We have some great news for Michigan homebuyers. The Michigan Homeowner Assistance Nonprofit Housing Corporation (MHA) in collaboration with MSHDA, increased funding for The Step Forward Down Payment Assistance (DPA) program by $5 million last week.
The Step Forward Down Payment Assistance Program was introduced October 8th, 2018 and provides $15,000 in down payment assistance when used in conjunction with a MSHDA loan. What’s more, if you own the house for a minimum of 5 years, the $15,000 is completely forgivable. As you can imagine this program has become extremely popular among Michigan homebuyers.
Unlike other down payment assistance programs, the Step Forward Program is for a limited time only – until funding runs out. The original funds allocated to this program was $20 million. And even though the entire $20 million hasn’t been spent yet, the program has been overwhelmingly successful, indicating that funds wouldn’t last very long.
But as of December 28th, 2018, funding for The Step Forward Down Payment Assistance Program was increased by $5 million, allowing more potential buyers to take advantage of this wonderful opportunity and pursue their dream of homeownership.
What Else You Need to Know About The Step Forward DPA Program
Available in Specific Locations
Unlike many other loan programs that are available state-wide, The Step Forward Program is available in 61 Michigan zip codes in Bay, Genesee, Ingham, Jackson, Macomb, Muskegon, Oakland, Saginaw, Washtenaw and Wayne counties.
Traditional MSHDA Requirements Apply
Since the Step Forward Program must be used in conjunction with a MSHDA loan, buyers must work directly with a MSHDA approved lender and meet all requirements of a MSHDA loan.
These requirements include a minimum credit score of 640, income limits that may vary by county and borrowers must complete a homebuyer education course.
Learn more: What Are the Requirements for a MSHDA Loan?
Contact a MSHADA Approved Lender for More Information
If you would like to take advantage of the Step Forward Down Payment Assistance Program you will need to work with a MSHDA approved lender.
Superior National Bank is a MSHDA approved lender in Clinton Township, Michigan. She has over 30 years in the mortgage industry and has vast experience in various down payment assistance programs. For more information call Julie at: 586-382-5482.
Additional Down Payment Assistance Loans