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The Michigan State Housing Department Authority (MSHDA) offers down payment assistance to help people with no monthly payments. Mortgage 1 has been MSHDA’s No. 1 Lender for 10 years.

Program Highlights

  • Available for credit scores as low as 640

  • The alternative credit review is available for some borrowers who have no credit score

  • The minimum down payment is 3% and down payment assistance is available

  • Available to first-timers as well as repeat home buyers in economically disadvantaged targeted areas

  • You have your choice of Conventional, FHA, VA or USDA Loans

  • The home has the be your primary residence

  • The sale price limit is $224,500

  • There are income limits that vary by location

  • The overall debt-to-income ratio of 45% or less

  • Borrowers must attend a homebuyer education course if you receive down payment assistance

  • Borrowers have to contribute at least 1% of the loan amount

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