The Michigan State Housing Development Authority (MSHDA) has announced an expansion of its MI 10K DPA program to help low and middle-income homebuyers purchase homes. The program, which provides down payment assistance to eligible homebuyers, was previously offered exclusively to 236 zip codes, but will now be available statewide.
Housing affordability is a major issue in Michigan, with 48% of renters and 18% of homeowners paying more than 30% of their income on housing. By expanding the MI 10K DPA program, the MSHDA hopes to make homeownership more accessible for Michigan residents.
To qualify for the MI 10K DPA program, borrowers must complete a Homebuyer Education class and have no more than $20,000 in liquid cash assets. Restrictions and income limits also apply. Reservations made prior to the expansion for the $7,500 DPA program will remain in effect.
For more information, visit: Michigan.gov/homeownership.
Reporting for WGRT – Choze Powell
