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.