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MSHDA First-Generation DPA

MSHDA First-Generation DPA

FIRST-GENERATION DOWN PAYMENT ASSISTANCE PROGRAM

Becoming a homeowner isn’t easy, especially if no one in your family has owned a home before. That’s why MSHDA’s First-Generation Down Payment Assistance Program is here to help. This limited-time pilot program offers up to $25,000 to first-generation homebuyers to cover down payment, closing costs, and prepaid escrows. Available statewide, it’s designed to make homeownership more accessible and set families up for long-term success.

The State of Michigan has allocated $8 million to fund this pilot program, which is expected to help more than 320 families across Michigan afford their first home.

FIRST-GENERATION HOMEBUYER ELIGIBILITY REQUIREMENTS:

  • All homebuyers on the loan must meet the definition of a first-generation homebuyer:
    • Must be purchasing the property
    • Must live in the purchased property as their primary residence
    • Has had no ownership interest (sole or joint) in another property during the last three years, and
    • One of the following must apply:
      • No parent of the borrower has had an ownership interest (sole or joint) in a property in the last three years
      • The borrower has aged out of foster care, or
      • The borrower has become emancipated.
  • Must complete homebuyer education face-to-face with a HUD Certified Counselor
  • Minimum of 1% cash investment
  • Applicants must fall within the household income limits set by MSHDA
  • Property sales price cannot be more than $224,500
  • The First-Generation DPA must be combined with a MI Home Loan (conventional, FHA, or USDA)
  • This program cannot be combined with MSHDA's MI10K DPA loan
  • Applicants must meet all other program eligibility requirements

Reach out to one of our Experienced Lenders to start your home journey today.

Link to the FAQ’s

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