MSHDA Step Forward – Michigan Down Payment Assistance

Effective October 8th 2018, potential home buyers in the State of Michigan may qualify for $15,000 in forgivable down payment assistance.  The Step Forward Down Payment Assistance (DPA) is a 0% interest, non-amortizing second mortgage on the property that is forgiven at 20% per year and discharged at the end of the 5th year as long as the purchasers still own and occupy the property as their primary residence.

The program has allocated $20 million to be DPA funds.  Funds are limted and are available on a first-come first-served basis. The sale price limit is very generous at $224,500 and can be used in conjunction with Conventional, FHA, Rural Development and VA home loan options in the State of Michigan.  MSHDA income limits also apply.

The funds are only available in certain areas.  The property must be within one of these zip codes.

Bay: 48706, 48708
Clinton: 48906*
Eaton: 48911*
Genesee: 48457, 48458, 48503, 48504, 48506,
48507, 48509, 48519, 48529, 48532
Ingham: 48906, 48910, 48911, 48912, 48915
Jackson: 49202, 49203, 49254
Macomb: 48015, 48021, 48048, 48066, 48089,
48091
Monroe: 48160*
Muskegon: 49442
Oakland: 48030, 48033, 48075, 48340, 48341,
48342
Saginaw: 48602, 48604
Washtenaw: 48160, 48198
Wayne: 48111, 48122, 48125, 48135, 48141,
48146, 48174, 48180, 48184, 48192, 48195,
48205, 48214, 48215, 48219, 48221, 48223,
48224, 48225, 48227, 48228, 48235, 48239,
48240

(* designates an eligible zip code located in an adjoining
county )

Mortgage 1 is a participating lender with MSHDA and can assist you with purchasing a new home utilizing this limited time program.  Please use the link below to provide your information to see if you qualify.

Jim Papatheodore
NMLS ID 131478
Jim@LoanJim.com
810-444-0024

www.MichiganMortgageStore.com/PreQualify

2018-09-26T19:48:43-04:00