Down Payment Assistance through MSHDA

What is the MSHDA MI Home Loan?


Maybe you’ve been thinking about buying a home for a while. Maybe you’ve been crunching the numbers twenty different ways trying to figure out how to realize your dream of owning your own home. But having to throw down some serious cash for a down payment is always foiling your plans.


You’re not alone. The down payment is notoriously known for being one of the biggest obstacles for first-time homebuyers. The good news: MSHDA is doing something about it.


Who’s MSHDA?


MSHDA (aka the Michigan State Housing Development Authority) was created with the purpose to establish funds in housing development and to provide for the expenditure of certain funds. In addition, MSDHA was created to authorize the making and purchasing of loans, differed payment loans, and grants to qualified developers, sponsors, individuals, mortgage lenders, and municipalities.


Simply put, MSHDA focuses on enhancing community vitality through homeownership programs, such as the MI Home Loan.


What’s the MI Home Loan?


The MI Home Loan is a MSHDA program created to help eligible buyers purchase a home by granting them up to $7,500 toward a down payment and closing costs.


Do I qualify for MSDHA’s MI Home Loan?


The MI Home Loan is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. All homebuyers must also work directly with a participating lender.


As a MSDHA preferred lender and MI Home Loan experienced loan officer, I can help you find out if you qualify for the MSDHA MI Home Loan and answer any questions you may have so you can get one step closer to walking through the door of your very own home.


My job as a mortgage lender is to help people obtain financing and makes one of life’s biggest decisions a lot less stressful by simplifying the process, keeping you in the loop every step of the way, and getting you into your new home as quickly as possible!


Don’t MSHDA boat on this opportunity! Contact me today to find out if you qualify to receive up to $7,500 with the MSDHA MI Home Loan.

Don’t trust a Zestimate

When you’re surfing homes online, you’ll often see an estimate of each home’s value. Zillow is one of the most well-known websites for doing this with their prominently displayed Zestimates.

Zestimates are a popular tool for seeing how much homes are worth, but there are several reasons these numbers should be taken with a grain of salt. Here’s why:

Inaccurate Basic Information

Zillow’s unique algorithms update its collection of property values based on both public and user-submitted data. So if the number of bedrooms or bathrooms in a home, its square footage, or its lot size are inaccurate on Zillow, the Zestimate will be inaccurate.

Zillow also factors the date and price of the last sale. If this information is inaccurate, it can throw off the Zestimate. And since comparable sales also affect a home’s Zestimate, a mistake in one home’s sales price record may affect the Zestimates of other homes in the area.

Unaccounted-For Upgrades

If a homeowner makes improvements or upgrades to a property that would increase the value of the home, Zillow isn’t going to catch wind of it unless the homeowner takes out a permit from the city. That information then has to be passed along to the property tax authorities and entered into the public record for Zillow to factor the upgrade into the home’s Zestimate.

For example, if you add a permitted three-season room to your home that information would likely find its way into the Zestimate. But if your kitchen just got a Joanna Gaines-inspired facelift complete with new marble countertops and ginormous farmhouse sink that didn’t require any major permits, yet your neighbor’s home is still sporting its original 1975 kitchen, Zillow will value both homes similarly even though your home may fetch a higher price.

Housing Turnover Rate 

The more home sales there are in your area, the more data Zillow has about how much buyers think those homes are worth, which makes Zestimates more accurate. So if you live in a hot market in California, your Zestimate might be more accurate than if you live in a rural town in Michigan where sales are fewer and further between.

The bottom line: Zestimates are only meant to be used as a broad guideline.

For the best possible estimate of your home’s value, hire a licensed appraiser or a trusted real estate agent. It will save you time, money, and the heartbreak of trusting the wrong estimate.