Michigan program offers $25K to assist first-generation homebuyers
The Michigan State Housing Development Authority (MSHDA) announced Tuesday it has launched a program to support first-generation homebuyers.
The First-Generation Down Payment Assistance Program offers a $25,000 loan to help with a down payment, closing costs and prepaid expenses, according to a news release. The program is available in all counties.
Anyone interested must meet the following criteria:
Must meet the definition of first-generation homebuyer, have no prior history of homeownership in the last three years and must use the property as their primary residence.
Must fall within the household income limits set by MSHDA.
A minimum credit score of 640 is required.
The target property sale price cannot be more than $224,500.
No parent of the borrower(s) has owned a home in the last three years.
The First-Generation DPA must be combined with an MI Home Loan (conventional, FHA, or USDA).
Must complete a face-to-face homebuyer education class offered by a HUD-approved housing counseling agency.
Must meet all other program eligibility requirements.
"Homeownership is an important pathway to economic vitality and mobility for our state and its residents, but too many first-time buyers face financial barriers that put it out of reach," said Amy Hovey, chief executive officer and executive director of MSHDA. "With rents soaring, this program offers families a foot in the door and much-needed stability by helping them secure a home with a fixed monthly cost. This financial boost will allow first-generation homebuyers to invest in their futures, strengthen their communities, and build generational wealth."
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