MSHDA Loan | MSHDA | Down Payment Assistance Program

Join Alex Craig and Gordie MacDougall as they discuss MSHDA Loan and the MSHDA Down Payment Assistance Program.
In this interview, you will learn:
- How to qualify for the $7,500 MSHDA DPA
- How to get an extra $2,500 for a total $10,000 Down Payment Assistance
- Some of the common myths that deter home buyers from getting this loan
- How this program allows you to buy a home with very little money down
- And more
Table of Contents:
00:00 - Introductions
01:00 - What Is A MSHDA Loan And Down Payment Assistance?
02:05 - How MSHDA Loans Compare to FHA or Conventional Loans
04:15 - Do You Need to Pay MSHDA Loan DPA Back? Or Is It Free?
06:00 - How do you qualify for a MSHDA Loan?
10:47 - How you could qualify for $10K Down Payment Assistance
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 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.
Alex Craig
[e-mail]
www.dolinskigroup.com​
TEXT: 517-244-6044
To get in touch with Gordie for a 15-minute no obligation consult, visit:
calendly.com/dolinski/15-minu...
#MSHDALoan #MSHDA #MSHDADownPayment #DownPaymentAssistance

[@GordieMacDougall]

FYI- there are no more asset limits with the MSHDA program.

[@dahirdahir3809]

There’s a $10,000 limit

[@alfredforn6260]

The person getting the loan no longer has to have less than $20,000 in cash assets. I qualify now for MSCHDA even I have over $20,000 in cash assets, but wouldn’t have qualified a few years ago when they had a limit. It made no sense to disqualify people that are trying harder to save money. I could have bought a bunch of toys and then qualified once I have less money in the bank lol

[@jphat9842]

Can the MSHDA down payment assistance be used towards the equity portion of the fund the to close. In other words if a seller consession was offered to offset all closing costs including property tax prorations can we then apply MSHDA assistance towards the equity portion, so that funds to close start to finish can possible be $0?

[@dolinskirealestategroup3194]

Yes, it's possible to do that. MSHDA requires a 1% "investment" being paid. Often people will use their earnest money deposit to meet that 1%. As a result, they can even find themselves getting money back. It will depend on the purchase price, concessions, the loan type you use with MSHDA, etc. Here is an article about an earnest money deposit: dolinskigroup.com/uncategorized/earnest-money-deposit-need-know

[@janellehorrell5345]

What is the rate now 2023