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“Is there any down payment assistance anymore” or some version of this question.

Yes, there is. MSHDA, administered by the State of Michigan, has funds available to lend down payment & closing cost assistance.  If you click on the link highlighted above it will take you to the FAQ provided by the state to the program guidelines.  There is an income limit, but it’s pretty generous.

One thing to note: You do have to qualify for a mortgage.

Also, even though you will be receiving down payment assistance if you qualify you will still need some out of pocket money to purchase a home.  MSHDA requires that you have 1% of your own funds contributed to the purchase.   For example, if you purchase a $60,000 home you would need to invest $600 to satisfy the requirements.

I always suggest that a potential home buyer have at least $1000 of their own money to start the purchase process.   That $1000 would be used towards the earnest money deposit and the first years home insurance policy (that is required to be purchased prior to closing.)   If you don’t have $1000 tucked aside and can’t get it as a gift from a family member, then you need to save until you do have it.

One of the ladies that I work with in the mortgage and banking industry that is knowledgeable about the MSHDA program is Michelle Cyplik with Paramount Bank in Rochester MI.   She can be reached at 248-601-1349 ext. 206

I highly recommend that you talk to someone who has worked with MSHDA and is on their approved lenders list (as Michelle is) prior to starting your home search.

As always, if you’d like to know about buyers agency in Michigan before you start your home search feel free to contact me.

~Kris Wales~  A partner for your real estate needs in Macomb County MI
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