State offering $10K loan to homebuyers

Assistance for down payment, closing costs in select areas

The Michigan State Housing Development Authority (MSHDA) has announced it will begin offering more money to homebuyers through its homeownership program.

Michigan residents in 236 zip codes can now apply for up to $10,000 in down payment and closing cost assistance. The loan is a 0% non-amortizing loan that will be due when the homeowner transfers or sells the property.

“At MSHDA, we have been successful across the state in getting homebuyers into homes with our $7,500 down payment assistance loan and we want to build on that foundation,” Mary Townley, director of the MSHDA homeownership division, said. “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.”

The areas where homebuyers will be eligible for the program were identified using census data, historical data from MSHDA and data from the Home Mort

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

A total of 27 zip codes in Macomb County and 36 in Oakland County were identified for the program.

Borrowers are required to complete a homebuyer education class to qualify for the loan and must not have more than $20,000 in liquid cash assets. More information on the program can be found at michigan. gov/homeownership.