State announces $10K in down payment assistance for homebuyers

State announces $10K in down payment assistance for homebuyers

LANSING, Mich. — The Michigan State Housing Development Authority is offering residents up to $10,000 in down payment assistance to potential homebuyers, according to Airfoil Group.

We’re told homebuyers in 236 zip codes are eligible for the MI 10K DPA Loan and that the program is offered as a second mortgage toward home and closing costs.

Airfoil Group says it is a 0% non-amortizing loan, adding that borrowers do not make monthly payments on it.

“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,” says Mary Townley with MSHDA. “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.”

Eligible cities include Grand Rapids, Kalamazoo, Muskegon and Lansing. Click here to view all zip codes eligible for the loan.

We’re told borrowers must have less than $20,000 in liquid cash assets and have completed a Homebuyer Education course to qualify.

Click here to apply.

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