The Michigan State Housing Development Authority (MSHDA) will expand its MI 10K DPA program statewide, helping low and middle-income homebuyers overcome the biggest barrier to home ownership: the down payment.
The program was previously offered exclusively to 236 zip codes, yet it accounts for over 70% of current down payment assistance applications. The $7,500 down payment assistance program will no longer be available.
“Since its launch, the MI 10K DPA program has been incredibly successful in helping make homeownership more attainable for people across the state,” said Amy Hovey, executive director at MSHDA. “Every Michigan resident has the right to safe and affordable housing, and by making the MI 10K DPA program available statewide we are giving more Michiganders access to resources that make homeownership an achievable goal.”
The expansion of the MI 10K DPA program took effect on Monday, May 8. Reservations made prior for the $7,500 DPA program will remain in effect.
To qualify for the MI 10K DPA program, the borrower must complete a Homebuyer Education class and not have more than $20,000 in liquid cash assets. Home purchase price, total household income limits, and other restrictions apply.
For additional information on the MI 10K DPA program, visit Michigan.gov/homeownership. To apply, connect with an experienced participating lender at Michigan.gov/housingeducationlocator.
Established in 1966, MSHDA provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues. For additional information, visit www.michigan.gov/mshda.
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