“I cannot afford a down payment. Can I still buy a home?” The is yes when you have MMS Mortgage Services Ltd. on your side.
This is one of the most frequently asked questions we receive at MMS Mortgage Services, Ltd.
If you are shopping for a home here in Michigan where we are based, we have good news. You may be able to move into a home right away with the help of the MI Home Loan program offered through the Michigan State Housing Development Authority (MSHDA).
What is the MI Home Loan Program?
MSHDA describes the MI Home Loan program on its website. It says, “The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. All homebuyers work directly with a participating lender.”
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Get Down Payment Assistance in Michigan
Down payment assistance through the MI Home Loan Program can take either of these forms:
- MI DPA Loan up to $7,500 (state-wide).
- MI 10K DPA Loan up to $10,000 (236 zip codes)
Who Qualifies for the MI Home Loan Program?
You may be eligible for down payment assistance through this program if you meet these basic requirements:
- You fall within the prescribed household limits.
- You are a first-time homebuyer anywhere in the state or a repeat homebuyer in a targeted area.
- You have a credit score of at least 640.
- The sales price for the home you are purchasing does not exceed $224,500.
As an Experienced Participating Lender, we can help you assess whether you qualify for assistance through the MI Home Loan program.
One thing a lot of homebuyers do not realize is that so long as you have not owned a home within the past three years, you are considered to be a first-time homebuyer.
If that is the case, we will not even need to check whether you are in a targeted area or not.
Let Us Answer Your Questions and Walk You Through the Steps
We know that applying for a government down payment assistance program on your own may be daunting.
At MMS, we will answer any questions you may have about how the MI Home Loan program works.
We also can help you apply, making it fast and easy to receive the down payment assistance you need to buy a home right away.
Buy a Home in Michigan now with an affordable down payment
Are you ready to move into your dream home in MI immediately? With the MSHDA down payment assistance program, it can happen.
If you are located in any of those states and have questions about down payment assistance programs in your area, we would be glad to assist you.
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