How to Qualify for a MSHDA Loan Warren, Sterling Heights, Clinton Twp, Macomb Mi.
How to qualify for a MSHDA loan. MSHSA loan is a down payment assistance program for Michigan home -buyers. http://www.fhaloanmichigan.org Contact Greg Kitchen at Mortgage One Suburban to see if you qualify. 866-421-2821
There are two types of MSHDA programs. One is for first time home buyers, which is called MI First and the second program is for previous home owners with in the last three years which is called MI Next.
With the MI First program home buyers may qualify for up to $7500 in down payment assistance. The money can be used for down payment, closing costs or pro-rations. To qualify each adult in the home must have a minimum middle credit score of 640 even if everyone is not going to be on the loan. There are also maximum income requirements for all adults in the household. This figure varies by city and county. The maximum amount of assets they may have is $7500. This number doesn’t include IRA’s or 401k retirement plans.
The Mi Next program has slightly different qualifying guidelines. The maximum a home buyer can qualify for is 4% of the purchase price or $7500, whichever is least. The middle credit score of each adult in the home has been increased to 660.
The down payment assistance must be paid back when the home buyer either refinances or sells the home. There may be a recapture tax as well based on the home buyers income at the time of the sale or refinance.
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