Michigan's MSHDA Program: Expanded Access to Homeownership
Discover how the updated MSHDA program is making homeownership more accessible for Michigan residents with increased sales price limits, higher income caps, and special assistance for first-generation homebuyers.
New Sales Price Limit: Opening Doors to More Homes
$544,233
New Maximum
The increased sales price limit for MSHDA program eligibility
100%
Financing
Potential for full financing through eligible MSHDA programs
6%
Interest Rate*
Starting rates for programs without down payment assistance
This significant increase in the maximum eligible property value opens doors for Michigan residents looking to purchase homes in higher price ranges while still accessing valuable MSHDA benefits.
*Interest rates fluctuate and are subject to lender approval.
Updated Income Limits Across Michigan
Income caps have been raised significantly, with limits varying based on location and household size. The new range spans from $95,600 to $164,080, making more Michigan families eligible for assistance.
Metro Detroit County-Specific Guidelines
Income limits have been established for both targeted and non-targeted areas across Wayne, Oakland, and Macomb Counties to promote equitable access while providing enhanced opportunities in designated development zones.
Benefits of Targeted Areas
Higher Income Limits
In Wayne, Oakland, and Macomb Counties, two-person households can earn up to $121,200, while families of three or more can earn up to $141,400 and still qualify.
First-Time Buyer Exemption
Targeted areas remove the first-time homebuyer requirement, opening eligibility to previous homeowners looking to relocate within these designated communities.
Community Investment
These incentives are designed to encourage homeownership in specific neighborhoods to support community development and revitalization efforts.
Current MSHDA Interest Rates
6% Rate
Programs without down payment assistance
6.625% Rate
Programs with down payment assistance
Rate Updates
Subject to change based on market conditions
MSHDA offers competitive interest rates that vary based on whether you opt for down payment assistance. Rates are subject to market fluctuations, so checking current rates before applying is recommended.
First Generation Down Payment Assistance
$25,000 Available
Substantial assistance for qualifying first-generation homebuyers
Eligibility Check
Applicants and their parents must not have owned a home in the past three years
Application Process
Work with an MSHDA-approved lender to verify eligibility and apply
Homeownership
Use funds toward down payment and closing costs to achieve homeownership
Understanding MSHDA Terminology
Sales Price Limit
The maximum purchase price of $544,233 for a home to be eligible for MSHDA programs, regardless of how much you're borrowing.
Loan Amount Limit
The maximum mortgage amount you can obtain through an MSHDA program, which may differ from the sales price if you make a down payment.
Targeted Areas
Specific geographic regions designated for additional benefits, including higher income limits and waived first-time homebuyer requirements.
Determining Your Eligibility
Assess Your Situation
Consider your household size, income, desired location, and whether you're a first-time homebuyer to determine which MSHDA programs might be right for you.
Contact A Professional
Reach out to an MSHDA-approved lender or housing counselor who can provide personalized guidance based on your specific circumstances.
Review Program Options
Explore different MSHDA programs to find the best fit, whether you need down payment assistance, competitive interest rates, or both.
Frequently Asked Questions
Do I need to be a first-time homebuyer to qualify for MSHDA programs?
For most MSHDA programs, yes, unless you're purchasing in a designated targeted area or qualify for specific exceptions like the First Generation program.
How do I find out if a property is in a targeted area?
Contact an MSHDA-approved lender or housing counselor who can check the official targeted area listings for your specific address or neighborhood.
Can I combine MSHDA down payment assistance with other programs?
Potentially yes, though there may be restrictions. An MSHDA-approved lender can help you navigate combining multiple assistance programs to maximize your benefits.
Ready to Start Your Homeownership Journey?
Get Personalized Guidance
Connect with MSHDA experts who can match you with the right programs based on your unique situation.
Check Your Eligibility
Find out if you qualify for down payment assistance, competitive rates, or special programs like First Generation.
Start Your Application
Take the first step toward homeownership today. Our team will guide you through each phase of the process.
Fill out our quick form to be connected with an MSHDA-approved lender who can help you navigate your options.