Aspiring homeowners in Michigan now have a new opportunity to break into the housing market.
The Michigan State Housing Development Authority (MSHDA) has launched the First-Generation Down Payment Assistance program, a pilot initiative offering $25,000 in down payment assistance to eligible first-generation homebuyers.
The program aims to help buyers cover upfront costs, including down payments, closing costs, and prepaid expenses.
Who Qualifies for Assistance?
To be eligible for the First-Generation Down Payment Assistance program, applicants must meet the following requirements:
• Be a first-generation homebuyer, meaning they have not owned a home in the last three years and their parents have not owned a home in the same period.
• Have a minimum credit score of 640.
• Purchase a home that costs $224,500 or less.
• Meet MSHDA’s household income limits.
• Complete a HUD-approved homebuyer education class.
For more information on the First-Generation Down Payment Assistance program, visit michigan.gov/FirstGenDPA
