The Mortgage Credit Certificate (MCC) program provides housing assistance by issuing a federal tax credit to first-time homebuyers statewide and repeat homebuyers in targeted areas. 

Program Description:

MCC must be applied for and approved prior to buying the home through an approved MCC Lender

Qualified homebuyers can credit 20% of their annual mortgage interest paid against their year-end tax liability. A tax credit is a dollar for dollar reduction in tax liability.

The tax credit is allowable every year for the life of the original mortgage (up to 30 years!)

Available to first-time homebuyers statewide and repeat homebuyers in targeted areas.

Household income limits can vary depending on family size and property location.

Maximum sales price is $224,500 statewide.

The MSHDA Rate Relief Mortgage will be a game-changer for Michigan families. It’s a first-of-its kind new mortgage loan that drives down the mortgage interest rate for eligible first-time homebuyers by a full percentage point.

First-time homebuyers with a qualifying income at or below 80% of Area Median Income (AMI). | Income and Sales Price Limits

Credit score of 640 or higher.

Buyer must work through an FHLBank Indianapolis member that is also a MSHDA-participating lender.

Other qualifications:

New or existing single-family residences, including some types of manufactured homes

30-year terms, sales price can’t exceed $224,500.

Other restrictions may apply.

The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. All homebuyers work directly with a participating lender.**

Available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas.

Household income limits apply and can vary depending on family size and property location.

Sales Price limit - $224,500 statewide.

Minimum credit score of 640 is required.

**Contact me for a list of fantastic participating lenders.

The MI 10K Down Payment Assistance (DPA) Program helps homebuyers with low and moderate incomes by providing up to $10,000 toward down payment, closing costs, and prepaid expenses. This assistance, available statewide, comes in the form of an interest-free loan.

Quick program facts

Available statewide

Must be combined with a MSHDA MI Home Loan

DPA up to $10,000

Can be used for down payment, closing costs, and prepaid expenses

Homebuyers must contact a MSHDA approved lender to apply

Max financing is not required

No monthly payments

A homebuyer education certificate of completion is required for all homebuyers

Repayment of the loan is deferred until certain events, such as payoff of the first mortgage, the sale or refinance of the home, or when the home is no longer owner-occupied.