The new first-come, first-served program has $50 million to support affordable housing for low-income, first time homebuyers in Michigan.
LANSING, Mich. — A new first-time homebuyer program through the Michigan State Housing Development Authority (MSHDA) will give eligible buyers a reduced interest rate while funding lasts.
The Rate Relief Mortgage is a new program through the partnership of the Federal Home Loan Bank of Indianapolis (FHLBank Indianapolis) and MSHDA.
FHLBank Indianapolis is supporting the program through a $50 million bond purchase through MSHDA. That $50 million will be used to lower interest rates by one full percentage point for eligible first-time homebuyers who finance through the program.
In order to qualify for the program, a homebuyer must:
- Be a first-time homebuyer.
- Have a qualifying income at or below 80% of the Area Median Income.
- Have a credit score of 640 or higher.
- Work through an FHLBank Indianapolis member who is also a MSHDA-participating lender. (Find a …