MSHDA Homeownership Special Announcement
Step Forward Down Payment Assistance (DPA) is federally-funded, forgivable and offered in eligible zip codes in 10 Michigan counties.
Step Forward has allocated $20 million to the Step Forward DPA program. Funds are limited and are available on a first-come, first served basis. The down payment assistance is $15,000 and must be used in conjunction with a MSHDA MI Home Loan.
The Step Forward DPA can be used toward the required down payment, closing costs, and prepaids/ escrows on the purchase of a single-family principal residence. The remaining balance of the $15,000, if applicable, must be used to reduce the MSHDA MI Home Loan first mortgage principal balance.
The Program is designed to assist in neighborhood stabilization and promote homeownership in areas of the state that still reflect high rates of delinquency and foreclosure, negative equity, bank-owned properties (REO’s) and short sales.
MSHDA’s $7,500 Michigan Down Payment Assistance program is still available statewide for borrowers who may not fall within these eligible zip codes. To see selected zip codes for the $15,000 forgivable down payment assistance here click here.
Naomi Schroeder, Mortgage Lender