Michigan State Housing Development Authority – Down Payment Programs

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This organization is a "collaboration and innovation to assist individuals with disabilities and their families to become homeowners".

The Michigan State Housing Development Authority (MSHDA) has two Down Payment Assistance (DPA) programs available to eligible borrowers who meet income and property requirements.

Single Family DPA

• $7,500 in down payment assistance; includes borrower paid closing costs and pre-paid expenses
• 0% interest rate, non-amortizing 2nd mortgage which is due on sale or at the change in disposition of the MSHDA 1st mortgage
• Borrower's minimum investment is 1% of the sales price
• Available in conjunction with MSHDA's 1st Conventional, FHA, or USDA Rural Development mortgages

HomeChoice DPA:

• $12,000 in down payment assistance; includes borrower paid closing costs and pre-paid expenses
• 0% interest rate, non-amortizing 2nd mortgage which is due on sale or at the change in disposition of the non-MSHDA 1st mortgage
• Borrower's minimum investment is $500
• Available in conjunction with an approved MSHDA Lender's 1st FNMA Conventional mortgage or FHA 203(b) mortgage, and USDA Rural Development's 502 Direct Loan
• Borrower or a family member residing in the household must have a permanent disability

For more information on how to apply, please visit www.michigan.gov/mshda and click on Homeownership.