Home down payment help offered

MSHDA assisting qualified home-seeking residents in Isabella, Gratiot, Clare zip codes

The Michigan State Housing Development Authority is offering down payment assistance for qualified residents looking to purchase a new home.

Those living within the 236 eligible zip codes can now apply to receive up to $10,000 to cover down payment and closing costs.

The program offers a zero percent interest, non-amortizing loan that will be due when the homeowner sells or transfers the property.

Residents living within all zip codes in Isabella, Gratiot and Clare counties are eligible to apply. “At MSHDA we have been successful across the state in getting home buyers into homes with our $7,500 down payment assistance loan and we want to build on that foundation,” Director of MSHDA’S Homeownership Division Mary Townley stated in a press release. “With the MI 10K DPA Loan we’re offering resources that help individuals and families remove barriers to homeownership and build wealth, which we believe will lead to stronger more sustainable communities across Michigan.”

Household income limits do apply and can vary depending on family size and property location.

The home sale price limit is $224,500 statewide and a minimum credit score of 640 is required for stick built homes or 660 for multiple-section manufactured homes.

All homebuyers will work directly with a participating lender.

The areas eligible for the program were identified using census data, historical data from MSHDA and data from the Home Mortgage Disclosure Acts.

The authority looked at education, unemployment, housing stability and other factors to determine zip codes with access to quality affordable housing.