Posted by: Brian Powers | June 11, 2009

MSHDA expands down-payment assistance programs for first time Home Buyers

MSHDA expands down-payment assistance programs for first time Home Buyers

(http://www.mirealtors.com/content/060909.htm#s2)

The Michigan State Housing Development Authority has significantly expanded its down-payment assistance program that, when combined with the new federal tax credit, would provide more than $15,000 in help for first-time home buyers.

The loans – – which have zero interest and don’t have to be paid back until the home is sold or the mortgage refinanced or paid in full – could be used for closing costs, expenses such as setting up escrow accounts, or down payments. The federal recovery package approved in February provides first time homebuyers with an $8,000 tax credit.

“MSHDA has raised its limits on the household income for buyers eligible for the $7,500 loan from $55,000 to nearly $95,000,” said Mary Townley, MSHDA’s director of homeownership. “We felt we just needed to provide more tools for home buyers.”

For both the federal and state programs, buyers are eligible if they haven’t owned a home in the past three years. The federal credit runs through Dec 1. The state loans can be used for homes worth up to $224,500.

Income limits and other information can be found at MSHDA’s Web Site.

If you would additional information on the MSHDA down payment assistance program please feel free to contact me.

Want to search the MLS?  Open up your FREE Listing Book account by clicking on the Listing Book link below:

http://www.brianpowers.listingbook.com/

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Responses

  1. Brian, this is great news. Many people forget about MSHDA and for buyers to know the newest updates is invaluable.


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