with higher housing costs.
House Bill 5032 will change this by linking the maximum sales price to an annual index calculation. This new system will use 90% of the IRS’s purchase price limit safe harbors for Mortgage Revenue Bonds to determine the eligible sales price.
What Does This Mean for Homebuyers?
Once the bill is signed into law by Governor Whitmer, the estimated maximum sales price limit is expected to be $510,939 for a single-family home in all Michigan counties.
Important Note:
While this increase significantly expands eligibility, it’s important to remember that homebuyers must still meet both income and sales price limits to qualify for MSHDA home loan programs, including the MI Home Loan, MI $10K DPA, and Mortgage Credit Certificate programs.
What’s Next?
The IRS updates purchase price limit safe harbors annually, typically around April. As we will be using this index calculation moving forward, you can expect annual updates to our maximum sales price limit around May of each year.
We are thrilled about the passage of HB 5032 and the expanded opportunities it will create for Michigan homebuyers. We will share further details and implementation timelines once the bill is officially signed into law.
Stay tuned for more updates!
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