Eric Dusenbury,Business Development Specialist,
Homeownership Division
[email protected]• 517.242.8169
Southeast & South Central Michigan
Nancy Baker,Business Development Specialist,
Homeownership Division
[email protected]• 517.899.4450
Northern, West & Mid-Michigan
Darren Montreuil,Business Development Specialist,
Homeownership Division
[email protected]• 248.921.1206
Southeast, UP & Mid-Michigan
1.844.984.HOME (4663)
Terms and conditions apply. Find out more at Michigan.gov/Homeownership.
Equal Housing Employer/Lender
MSHDA Mortgage Product Comparison
04.23.21
™
Description MI Home Loan (MSHDA Bond Program) MI Home Loan Flex (MBS Program)
Eligible borrower
(Targeted/Non-targeted Areas)
First-time homebuyer/statewide previous
homeowner/targeted area
First time and repeat homebuyers statewide
MI DPA Loan Available up to $7,500.
Must be combined with a MSHDA MI Home Loan.
Max financing required (Rural Development Guaranteed 100%,
FHA 96.5% and Conventional 97%).
1% minimum borrower contribution.
Cash Asset restriction of $20,000.
0% interest no payments
Non-forgivable loan.
Loan is due when the home is sold, refinanced,
the first mortgage is paid in full or homeownership
interest is transferred.
Available up to $7,500.
Must be combined with a MI Home Loan Flex.
Max financing required (Rural Development Guaranteed 100%
and FHA 96.5% and Conventional 97%,).
(Conventional 97% must be 80% AMI or below)
1% minimum borrower contribution.
Cash Asset restriction of $20,000.
0% Interest no payments.
Non-forgivable loan.
Loan is due when the home is sold, refinanced,
the first mortgage is paid in full or homeownership
interest is transferred.
MI 10K DPA Loan Available up to $10,000.
Must be combined with a MSHDA MI Home Loan first mortgage.
Max financing is not required – (Conventional 97%,
Rural Development Guaranteed 100% and FHA 96.5%).
1% minimum borrower contribution.
Cash Asset restriction of $20,000.
0% interest no payments.
Non-forgivable loan.
Loan is due when the home is sold, refinanced,
the first mortgage is paid in full or homeownership
interest is transferred.
The MI 10K DPA Loan is available in 236 zip codes.
Not available
Eligible Property Single family unit, or condo approved by insurer;
FHA, VA, RD, FNMA & FHLMC.
Single-family unit, or condo approved by US Bank.
Manufactured Home Requirements All borrowers must have a representative score of 660 or above.
Multiple section manufactured homes built after June 14, 1976
affixed to the property and taxed as real estate must meet minimum
loan type and MSHDA guidelines.
Not allowed on all loan types.
Primary Residence Yes Yes
Sales Price Limits $224,500 $224,500
Total Household Income $74,000 - $142,380 (Total household income.
Use Targeted/Non-Targeted Area chart for income limits).
$74,000 - $142,380 (Total Income for loan applicants only.
Use Targeted/Non-Targeted Area chart for income limits).
MSHDA Lenders: Please review the individual product specs for MI Home Loan and MI Home Loan Flex on Lender Online (password required).
Eric Dusenbury,Business Development Specialist,
Homeownership Division
[email protected]• 517.242.8169
Southeast & South Central Michigan
Nancy Baker,Business Development Specialist,
Homeownership Division
[email protected]• 517.899.4450
Northern, West & Mid-Michigan
Darren Montreuil,Business Development Specialist,
Homeownership Division
[email protected]• 248.921.1206
Southeast, UP & Mid-Michigan
1.844.984.HOME (4663)
Terms and conditions apply. Find out more at Michigan.gov/Homeownership.
Equal Housing Employer/Lender
MSHDA Mortgage Product Comparison
04.23.21
™
Description MI Home Loan (MSHDA Bond Program) MI Home Loan Flex (MBS Program)
Underwriting Guidelines Follow standard guidelines as appropriate for MSHDA, FHA, VA,
RD and Conventional 97%.
Conventional loans are required to be run through Desktop
Underwriter (DU) using HFA Preferred or Loan Prospector (LP)
using Home Possible Advantage.
Follow standard guidelines as appropriate for
FHA, VA, RD and Conventional 97%.
(Conventional 97% must be 80% AMI or below)
No Manual Underwrite.
MI Home Loan Flex underwriting questions:
Contact US Bank’s Help Desk 800-562-5165.
Mortgage Insurance for
Conventional Loans
HFA preferred rates
MGIC & ARCH only.
HFA preferred rates
MGIC & ARCH only.
Credit Scores Minimum credit score of 640 (660 for a manufactured home).
Alternative credit may be used if borrower has no scores due to
lack of credit only (with manual underwrite).
Minimum credit score of 660 for FHA, RD and VA for all
borrowers on the application. Minimum credit score of 640 for
Conventional for all borrowers on the application.
Collections & Judgments Follow AUS findings Follow AUS findings
Homebuyer Education (HBE) All borrowers in the household receiving a MI DPA Loan or
MI 10K DPA Loan are required to complete a Homebuyer
Education class and receive a ‘certificate of completion’ from
a HUD-approved agency.
All borrowers receiving a MI Home Loan Flex (with or without
MI DPA Loan) are required to complete a Homebuyer Education
class and receive a ‘certificate of completion’ from a
HUD-approved agency.
Escrow Waivers No No
Non-occupying
Co-Signers/Borrowers
Not permitted Not permitted
Maximum Acreage 2.0 Acres - 1 buildable lot
(Exceptions up to 5 acres may apply).
No MSHDA restrictions – follow loan type
guidelines.
Required Applicants All adults who intend to occupy the household
must apply and credit qualify.
No restrictions.
Debt to Income (DTI) 45% maximum on all loan types. 45% maximum on all loan types.
Recapture Tax Recapture Tax is applicable. If tax incurred, Recapture Tax
Reimbursement Program available.
Not applicable.
Document Delivery & Purchase Complete closing package must be received and
purchasable within 15 days of closing.
US Bank – Deliver entire original credit package to US Bank
along with closing documents within 45 days of reservation.
MSHDA must review entire copy package prior to closing.
Rate Lock Rate lock is good for 90 days. Rate lock/reservation is good for 70 days.
Closed, delivered and purchased by US Bank
within 70 days of reservation. Extension fee
is $375 for a maximum of 30 days.
MSHDA Lenders: Please review the individual product specs for MI Home Loan and MI Home Loan Flex on Lender Online (password required).
