Ryan Her, Home Buyer in 48335

Has anyone actually received the down payment assistance from Michigan?

Asked by Ryan Her, 48335 Mon Jan 11, 2010

I wanted to see what kind of situation you were in and if it was easy for you. I could probably do without, but with additional $7500 for down payment/closing would be a great help (will spare me much cash for repairs). Also, I noticed that only certain lenders can do MSHDA FHA loans. Has anyone actually had a good experience with any lender?

I hope to get information from some recent home buyers, but advice from others is always welcome :)


Help the community by answering this question:


Hi, Ryan Her

Down payment assistance programs are definitely still available in Michigan. Outside of MSHDA, there is also ADDI (American Dream Down Payment Initiative) and HOMEFUNDS. With ADDI especially, the qualifying requirements and down payment assistance amounts can vary depending on the county. Unlike the old 100% down payment assistance programs, you are now required to still put down a percentage of your own funds (1-3.5%)

I have 3 buyers utilizing these program. One is puirchasing a condo in Southfield for 78K and has 10K in down payment assistance to use towards her closing costs. You are required to get approved by a recognized lender first and then take a home buying course among other things to qualify. If I can be of further assistance to you regarding this, please feel free to contact me at your earliest conveneience.

Rudy R. McDowell / Senior Loan Officer
NMLS#: 141856
Shore Mortgage
770 S Adams Birmingham, MI. 48009
o: 800-678-6663 Ext 5154 / f:248-594-6156 /d: 313-410-1344
email: rmcdowell@shoremortgage.com
corp: http://www.shoremortgage.com
"Referrals are the Best Indicators of My Service and Your Satisfaction"
2 votes Thank Flag Link Mon Jan 11, 2010
Anyone knows a lender familiar with DPA in Lansing area?
0 votes Thank Flag Link Mon Jan 9, 2012
@Steve and Mindy,

That sounds very familiar to WA state. Two underwrites and a paid/back appreciation if you sell in the first 9.5 years in WA vs. 5 years in MI.

@Ryan Her, Steve and Mindy appear to be the ones you're looking for. I'd give them a call and talk to their preferred lender.
0 votes Thank Flag Link Mon Jan 11, 2010
Hello Ryan,
Yes we have had buyers do the down payment assistance program with much success.
Not all lenders can do this type of loan is correct and some that can are very bad at it.
Basicly the file is being underwriten twice. Once by your lender
and again by MSHDA.
Once approved the funds are sent to the closing table through the Title co closing the
There are stipulations set on the funds as to how long you must be in the home and what % of the
downpayment assistance has to be paid back if the home is sold in under 5 years.
I hope this helps. Let us know if you have any further questions

Steve & Mindy Oaks
Remax Classic Farmington Hills
0 votes Thank Flag Link Mon Jan 11, 2010
I'm not sure how it is in Michigan, but there are definitely people who have gotten it in WA state. You'll definitely want to find a local expert.

See if there's a Michigan State Housing Finance Commission. I know in WA state that our commission handles the majority of DPA programs.
0 votes Thank Flag Link Mon Jan 11, 2010
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