MI 10K DPA

What is MI 10K DPA?

MI 10K DPA is a deferred second loan for homebuyers in Michigan.

• Up to $10,000 in down payment assistance for eligible homebuyers purchasing in select Michigan zip codes; 0% interest deferred repayment subordinate loan; must be paired with MSHDA MI Home Loan first mortgage; repayable upon sale, refinance, or transfer.
• Up to $10,000 in down payment assistance.
• 0% interest with no monthly payments.
• available in eligible Michigan zip codes.
• must be paired with MSHDA MI Home Loan first mortgage.
• Funding comes from State.

How much assistance does it provide?

MI 10K DPA offers up to $10,000 in assistance.

• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

MI 10K DPA is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Sale, Refinance, No Longer Primary, and Transfer of Title.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

MI 10K DPA is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

MI 10K DPA limits household income to 80% of the area median income, which varies by county and household size.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

MI 10K DPA caps the purchase price at $544,233.

• Eligible property types include Single Family, Condo, and Townhouse.

Where does it apply?

MI 10K DPA serves buyers purchasing anywhere in Michigan.

• The program targets specific areas: Available only in eligible Michigan zip codes as designated by MSHDA. Eligible zip codes are updated periodically; see MSHDA website for current list.

How do you apply?

Applications for MI 10K DPA go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.