Michigan · Subsidized loan

MSHDA MI Home Loan

Below-market rate, stackable with MI 10K DPA

Below-market 30-year fixed rate. Works with FHA, VA, USDA, or conventional. Up to $224,500.

MSHDA's MI Home Loan provides competitive first mortgage rates paired with DPA. The program serves first-time buyers statewide with below-market rates and assistance covering down payment and closing costs.

AmountBelow-market rate, stackable with MI 10K DPA

TypeSubsidized loan

Available inMichigan

First-time buyer requiredYes

Minimum credit score640

Multi-unit eligibleYes — 1-4 units

House-hack eligible

This program can be used on 1-4 unit properties. Live in one unit, rent the others.

Programs that pair with this

FHA Loan Saves ~$33,000 on a $200K home vs 20% down

Federal · Subsidized loan

VA Loan $0 down + no monthly mortgage insurance

Federal · Federal benefit

NACA Program $0 down + $0 closing + $0 PMI + below-market rate

National · Nonprofit program

MSHDA MI 10K DPA $10,000

Michigan · Deferred 0% loan

MSHDA First-Generation DPA $25,000

Michigan · Deferred loan

MSHDA MI Next Home Below-market rate + DPA for repeat buyers

Michigan · Subsidized loan

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