DETAILS OF MSHDA

Mortgage Tips

 

The Michigan State Housing Development Authority (MSHDA) is a federal tax credit issued in cnnection with the purchase of a h ome. It allows homebuyers to credit 20% of the annual mortgage interest paid against their year-end federal income tax liability. The maximum credit is $2,000 per year.

The MSHDA provides products and programs to not only homebuyers but sellers as well. MSHDA is designed for Michigan residents to assist in purchasing a home, improving a home, or assist in avoiding foreclosure.

The MI Home Loan

is a mortgage program available for first-time homebuyers statewide and repeat homebuyers in targeted areas. How much is the assistance you ask? Answer: Up to $7,500!

NOTE: HOMEBUYER EDUCATION COURSE REQUIRED

First-time homebuyers-Have not owned a home in the previous three years STATEWIDE

Repeat homebuyers- Down payment assistance is available in TARGETED AREAS.

What’s the catch?

Household INCOME LIMITS apply and vary with location and family size statewide: $71,600-$114,060

Adults living in the household much apply and have qualifying credit with the exception of dependents 18 years of age and older that are full-time students.

The maximum sales price is $224,500 with a minimum credit score of 640–660 for multiple-section manufactured homes.

Loan types accepted: FHA, VA, Rural Development, and Conventional up to 97% with a mortgage term of a fixed rate for 30 years.

Eligible homes include principal residence, single-family unit, condominium, and multiple-section manufactured homes.

The MI HOME LOAN FLEX

is a mortgage program available statewide with some more flexibility with eligibility requirements?

NOTE: HOMEBUYER EDUCATION COURSE REQUIRED

Down payment assistance is available for up to 4% of the purchase price as long as it does not exceed $7,500.

Adults in the household are not required to have qualifying credit or apply for the loan. Only the qualifying borrowers will be underwritten for their income, credit, and assets.

With the AUS findings, the lender will refer to; not all collections are required to be paid off.

Depending on property location and the size of the family HOUSEHOLD INCOME LIMITS can vary statewide: $71,600-$114,060

The maximum sales price is $224,500 with a minimum credit score of 660

Loan types accepted: FHA, VA, Rural Development, and Conventional up to 97% with a mortgage term of a fixed rate for 30 years.

Eligible poperties include principal residence, single family unit, and condominiums.

MORTGAGE CREDIT CERTIFICATE (MCC)

The MCC program is a federal tax credit issued at the time of a home purchase. (Dollar for dollar reduction in tax liability)

For qualifying homebuyers, the credit is up to 20% of the annual mortgage interest paid again their year-end tax liability.

This credit is allowable for every year of the original mortgage not to exceed 30 years.

First-time homebuyers statewide can take advantage of this program as well as repeat homebuyers in the TARGETED AREAS.

Family size and property location have an effect on HOUSEHOLD INCOME LIMITS.

$224,500 is the maximum purchase price.

NOTE: MCC cannot be combined with MI HOME LOAN or MI HOME LOAN FLEX as well as land contracts, refinances, and property rehab loans. 

Take advantage of today’s market and the products available to any buyer! Call us today for your detailed modern mortgage solution and start the path to homeownership!