Terms and conditions apply. Find out more at Michigan.gov/Homeownership.
Equal Housing Employer/Lender
1.844.984.HOME (4663)
MI 10K DPA LOAN PROGRAM
(DOWN PAYMENT ASSISTANCE) FAQ’S
1. What is the MI 10K DPA Loan program?
The MI 10K DPA Loan program is a $10,000 down payment assistance program available in 236 zip codes throughout the state
of Michigan. The MI 10K DPA Loan must be combined with a MI Home Loan (not allowed to be used with the MI Home Loan Flex).
2. How can the MI 10K DPA Loan funds be applied?
The $10,000 may be used toward the down payment, closing costs, and prepaids/escrows. Any excess funds may be used to increase
the down payment. You must close your loan according to the terms listed on the MSHDA commitment. If you need to change your
first mortgage amount (+/-) or increase your DPA amount you must upload revised underwriting documents and contact your MSHDA
underwriter to have a revised commitment issued prior to closing.
3. Does the MI 10K DPA loan require maximum financing?
No. Unlike the $7,500 MI DPA loan, the additional MI 10K DPA funds may be applied towards the down payment.
(see Product Comparison).
4. Is the MI 10K DPA Loan only available with a MSHDA first mortgage?
Yes. The MI 10K DPA Loan second mortgage must be used in conjunction with the MSHDA MI Home Loan first mortgage
(FHA, RD Guaranteed or Conventional) – MI Home Loan Flex is not allowed.
5. Is the MI 10K DPA Loan a grant?
No. The MI 10K DPA Loan is a 0% interest, non-amortizing second mortgage on the property. The loan must be repaid when the
house is sold, refinanced, the first mortgage is paid in full, the property ceases to be the principal residence or homeownership
interest is transferred.
6. Is the borrower required to obtain a Homebuyer Education certificate of completion for the MI 10K DPA Loan Program?
Yes. All borrowers must take a Homebuyer Education class provided by a HUD approved housing counseling agency.
The Homebuyer Education certificate of completion must be submitted to MSHDA underwriting with the credit package.
7. Do you have to be a MSHDA approved lender to offer the MI 10K DPA Loan?
Yes. The MI 10K DPA Loan program must be used in conjunction with a MSHDA MI Home Loan first mortgage.
All lenders must be MSHDA MI Home Loan approved lenders.
8. What is the process for making a new reservation for the MI 10K DPA Loan program?
The MI 10K DPA Loan follows the same process flow through Lender Online (password required) as the MSHDA MI Home Loan
and the $7,500 MI DPA Loan.