The Michigan State Housing Development Authority hopes to help more than 1 million residents qualify for downpayment assistance toward the purchase of a new or existing home.
The new program announced today offers up to $7,500 to qualified residents through the MI Next Home program.
MSHDA Executive Director Scott Woosley today joined Grand Rapids Mayor George Heartwell, state legislators and Michigan lenders and REALTORS to announce the MI Next Home program, which targets existing homebuyers statewide who are looking to make their next move.
"Our state’s economy is making a strong comeback and we’re finding more Michigan residents are ready to upgrade to a new home," Woosley said during a press conference at Grand Rapids City Hall. "For many, a sizable down payment has been a barrier, so MSHDA has come up with the MI Next Home program to help make moving possible."
Assistance is based on income limits that vary by county but generally range from $70,000-plus for a household of one or two people to just under $100,000 for households of three or more. They will be eligible to receive up to $7,500 (or 4 percent of the purchase price) in down payment assistance from MSHDA.
The program expands MSHDA’s popular MI First Home program for first-time buyers to include repeat purchasers of new or existing single-family homes. Other eligible properties may include new or existing multiple-section manufactured homes and condominiums.
For more information on how to apply to the MI Next Home program, please visit www.michigan.gov/mshda and click on Homeownership.