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The title of this report makes some pretty bold promises, and it may even seem too good to be true. But it is true! And there are tens of thousands of thankful Kent County and Michigan first time homeowners who can attest to that. Thanks to a little known mortgage program administered by the State of Michigan called MSHDA , these low and middle-income families were able to achieve the American dream of homeownership. And it gets even better. All of these families received below market interest rates (approximately 5.5%, compared to 6.25% for even the best conventional buyers) and many even received up to $7,500 interest free for their down payments and closing costs. MSHDA only requires these homebuyers to put down 1-3% of the sales price ($800 on an $80,000 home!) depending on the type of MSHDA mortgage you choose.
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