Is MSHDA Down Payment Assistance REALLY Free? | MSHDA Loans | Michigan Down Payment Assistance

There tends to be some misconceptions about MSHDA down payment assistance program or what some home buyers call the Michigan Home Buyer Grant.
Today, I join Jeremy Drobeck from Amerifirst as we explore some of the misconceptions, such as: Is MSHDA DPA free money? Why do people call it free money?
In this video, we cover:
00:00 - Introduction to MSHDA and Jeremy
01:15 - What is the MSDHA Loan program and Down Payment Assistance?
02:40 - How MSHDA DPA Works
04:40 - Is MSHDA DPA Free Money?
06:00 - Why People Believe MSHDA is Free and What It Really Means
08:28 - Why Refinance a MSHDA Loan If You Have One
12:50 - Options For Refinancing A MSHDA Loan
15:00 - The BIG Lesson
15:26 - How To Connect With Jeremy
If you enjoyed this video, consider hitting that "like button". It tells KZbin I'm doing a good job AND that helps a small business like mine. 😀
To get in touch with Jeremy about refinancing or qualifying for a MSHDA loan, you can contact him at:
Phone: [phone]
www.1stclassmortgageservice.com/
NMLS# 110139
To learn more about how we can help you with your real estate needs, please call [phone] to schedule a free, no obligation consultation. Reach out to us anytime.
[e-mail]
www.dolinskigroup.com​
TEXT: 517-244-6044
#MSHDALoan #MSHDA #MSHDADownPayment #DownPaymentAssistance

[@loveislaw4675]

Can MSHDA be used for multi-family? I’ve probably watch 10 videos and 20 different articles and nobody has say a yes or no regarding multi-family.

[@kaldregoofficial1625]

So you have to pay the loan back for mshda if you refinance a new lower rate a year later let’s say ?

[@AlexCWordbucketMedia]

That's correct. You would be required to pay MSHDA the down payment borrowed. Depending on equity in property and lender you're refinancing with, you may be able to roll it into a single loan.

[@1stAmendmentfukyoutube]

Can mshda be done twice? Owned a home and sold it. As long as it’s been 3 years since owning a home would I qualify again