Michigan Step Forward DPA Program

 

Michigan Step Forward DPA Program

The Michigan State Housing Development Authority (MSHDA) Step Forward Program makes homeownership possible with down payment and/or closing cost assistance. Eligible homebuyers will receive up to $15,000 in the form of a federally-funded, 0% interest rate loan with no monthly payments and a five-year term that is forgive 20% per year.

Program Features:

  • Up to $15,000 of assistance available

  • Property must be a primary residence in Michigan

  • Available with conventional, FHA, VA, and USDA loans

  • Credit score requirements as low as 640

  • Homebuyer education is required/p>

  • Income and purchase price limits apply – ask for details

Assistance is available on a first come, first served basis. Get pre-approved today!

Are you ready to achieve your homeownership goals? Get pre-approved today! Contact a Waterstone Mortgage loan professional to learn more.

 

Contact a Waterstone Mortgage loan professional to learn more.

Assistance is in the form of a 0% interest rate loan with no monthly payments, five-year term, forgiven 20% per year. The lien is discharged after the 5th year if the purchasers still own and occupy the property as their primary residence. Geographical restrictions apply. Contact a LO for more information. All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.