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More: Get a free credit score and credit monitoring from Credit Sesame. Sources: This information was verified by the MSHDA Public notice on October 19, 2021. PDF FY2023 Payment Standards Housing Choice Voucher Program Effective The minimum credit score is 640. When you are approved for a Section 8 housing choice voucher, the PHA may tell you that to get your voucher, you have to live in a specific unit for at least one year. These national loan programs appeal to many first-time home buyers. We adhere to the highest editorial standards to ensure our readers have the information necessary to make financial decisions with confidence. We and our partners use cookies to Store and/or access information on a device. Read the DB101 page on How to Apply for Benefits at PHAs so you know how to get Section 8. The U.S. Department of Housing and Urban Development (HUD) Counseling & Agency Locator Line at 1-800-569-4287 can refer you to a housing counselor who can guide you through the process. Income limits vary, depending on household size and property location, and the maximum sales price is $224,500. 35% of voucher holders reside in a home with zero or 1 bedroom, 35% with 2 bedrooms and 30% with 3 or more bedrooms. Both Lacy and Leonard have seen the MSHDA program benefit borrowers who may not have otherwise been able to purchase a home. That means that if you owned a home but lost it more than three years ago in the housing crash, you may be able to get a fresh start under these programs. According to its website, MSHDA provides financial and technical assistance through public and private partnerships to create and preserve safe and decent affordable housing, engage in community economic development activities, develop vibrant cities, towns and villages, and address homeless issues., Simply put in its mission statement, MSHDA partners to provide homes and preserve places for the people of Michigan.. The authority's website maintains a county-by-county list of loan officers who do MI Home Loans. MI Home Loan Flex with low down payment for first-time home buyers and repeat buyers. If you need down payment assistance, take a look at MSHDA's down payment assistance page. When youve found a home to buy, the housing authority inspects it to make sure that it is in decent condition and meets all safety and regulatory standards. Their flagship down payment assistance (DPA) programs provide up to $7,500 in assistance, which can be used towards the down payment, closing costs, and prepaid and escrow items.