First-Generation Down Payment Assistance Program
The dream of homeownership is now more accessible
The Michigan State Housing Department Authority (MSHDA) has launched a limited-time pilot program in the State of Michigan that offers up to $25,000 to first-generation homebuyers to cover down payment and other costs associated with closing a mortgage.
Eligibility Requirements:
- Must be purchasing the property.
- Must live in the purchased property as their primary residence.
- Must complete homebuyer education face-to-face with a HUD Certified Counselor.
- Has had no ownership interest (sole or joint) in another property during the last three years, and one of the following must apply:
- No parent of the borrower has had an ownership interest (sole or joint) in a property in the last three years.
- The borrower has aged out of foster care, or the borrower has become emancipated.
Michigan State Housing Department Authority (MSHDA) First-Generation Down Payment assistance program is provided as an interest-free loan. Repayment of the loan is deferred until certain events, such as payoff of your first mortgage, the sale or refinance of the home, or when the home is no longer owner-occupied.
*Homebuyer must meet the definition of a first-generation homebuyer for the payment of the minimum required down-payment, borrower paid closing costs, prepaid expenses, less a minimum of 1% cash investment from the borrower. This program cannot be combined with MSHDA's MI10k DPA loan, FHA, conventional, or RD loan. MSHDA homeownership reserves the right to suspend or terminate this program at any time. Terms and conditions apply. Equal Housing Lender.
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