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MSHDA's MI Home Loan and MI Home Loan Flex Programs: What's Offered and Why?

Discover the features and benefits of MSHDA's mortgage programs, MI Home Loan and MI Home Loan Flex, including options for first-time homebuyers, repeat buyers, and down payment assistance.

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MSHDA's MI Home Loan and MI Home Loan Flex Programs: What's Offered and Why?

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  1. MSHDA’s Mortgage Programs MI Home Loan and MI Home Loan Flex 9-5-19

  2. What MSHDA has to offer and why? • Program Names • MI Home Loan for first time homebuyers and repeat buyers in targeted areas • Bond series program • MI Home Loan Flex for first time homebuyers and repeat buyers • Mortgage Backed Securities (MBS) program • Why offer a Flex loan program? • To accommodate more homebuyers, offer new tools for lenders and provide Michigan Down Payment (MDP) 9-5-19

  3. MI Home Loan New name, same great program Available with and without Michigan Down Payment(MDP) Loan Types include FHA – VA – RD Guaranteed and Conv up to 97% Follows bond requirements Income restrictions/Sales Price limit Michigan Down Payment (MDP) available up to $7,500. (1% minimum borrower contribution) Asset restriction of $20,000 when using Michigan Down Payment Debt To Income Ratio 45% Principal Residence Only 9-5-19

  4. MI Home Loan Flex • Repeat buyers or first-time homebuyers • Michigan Down Payment (MDP) available up to $7,500 (1% minimum borrower contribution) • Income restrictions/Sales Price limit • Asset restriction of $20,000 when using Michigan Down Payment(MDP) includes equity in current home • Credit score 660 for all borrowers • Manufactured homes not allowed • Debt to Income Ratio 45% • Loan Types include FHA – VA – RD Guaranteed & Conventional up to 97%Flex Conventional loan – maximum income limit 80% AMI or below (qualifying income). Fannie Mae Area Median Income (AMI) Lookup Toolalso see , Conventional MI Home Loan FLEX Product Specs • Principal Residence 9-5-19

  5. Benefits of MI Home Loan Flex • Elimination of some bond restrictions • Michigan Down Payment ( MDP) available up to $7,500 • No targeted/non targeted area restrictions • No acreage restrictions (follow loan type guidelines) • All adults are not required to apply • Income is based on applicants only 9-5-19

  6. MI Home Loan Flex Process Daily rates are provided on Lender Online Lender makes reservation for 1st mortgage and Michigan Down Payment (MDP) through Lender Online MSHDA performs underwriting review Loan approval is reported to lender and US Bank 9-5-19

  7. MI Home Loan Flex Process • Lender closes and funds 1st mortgage and Michigan Down Payment (MDP) • 1st mortgage and Michigan Down Payment (MDP) loan package delivered to US Bank • US Bank reimburses lender for 1st mortgage, Michigan Down Payment (MDP) and lender compensation including Down Payment Assistance premium 9-5-19

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