Michigan offering new $25,000 in down payment help to first-generation homebuyers!
The Michigan State Housing Development Authority (MSHDA) has launched the First-Generation
Down Payment Assistance program, a pilot initiative offering $25,000 in down payment assistance
to eligible first-generation homebuyers. The program aims to help buyers cover upfront costs, in-cluding down payments, closing costs, and prepaid expenses.
Who Qualifies for Assistance?
To be eligible for the First-Generation Down Payment Assistance program, applicants must meet
the following requirements:
Be a first-generation homebuyer, meaning they have not owned a home in the last three
year and their parents have not owned a home in the same period
Have a minimum credit score of 640
Purchase a home that costs $224,500 or less
Meet MSHDA’s household income limits
Complete a HUD-approved homebuyer education class