Michigan offering up to $10,000 of down payment help for home buyers
LANSING, Mich. (WJRT) - Anyone buying a home in 236 zip codes across Michigan is eligible for up to $10,000 in down payment and closing cost assistance from the state.
The Michigan State Housing Development Authority announced the MI 10K DPA Loan program on Tuesday. The financial assistance is provided as a second mortgage with no interest or monthly payments. Homeowners only pay it back when they sell the home.
“At MSHDA, we have been successful across the state in getting homebuyers into homes with our $7,500 down payment assistance loan and we want to build on that foundation,” said Mary Townley, director of MSHDA’s homeownership division. “With the MI 10K DPA Loan, we’re offering resources that help individuals and families remove barriers to homeownership and build wealth, which we believe will lead to stronger, more sustainable communities across Michigan.”
The loans are available in Flint, Saginaw and all other major urban areas of Michigan. Click here for a full list of zip codes where the program is available.
To qualify for the program, borrowers must complete a homebuyer education class and have less than $20,000 in liquid cash assets. There are other limits on the home purchase price and total household income.
Copyright 2021 WJRT. All rights reserved.