MSHDA Loans

Affordable financing with down payment assistance.

Flexible financing

First-time homebuyer friendly

Make homeownership more affordable.

Buying your first home is exciting, but saving for a down payment and closing costs can feel overwhelming. MSHDA Home Loans are designed to help eligible Michigan homebuyers overcome those obstacles through affordable mortgage options and down payment assistance.

As a participating MSHDA lender, Michigan First can help you determine whether you qualify and guide you through every step of the homebuying processDown Payment Assistance

What is an MSHDA home loan?

The Michigan State Housing Development Authority (MSHDA) offers mortgage programs that help eligible homebuyers purchase a primary residence with affordable financing. Depending on your eligibility, an MSHDA loan may include down payment assistance and can be combined with several loan types, including:

MSHDA loans are available to eligible first-time homebuyers statewide, as well as certain repeat homebuyers purchasing in designated areas. Income limits, purchase price limits, and other eligibility requirements apply.

Could the MSHDA loan be right for you?

An MSHDA Home Loan may be a good option if you:

Are buying your first home
Need help with a down payment
Meet household income requirements
Plan to live in the home as your primary residence
Meet MSHDA credit and eligibility guidelines
- Minimum credit score of 640
- Purchase price maximum is $566,355. Income restrictions vary statewide and are determined by location and family size.

Not a first-time homebuyer? You may be able to take advantage of the program if you're purchasing a home in designated counties.

Our mortgage team can help you review your options and determine whether an MSHDA loan is the best fit for your goals.

Why choose Michigan First?

Purchasing your first home is a big milestone, and you don't have to navigate it alone. Our experienced mortgage specialists will help you understand your financing options, explain available assistance programs, and guide you from pre-approval through closing.

Whether you qualify for an MSHDA loan or another mortgage solution, we're here to help you discover the possibilities of home.

Frequently asked questions

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What is a MSHDA loan, and who qualifies?

A MSHDA loan is a mortgage offered through the Michigan State Housing Development Authority to help eligible Michigan homebuyers purchase a primary residence. Depending on the program, borrowers may receive assistance with their down payment, closing costs, or certain prepaid expenses. Eligibility may depend on credit score, household income, home price, property location, and whether the home will be owner-occupied.