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A Michigan State Housing Development Authority (MSHDA) loan is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. MSHDA offers mortgage assistance of up to $7,500 for qualified home buyers in the Detroit Metro area, Wayne, Oakland, Macomb, Livingston Counties as well as all of Michigan. The money can be used towards a down payment, closing costs, taxes and insurance due at closing. MSHDA income limits are $60,400–$108,000/year depending on the county and family size.

What do you need to know when applying for an MSHDA loan?

The purchase of real estate must be approached rationally. All kinds of discounts and promotions are aimed at ensuring that the buyer makes a decision impulsively.

Many Americans spend a significant part of their salaries on mortgage payments, but it is still more profitable to pay for your own housing than to give money for the rented housing. What should you consider when submitting an MSHDA application in order to take a home loan on good terms and not be in a difficult financial situation?

Explore and analyze

Buying real estate, you must discard emotions. All kinds of discounts and promotions are an advertising ploy of developers, aimed at ensuring that the buyer makes a decision impulsively, on emotions. It is necessary to first study the situation on the market in order to navigate the offer. You should also study the forums of mortgage borrowers, personally come to the construction sites of objects that you liked, check the availability of the necessary documentation.

Before applying for an MSHDA loan, you need to estimate the associated costs. If you accept an offer too quickly, you may regret it in the future. Therefore, it is recommended that you first answer a series of questions. Will you need a rented apartment during the construction of the house and how much will it cost? How much will it take to renovate a new apartment?

Take your time to close the deal

Often, developers push citizens to sign the contract as soon as possible, for example, they offer limited-time promotions. If the developer says that the low price will be valid for only two days, it is better not to rush and compare the conditions of other companies. Perhaps other developers offer even more favorable conditions. One of the favorite tricks of sellers is to nudge the buyer to close the deal quickly, “before the price rises.” When people make a purchase decision urgently, they may not always evaluate the offer rationally and may close a bad deal.

If the developer is in a hurry with the deal, it is better to say that you need time to think and ask to read the terms in detail. If the seller says that the price is about to rise, answer that then you will look for other offers.

Plan your budget

To see if you can afford an MSHDA loan, try deferring your loan payment for a couple of months and analyze your budget. If the balance turns out to be negative or zero, it will be difficult to repay the loan, you will have to review expenses and think about what you can save on.

Study the documents carefully

Ask to send a preliminary contract to you by mail. It is better to study a draft loan agreement at home, in a relaxed atmosphere, and not in a developer’s office. Signing a contract is a crucial moment. The contract stipulates the responsibility of the parties, all the rules and subtleties. It talks about the obligations of the borrower. All details should be discussed before signing. You can ask questions, propose to change the text of the contract if you are not satisfied with the terms. Even if you are already going to be handed the keys to a new apartment, and something in the contract confuses you, do not sign the document. You will have to pay the loan for many years, your standard of living will depend on the amount of interest.