Michigan first-time homebuyer loan max sale price increases to $544K

State's MI Home Loan Program helping potential owners

Starting May 1, qualifying homebuyers can use the program to buy a home for up to $544,233 - up from the previous max price of $224,500. This increase also applies to the First-Generation Down Payment Assistance Program.

LANSING, Mich. (FOX 2) - The MI Home Loan house price limit more than doubles soon, meaning that first-time homebuyers will be able to buy more expensive homes through the program.

MI Home Loan

Requirements:

The MI Home Loan is available to homebuyers who meet certain requirements, including income limits set by the Michigan State Housing Development Authority (MSHDA).

Buyers who have not owned a home in the past three years.
Repeat buyers in targeted areas of the state.
Buyers who have a credit score of 640 or higher.
Buyers who meet income requirements set for their county or targeted municipality.

Can't see the income limit chart below? Click here.

Buyers using the MI Home Loan are also able to take advantage of up to $10,000 in down payment assistance.

Learn more about the program by contacting a lender.

First-Generation Down Payment Assistance

First-generation homebuyers will also be eligible to receive down payment assistance for houses they are purchasing up to $544,233.

The pilot program, which started this year, provides a loan of up to $25,000 to eligible buyers to help cover their down payment, closing costs, and prepaid escrows.

The down payment assistance loan can be combined with MSHDA FHA, Conventional and Rural Development loans and the MSHDA Rate Relief Mortgage, but it cannot be combined with MSHDA’s MI $10K Down Payment Assistance program.

Learn more about the program here.

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