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As realtors we often come across buyers looking to purchase their first home but do not have enough for the down payment.  That’s where the DPA program from MSHDA can come to the rescue. 

The Michigan State Housing Development Authority is expanding its MI 10K DPA program statewide, helping low and middle-income homebuyers overcome the biggest barrier to home ownership: the down payment.

The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.

Housing affordability is a major obstacle in Michigan, as outlined in the state’s first Statewide Housing Plan, which was launched last year. In 2019, 48% of renters and 18% of homeowners across the state paid more than 30% of their income on housing.

To qualify for the MI 10K DPA program, the borrower must complete a Homebuyer Education class and not have more than $20,000 in liquid cash assets. Home purchase price, total household income limits, and other restrictions apply.

This may be a great option for those looking to purchase a house but don’t have a lot of money saved for the down payment. 

Evduza Ramaj

Inside Realty