Independent Bank MI : Partners with Michigan State Housing Development Authority on “MI Next Home”

Independent Bank is participating in the Michigan State Housing Development Authority's recently announced MI Next Home program. The program is designed to help homeowners who have previously owned a home purchase a new one. Loans offered through this program include Federal Housing Administration (FHA) loans, Rural Development (RD) loans and Veterans Affairs (VA) loans.

The MI Next Home program can also provide down payment assistance for FHA and RD loans equal to 4% of the purchase price, up to $7,500, to assist with the down payment and closing costs, including any prepaid items such as taxes and insurance. In addition to requiring the previous purchase of a home, eligibility for the program depends on income, sales price and other factors.

"We're excited to add these new mortgage products through the MI Next Home program, which will allow us to meet Michigan residents' home financing needs more effectively," said Russ Daniel, Independent Bank senior vice president.

For more information on the MI Next Home program, visit http://www.michigan.gov/mshda/0,4641,7-141--284858--,00.html.