STATEWIDE PROGRAMS

Michigan Home Loan

Assistance Available:
The Michigan State Housing Development Authority administers the Michigan Home Loan program.

It is offered to first time homebuyers throughout the State of Michigan and repeat purchasers in certain targeted areas. The program offers up to $7500.

Qualifications:
You must be a first time homebuyer unless you are purchasing property in specified target areas. Your credit score must be a minimum of 640. There are household income limits that are dependent on family size and property location. There is a statewide purchase price limit of $224,500.

MI Home Loan Flex

Assistance Available:
This program is also administered by the Michigan State Housing Development Authority. It is geared toward repeat homebuyers who are getting FHA and RA loans. The MI Home Loan Flex program offers up to $7500 or 4% of the purchase price, whichever is less, to use in paying downpayment, closing costs, and prepaid expenses. Maximum financing is required.

Qualifications:
Only qualifying borrowers are underwritten for credit, income, and assets. You do not necessarily have to have all judgments and collections paid off.