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MSHDA's Michigan Next Home Program

On Monday, February 24, the Michigan State Housing Development Authority launched an awareness campaign for the debut of Michigan's first MI Next Home program.

The MI Next Home program allows repeat home-buyers--including singles, couples and families--who are potentially eligible to receive up to $7,500 (or 4% or purchase price) in down payment assistance from MSHDA.

MI Next Home eligibility requirements include:

  • Any previous homeowner qualifies
  • The applicant's income must fall within income limit guidelines
  • Sales price must fall within the sales price limits
  • The buyers must occupy the home as their principal residence
  • Asset restriction of $7,500

Assistance is based on income limits that generally range from $70,000-plus for a household of one or two people to just under $100,000 for households of three or more.

The initiative expands MSHDA's popular MI First Home program for first-time buyers to include repeat purchasers of new or existing single-family homes. Other eligible properties may include new or existing multiple-section manufactured homes and condominiums.

Read more about the program here.

 

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