MSHDA DOWN PAYMENT ASSISTANCE PROGRAM
Saving money for a down payment can be a challenge and if your household income is less than $100,000 you may be eligible for both the federal tax credit noted above and the Michigan State Housing Development Authority's (MSHDA) Down Payment Assistance Program. Details include:
- Zero-interest, non-amortizing loan with no monthly payments.
- Maximum assistance is $7,500.
- Available with MSHDA's FHA or Rural Development first mortgage.
- Funds may be used for down payment, closing costs, prepaid/escrow expenses and a home inspection performed by a licensed home inspector.
- The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full.
Additional information on this program or other programs through MSHDA, please CLICK HERE
ENERGY EFFICIENCY / GREEN REMODELING TAX CREDITS
The Stimulus bill signed on February 17, 2009 made some significant changes to the energy efficiency tax credits.
- The tax credits that were previously effective for 2009, have been extended to 2010 as well.
- The tax credit has been raised from 10% to 30%.
- The tax credits that were for a specific dollar amount (ex $300 for a CAC), have been converted to 30% of the cost.
- The maximum credit has been raised from $500 to $1500 for the two years (2009-2010). However, some improvements such as geothermal heat pumps, solar water heaters and solar panels are not subject to the $1,500.
- The $200 cap on windows has been removed.
For more information on this program CLICK HERE.