Getting to Know MSHDA-DPA Loans in Michigan

Marc Edelstein connects soon to be home buyers with lending options that meet their specific needs. Some of the products we offer are the State of Michigan Housing Development Authority bond loan (MSHDA) and the Mortgage Credit Certificate loan (MCC). The State of Michigan offers unique mortgage option that have a wealth of benefits. Their loans can help potential homebuyers purchase a property where they otherwise might not qualify for a conventional mortgage. Marc Edelstein helps his clients in Westland, Southfield, Wyandotte, Oak Park, and the whole state of Michigan. Contact Marc Edelstein today to schedule a consultation to learn more information about MSHDA-DPA Loans in Michigan.

The Michigan State Housing Development Authority (MSHDA), established in 1966, provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues.

MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds and notes to private investors, not from state tax revenues. Proceeds of the bonds and notes are loaned at below-market interest rates to fund home mortgages and home improvement loans. MSHDA also administers various federal housing programs.

Who Can Get a MSHDA-DPA Loan in Michigan?

MSHDA Down Payment Assistance (DPA) loans were created for low-to-moderate income households, to provide down payment assistance, or a mortgage interest credit. MSHDA-DPA loans assist first-time homebuyers. Income limits apply. Income limits are County based.

Some candidates for an MSHDA -DPA loans in Michigan include people who:

  • Have less than perfect credit history
  • Need help with down payment assistance
  • Want flexible term options with a fixed interest rate
  • Can benefit from a low-down payment loan program (as low as 1%)
  • Have filed for bankruptcy or foreclosure in the past (with stipulations)



 down payment



Features of the MSHDA-DPA Loans!

  • Down Payment Assistance up to $10,000
  • Available to first time homebuyers (have not owned a home in the past 3 years) statewide, and repeat homebuyers, in targeted areas.
  • Sellers may contribute to the buyer’s closing costs
  • All members of the household, over the age of 18, must be applicants for the mortgage
  • Homebuyer Education Class is required for all applicants.
  • Minimum credit score is 640
  • Qualified homebuyers can credit 20% of their annual mortgage interest paid against their year-end tax liability. A tax credit is a dollar for dollar reduction in tax liability
  • Maximum Sales Price, in all Michigan Counties is $224,500
  • Tax credit is allowed every year for the life of the original mortgage

Working with a Qualified Lender

Choosing to work with Marc Edelstein of Ross Mortgage can help the homebuying process go smoothly. With over 21 years of experience Marc Edelstein knows how to match each client with the right loan that works for them. Marc Edelstein can help you get pre-approved which gives you leisure to focus on the actual home search! To learn more about MSHDA-DPA loans in Westland, Southfield, Wyandotte, Oak Park and the whole state of Michigan contact Marc Edelstein today.


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Ross Mortgage Corporation


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Marc Edelstein - Ross Mortgage Corporation
7151 N Main
Clarkston, MI 48346

(248) 658-2643