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Purchasing a home can be challenging, especially when it comes to securing the necessary funds for a down payment. Fortunately, several programs are available to assist first-time and eligible homebuyers in Michigan. Below is an overview of some prominent Down Payment Assistance (DPA) programs
MI Home Loan
MI Home Loan
Offered by the Michigan State Housing Development Authority (MSHDA)
Offered by the Michigan State Housing Development Authority (MSHDA)
The MI Home Loan program provides mortgages to first-time homebuyers statewide and repeat homebuyers in targeted areas.
Available to first-time homebuyers (those who have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas.
Household income limits apply and can vary depending on family size and property location.
Sales price limit of $224,500 statewide
Minimum credit score requirement of 640.
MI 10K DPA Loan
MI 10K DPA Loan
Also Offered by MSHDA
Also Offered by MSHDA
This program provides eligible first-time homebuyers in Michigan with up to $10,000 in assistance towards their down payment and closing costs
Assistance of up to $10,000 available statewide.
Housing education class required
First-Generation Down Payment Assistance Program
First-Generation Down Payment Assistance Program
Launched by MSHDA
Launched by MSHDA
This limited-time pilot program offers up to $25,000 to first-generation homebuyers to cover down payment, closing costs, and prepaid escrows.
Assistance of up to $25,000.
Available statewide
FHA Loans
FHA Loans
Backed by the Federal Housing Administration
Backed by the Federal Housing Administration
FHA loans are designed to help low- and moderate-income families become homeowners by lowering some of the costs of their mortgage loans.
Allows first-time homebuyers to put down as little as 3.5%
Offers more lenient credit requirements compared to conventional loans
HomeBoost Program
HomeBoost Program
Designed to assist minority or first-generation homebuyers
Designed to assist minority or first-generation homebuyers
The HomeBoost program helps with up to $25,000 for minority or first-generation homebuyers purchasing their first home, working hand in hand with local lending partners.
Assistance of up to $25,000
Can be paired with MSHDA’s down payment program for additional support.
These programs are designed to make homeownership more accessible by alleviating the financial burden of down payments and closing costs. It's essential to research each program thoroughly and consult with a mortgage professional to determine eligibility and find the best fit for your home buying journey.
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