If you are in the market for a house - I have some very good news. Even if you are not in the market right now, this incentive may change your mind.

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The Michigan State Housing Development Authority recently announced a plan to help home buyers with a $10,000 down payment. The MI 10K DPA Loan program is available in 236 zip codes state wide. Some of the areas included are Swartz Creek, Imlay City, Davison, Grand Blanc, and nine Flint zip codes. To see the complete list of statewide zip codes included in the program, click here.

Of course as with anything, there are some stipulations. Applicants must complete a Home Buyers Education class and and not have more than $20,000 in liquid cash assets. According to the MSHDA, down payment assistance is offered as a second mortgage for a maximum amount of $10,000 toward the down payment on a home and closing costs. It is a 0% non-amortizing loan due upon sale or transfer of the property, meaning borrowers do not have monthly payments on the DPA loan.

If you are a first time home buyer, you may feel confused and overwhelmed. Trust me, you are not alone. Even if you have purchased a house in the past, you may feel the same.  I can't help, but I can point you in the right direction - reach out to the Michigan State Development Authority. The MDSHDA also offers renter assistance and homeless and special needs housing too.

Happy house hunting.

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