Michigan Home Ownership Coalition

Information by State  Esta página en español  Print version

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

This Michigan Home Ownership Coalition offers the HomeChoice Mortgage and down payment assistance through the Michigan State Housing Development Authority (MSHDA). This mortgage product is for a person with a disability or a family with a member with a disability who lives with them and provides them the opportunity to become a homeowner. The HomeChoice Mortgage is a single-family mortgage loan developed to meet the mortgage underwriting needs of low- and moderate-income people and offered through Fannie Mae.

A few of the key components are:

• 5% down payment assistance and $3,000 for closing costs from MSHDA.
• Must have good credit history. In some situations, medical debt can be over looked.
• Flexible underwriting criteria (nontraditional credit sources can be used)
• Income at or below area median income can qualify. (Income sources can be SSI, SSDI, part-time job or a Trust)
• Allows higher debt to income ratios of up to 50%.
• Very low down payment from buyer, $500.
• Gift money from family can be used.
• Pre- and post- purchase counseling required.
• Broker agencies can assist with the process and provide support before and after the purchase.
• The HomeChoice Mortgage can be used anywhere in Michigan.

For more information contact: