 We recently discovered a typographical error on our income limit chart for a household of 3 or more in the non-targeted areas of Clinton County. The correct income limit is $106,145. We have updated the income limit chart with a date of 5.01.24(rev 8.21.24). The new chart is available on Lender Online and must be used immediately. There are no other changes or revisions to this chart. If you have a loan in progress in a non-targeted area of Clinton County that is impacted by this correction, please contact MSHDA Homeownership immediately at mshda-homeownership@michigan.gov.
To help assist Michigan residents to overcome the challenges of the increasing costs of homeownership, MSHDA allows the stacking of down payment assistance programs with MI 10K DPA as long as the program meets certain criteria.
- MSHDA must review and approve the terms of all programs, including applicable mortgages/retention agreements and notes.
- DPA programs meet all GSE requirements (lender is required to verify compliance with GSE guidelines)
- Each loan submitted to MSHDA with approved DPA must include the most recent program documents that will be executed by the borrower and document the dollar amount of the approved DPA.
- 1% minimum required borrower investment (MI 10K DPA) cannot be met by the use of other DPA programs.
- MI 10K DPA must always be recorded in 2nd lien position
- Failure to have MI 10K DPA recorded in second lien position may make your loan ineligible for purchase.
- Copies of all recorded lien documents must be included in your Final Document submission package to validate recording order.
DPA programs already approved by MSHDA, that can be used with MI 10K DPA
- FHLBank of Indianapolis HomeBoost
- City of Detroit
- City of Jackson
To request a review of other DPA or Employer Assisted Housing programs in your area, please email Chris Blank at blankc@michigan.gov.
As a reminder, MSHDA launched our annual lender renewal applications on July 9th. Lenders were to accept the renewal invitation on your organization’s Comergence Dashboard no later than August 9th. We appreciate those lenders who have completed their renewal application within the required time frame. For those lenders that have not yet completed their renewal application, please be sure to act NOW to keep your organization in good standing with MSHDA. Failure to complete the renewal application may result in your organization from further participating in the MSHDA program. All renewals must be completed no later than September 15, 2024.
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