“Michigan has been a national leader in making housing more affordable for low and moderate income families,” MSHDA Executive Director Michael R. DeVos said. “Through this program, more hard-working families in Michigan will be able to realize their dream of homeownership.”
MSHDA will sell $385,000,000 in bonds to investors, which will be used to fund loans that carry a below-market interest rate.
According to DeVos, home buyers with household incomes of $60,500 to $74,750, depending on the location of the property, may qualify for the 30-year loans to buy new or existing homes.
Eligible home buyers with incomes of 80% of county median or less (adjusted for family size) also may qualify for up to $7,500 in down payment assistance, which is available for some of MSHDA’s loan programs.
“We recognize that many home buyers can afford mortgage payments but have limited resources for the down payment needed to buy a home,” DeVos said. “By offering this assistance, we can help families who otherwise might be shut out of the market.”
Buyers may purchase a home costing from $195,000 to $224,250, depending on the location of the property.
MSHDA raises funds to finance home mortgages through the sale of mortgage revenue bonds to investors. No state tax dollars are used. To date, the agency has financed over 50,000 home purchases in the Single Family program, for an investment of $2.2 billion.
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