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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.