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Michigan Foreclosure and Mortgage Help
MSHDA Assist Refinance Program
The Michigan MSHDA Assist Mortgage Refinance program provides eligible homeowners with mortgage help. To be eligible, the homeowner must have either a high interest rate fixed mortgage, or an adjustable rate mortgage. The new mortgage offered by the MSHDA program will be very competitive, and can include.
- The new loan will have affordable interest rates
- It will be a 30-year fixed rate mortgage
- The maximum amount loaned will be $225,000
Some conditions of the borrower in order to be eligible for foreclosure help include :
- Usually a minimum credit score of over 600 is required, but exceptions can be made
- The home being refinanced must be the borrowers primary home
- The annual household income of the borrower needs to be less than $108,000 per year
- The borrower must agree to both financial counseling and education.
- The property being refinanced must be a condominium or a single-family home, and mobile homes are not eligible
Michigan MSHDA Rescue Refinance Program
Another program offered to Michigan residents. The Rescue Refinance assistance program provides foreclosure help by allowing homeowners who may be late on up to three payments on their current mortgage the ability to refinance their existing, late mortgage into a lower interest fixed-rate loan at a very competitive rate which will provide them with lower monthly payments. The new loan terms provided will include :
- Very affordable and competitive interest rates to keep payments as low as possible
- The new mortgage will be 30-year fixed rate conventional mortgage loan
- The maximum mortgage amount provided will be $225,000
To be eligible for the mortgage help, conditions include :
- The home being refinanced must be the homeowners primary residence.
- A minimum credit score of 575 is needed, however exceptions can be made on a limited basis.
- The homeowner must agree to take education classes and financial counseling.
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