MI 10K DPA Loan - Michigan State Housing Development Authority (MSHDA):
The M1 10K DPA Loan provides up to $10,000 in down payment assistance in specified ZIP codes if you finance your home purchase with MSHDA’s M1 Loan.
Both first-time Michigan homebuyers—those who have not bought a property in the last three years—and repeat buyers in specific areas are eligible for the program. Household income limits apply, and they vary depending on family size and property location. The maximum sales price for all properties in the state is $224,500.
A minimum credit score of 640 is needed to be eligible, or 660 if you want to buy a manufactured home with numerous sections. Completing a housing education course is also required.
MSHDA offers a homeownership education program and a mortgage credit certificate, which lowers your federal tax bill.
You can find a list of eligible zip codes on the MSHDA website. And find a list of other homeownership assistance programs in Michigan on HUD’s website.