Michigan programs
MSHDA
The Michigan State Housing Development Authority, which offers the MI Home Loan and up to $10,000 in down payment assistance (MI 10K DPA) to eligible buyers statewide.
What does MSHDA mean?
MSHDA is Michigan's housing finance agency, and its programs are the state's most valuable tool for first-time and moderate-income buyers. It doesn't lend directly — it works through approved lenders, adding benefits on top of a standard FHA, VA, USDA, or conventional loan. The headline benefit is the MI 10K DPA: up to $10,000 toward down payment and closing costs as a 0%-interest loan, available in all 83 counties. Requirements that screen people out are a 640 credit minimum, county income limits, and purchase-price caps. Not every lender originates MSHDA loans, so ask directly.
Common questions
What does MSHDA offer Michigan buyers?
The MI Home Loan plus the MI 10K DPA — up to $10,000 toward down payment and closing costs as a 0%-interest loan, available in all 83 counties.
What are the MSHDA requirements?
A 640 credit minimum, county income limits, purchase-price caps, and a MSHDA-approved lender. Not every lender originates MSHDA loans, so ask directly.
Is the MI 10K DPA a grant?
No — it's a 0%-interest loan with no monthly payment, repaid when you sell or refinance. While you own the home it functions like a grant.
Related terms