1. MSHDA’s Mortgage Programs MI First Home and MI Next Home

2. What MSHDA has to offer and why? New Loan Program Names –MI First Home for first time homebuyers –Bond series program –MI Next Home for previous homeowners –Mortgage Backed Securities (MBS) program Why offer a new loan program? –To accommodate more homebuyers, offer new tools for lenders and provide Down Payment Assistance (DPA) for previous homeowners

3. MI First Home New name, same great program Follows traditional bond requirements Income restrictions/Sales Price limit Asset restriction of $7,500 Credit score of 640 minimum or 660 for manufactured home Down Payment Assistance (DPA) available up to $7,500. (1% minimum borrower contribution) Debt To Income Ratio 45% Principal Residence

4. MI Next Home Previous homeowner Down Payment Assistance available up to $7,500 not to exceed 4% of the sales price (1% minimum borrower contribution) Income restrictions/Sales Price limit Asset restriction of $7,500 (includes equity in current home) Credit score of 640 minimum or 660 for manufactured home Debt To Income Ratio 45% Loan Types include FHA – VA – RD Guaranteed Principal Residence

5. Benefits of MI Next Home Elimination of some bond restrictions Down Payment Assistance available up to $7,500 not to exceed 4% of the sales price of the home No targeted/non targeted area restrictions No acreage restrictions (follow loan type guidelines) All adults are not required to apply Income is based on applicants only

6. MI Next Home Process Daily rates are provided on Lender On Line Lender makes reservation for 1 st mortgage and Down Payment Assistance through Lender On Line MSHDA performs underwriting review Loan approval is reported to lender and US Bank

7. MI Next Home Process Lender closes and funds 1 st mortgage and Down Payment Assistance 1 st mortgage and Down Payment Assistance loan package delivered to US Bank US Bank reimburses lender for 1 st mortgage, Down Payment Assistance and lender compensation including Down Payment Assistance premium