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MSHDA Offers $10,000 Down Payment Assistance Program for Michigan Home Buyers

Updated: Jun 29, 2023

MSHDA offers a down payment assistance loan program called MI 10K DPA Loan, which offers $10,000 in assistance to buyers to use towards the required down payment, closing costs and prepaids/escrows.

According to MSHDA, “This program was created to offer assistance to purchasers within specific geographic areas where the opportunity to purchase a home is high, but the rate of homeownership needs improvement. Homebuyers looking to purchase a home within one of these areas will benefit from additional support to help them achieve homeownership.”

The MI 10K DPA Loan program will provide:

  • $10,000 to use towards the required down payment, closing costs and prepaids/escrows; any additional down payment can be used to buy down the first lien.

  • Maximum financing is not required.

  • Must be combined with a MSHDA MI Home Loan first mortgage (FHA, RD Guaranteed, or Conventional).

  • Minimum 1% borrower contribution.

  • 0% interest and no monthly payments.

  • Loan is due when the home is sold, refinanced, the first mortgage is paid in full, homeownership interest is transferred, or the home ceases to be the primary residence.

For more information about the MI 10K DPA Loan program, reach out to your Mortgage 1 Loan Officer.

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