Eligible lenders must be one of the following:

• A state or federally chartered bank
• A state or federally chartered credit union
• Licensed or registered under the Michigan Mortgage Lenders and Servicers Licensing Act

Eligible lenders must meet ALL of the following criteria:

• Have a net worth of at least $250,000
• Have Mortgagee Errors and Omissions insurance coverage of at least $300,000
• Have Fidelity Bond insurance coverage of at least $300,000
• Must be licensed to service mortgage loans in Michigan

Eligible lenders must also have one of the following designations:

• A FNMA, FHLMC, or Federal Home Loan Bank approved seller/servicer, if you intend to originate MSHDA conventional loans.
• A FHA Direct Endorsement approved mortgage lender, if you intend to originate MSHDA FHA loans.
• A VA-Automatic approved mortgagee, if you intend to originate MSHDA VA loans.
• A USDA Rural Development Guaranteed mortgagee, if you intend to originate MSHDA RD loans

3. Why should I become a MSHDA lender?

• Low interest rates mean more purchasing power for the buyer.
• Potential down payment assistance to help you qualify more buyers and increase their purchasing power.
• Grateful buyers translate into more referrals and repeat business.
• MSHDA financing can be used easily with most loan types-conventional, FHA, VA, or RD.
• The loan commitment is valid 90 days for an existing home and 180 days for new construction.
• Lenders can enhance their CRA performance.
• Participating lenders receive free MSHDA marketing materials and a preferred lender listing on MSHDA's website.