We Help First-Time Buyers and Repeat Buyers Get Into the Homes of Their Dreams

We Are MSHDA Home Loan Experts

The MI Home Loan, when combined with the MI 10K DPA loan, aims to alleviate the challenging aspect of the down payment for first-time and repeat homebuyers. A MSHDA Mortgage Credit Certificate (MCC) is a federal tax credit issued at the time a home is purchased. We specialize in MSHDA loans. We are recognized as one of the MSHDA's Top Producers in the entire state. Each year, we help dozens of first-time buyers obtain MSHDA assistance to purchase their dream home. We can help you, too.

MSHDA Down Payment Assistance -- Up to $10,000 Statewide

The MI 10K Down Payment Assistance (DPA) Program helps homebuyers by providing up to $10,000 toward down payment, closing costs, and prepaid expenses. This assistance, available statewide, comes in the form of an interest-free loan.

Quick program facts

• Available statewide

• Must be combined with a MSHDA MI Home Loan

• DPA up to $10,000

• Can be used for down payment, closing costs, and prepaid expenses

• Max financing is not required

• No monthly payments

• A homebuyer education certificate of completion is required for all homebuyers

• Repayment of the loan is deferred until certain events, such as payoff of the first mortgage, the sale or refinance of the home, or when the home is no longer owner-occupied.
  

Mortgage Credit Certificate (MCC) Federal Tax Credit

The Mortgage Credit Certificate (MCC) program provides housing assistance by issuing a federal tax credit to first-time homebuyers statewide and repeat homebuyers in targeted areas. 

Program Description:

• MCC must be applied for and approved prior to buying the home through an approved MCC Lender.

• Qualified homebuyers can credit 20% of their annual mortgage interest paid against their year-end tax liability. A tax credit is a dollar-for-dollar reduction in tax liability.

• The tax credit is allowable every year for the life of the original mortgage (up to 30 years!)

• Available to first-time homebuyers statewide and repeat homebuyers in targeted areas.

• Household income limits can vary depending on family size and property location.

• Maximum sales price is $544,233.

MI HOME LOAN PROGRAM

The MI Home Loan program is a mortgage product that is available to first-time homebuyers statewide and repeat homebuyers in targeted areas. The benefits of the MI Home Loan include reduced interest rates, reduced PMI (private mortgage insurance), and the possibility of qualifying for down payment assistance. The program also helps buyers secure a mortgage with a lower credit score than many conventional loans require.

Eligibility and Requirements

• Prospective borrowers must use a participating lender approved by MSHDA. These lenders are familiar with the MI Home Loan specifics and can effectively guide applicants through the application process.

• Applicants are required to take a homebuyer education class. This educational component is vital as it prepares new homeowners for a home’s financial responsibilities and management, ensuring they are well-informed and ready for the journey ahead.

• The program is available to first-time homebuyers across Michigan—defined as individuals who have not owned a home in the past three years—and to repeat buyers, but only in designated targeted areas. 

• Household income limits apply and can vary depending on family size and property location.

• Statewide sales price limit of $224,500

• A minimum credit score of 640 is required.