HOLLAND – An expanded homeownership program now available in Michigan to help homebuyers with their down payment is available in the Netherlands.

The Michigan State Housing Development Authority (MSHDA) announced in late February that it was expanding its homeownership program by offering residents of select zip codes up to $ 10,000 in down payment assistance.

The assistance – known as the “DPA loan” – is available to residents of counties 49010, 49078, 49417, 49423, 49424, 49428 and 49464 of Ottawa and Allegan.

The loan is offered as a second mortgage for a maximum amount of $ 10,000 for a down payment and closing costs. The program is a 0% non-amortizing loan – meaning that the principal amount is due in full upon the sale or transfer of property, rather than monthly payments.

Previously, the maximum amount available for the loan was $ 7,500. This amount remains available statewide.

“At MSHDA, we’ve been successful statewide in getting home buyers with our $ 7,500 Downpayment Assistance Loan and we want to build on that,” said Mary Townley, Principal of the homeownership division of the ministry.

“With the (new) DPA loan, we are providing resources that help individuals and families remove barriers to homeownership and build wealth, which we believe will lead to stronger communities.” and more sustainable in Michigan.

The areas eligible for the loan were identified by analyzing census data and exploring opportunities for employment, income, housing stability, value and education – among other factors.

To be eligible, the borrower must complete a homebuyer training course and have less than $ 20,000 in cash. They must also be first-time home buyers or live in an area targeted for repeat home buyers.

Other qualifications include a statewide selling price limit of $ 224,500 and a minimum credit score of 640 or 660 for multi-section manufactured homes. To learn more about income limits and other restrictions, visit michigan.gov/mshda.

Mercantile Bank’s commitment to supporting the affordable housing crisis was also announced in early March with its Supplemental Credit Buyer Assistance Program.

The program offers eligible first-time homebuyers up to $ 3,000 which can be applied towards closing costs, home insurance and taxes. There are certain income and asset location requirements that must be met.

“It’s important that we help reduce barriers to home ownership,” said Scott Setlock, Senior Vice President of Mercantile Bank. people in our communities. “

Similar to the publicly funded program, borrowers must complete a training course for homebuyers to participate. To learn more, visit mercbank.com/mortgage.