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MSHDA’s Mortgage Programs PowerPoint Presentation
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MSHDA’s Mortgage Programs

MSHDA’s Mortgage Programs

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MSHDA’s Mortgage Programs

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  1. MSHDA’s Mortgage Programs MI First Home and MI Next Home

  2. What MSHDA has to offer and why? • New Loan Program Names • MI First Home for first time homebuyers • Bond series program • MI Next Home for previous homeowners • Mortgage Backed Securities (MBS) program • Why offer a new loan program? • To accommodate more homebuyers, offer new tools for lenders and provide Down Payment Assistance (DPA) for previous homeowners

  3. MI First Home • New name, same great program • Follows traditional bond requirements • Income restrictions/Sales Price limit • Asset restriction of $7,500 • Credit score of 640 minimum or 660 for manufactured home • Down Payment Assistance (DPA) available up to $7,500. (1% minimum borrower contribution) • Debt To Income Ratio 45% • Principal Residence

  4. MI Next Home • Previous homeowner • Down Payment Assistance available up to $7,500 not to exceed 4% of the sales price (1% minimum borrower contribution) • Income restrictions/Sales Price limit • Asset restriction of $7,500 (includes equity in current home) • Credit score of 640 minimum or 660 for manufactured home • Debt To Income Ratio 45% • Loan Types include FHA – VA – RD Guaranteed • Principal Residence

  5. Benefits of MI Next Home • Elimination of some bond restrictions • Down Payment Assistance available up to $7,500 not to exceed 4% of the sales price of the home • No targeted/non targeted area restrictions • No acreage restrictions (follow loan type guidelines) • All adults are not required to apply • Income is based on applicants only

  6. MI Next Home Process • Daily rates are provided on Lender On Line • Lender makes reservation for 1st mortgage and Down Payment Assistance through Lender On Line • MSHDA performs underwriting review • Loan approval is reported to lender and US Bank

  7. MI Next Home Process • Lender closes and funds 1st mortgage and Down Payment Assistance • 1st mortgage and Down Payment Assistance loan package delivered to US Bank • US Bank reimburses lender for 1st mortgage, Down Payment Assistance and lender compensation including Down Payment Assistance premium