MSHDA MI First Home Program Opens $600,000 in First-Time Homebuyer Grants
If you’re a first-time homebuyer, I have some exciting news to share with you! The Michigan State Housing Development Authority (MSHDA) recently received $600,000 from the National Mortgage Settlement to be used as grant money for first-time homebuyers.
The funds, which will be made available through the MSHDA MI First Home program, can be used to cover the down payment, closing costs, taxes and insurance that are due at closing. With a smaller upfront investment required on behalf of the buyer, homeownership is put within reach for thousands of qualified first-time buyers.
As a top MSHDA lender, we work hard to make sure families and individuals in Michigan are educated about financial assistance programs offered through the state. Here’s everything you need to know about the MSHDA’s MI First Home program:
MI First Home Program
- Eligible homebuyers include individuals who have a minimum credit score of 640, have not owned a home within the last three years, and who plan to purchase a single-family, owner occupied, principal residence.
- First-time homebuyers who meet these criteria are eligible to receive up to $3,000 that can be applied toward closing costs.
- Active military personnel and veterans of the U.S. Armed Forces or National Guard and Reserves who are purchasing their first home are eligible to receive up to $5,000 in assistance.
- Grant funds may be used only with a MSHDA MI First Home loan, with or without MSHDA’s Down Payment Assistance.
With interest rates near historic lows and a bevy of low down payment programs available, there are several real estate trends that are shifting the housing market in favor of first-time homebuyers this year. However, the MI Home First program is available on a first come, first serve basis until funds run out.
Don’t miss out on the perfect opportunity to purchase a home! Send us a message to find out if you’re eligible for the MI First Home program.