WASHINGTON, D.C. – April 2, 2014 – (RealEstateRama) — The Michigan State Housing Development Authority (MSHDA) has announced an exciting new loan program for repeat homebuyers. MSHDA’s MI Next Home has been created to make down payment assistance available to repeat buyers. The program was designed specifically for those applicants who may not qualify for MSHDA’s existing MI First Home program due to their previous homeownership status.
The Down Payment Assistance is a 0% interest rate loan that has no payments and does not become due until the homebuyer sells the home, pays off the first mortgage or refinances the existing mortgage.
MI Next Home eligibility requirements include:
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Previous homeowners only
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Income limits (vary by county)
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Sales price limit (Statewide $224,500)
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Buyers must occupy the home as their principal residenceDown Payment Assistance available (maximum of $7,500 not to exceed 4% of the purchase price)
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All adults in the household must apply
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Limit of 2 acres or less
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Recapture tax may apply
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No open collections/judgments
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Only one qualified applicant is required
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Lot size based on loan type FHA/RD/ VA
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No Recapture tax
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Follow AUS findings
To learn more, please visit MSHDA’s website: www.michigan.gov/mshda
