First Time Home Buyer

 Programs in Michigan

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Complete First Time Home Buyer Programs Available in Michigan.

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The state agency created by the legislature in Michigan to offer first time home buyer programs is the Michigan State Housing Development Authority. Here is a summary of the current first time home buyer programs that are offered:

Down Payment Assistance Program

Eligible individuals may receive a loan of up to $7,500 for down payment assistance on MSHDA/Conventional, MSHDA/Rural Development, or MSHDA/ FHA-insured first mortgages. The deferred loan has zero-interest and no monthly payments.
The loan may be used toward the minimum cash requirements needed to close, including the down payment required, closing costs, and prepaid expenses.
Purchase price limits apply. (see limits)
Borrowers must complete a LINKS to Homeownership course.
Borrower's minimum contribution must be at least one percent of the sales price.
Borrowers must have no more than $5,000 in liquid assets.
Borrower's household income must not exceed the limits for this program. (see limits)
These second mortgage loans are MSHDA funded.

This program is available through the Single Family Mortgage Program

For complete details on these first time home buyer programs available to Michigan residents, visit the Michigan State Housing Development Authority website.

It is highly recommend that you also visit the First Time Home Buyer Grants page.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, search for a lender that has great rates, an easy online application, and welcome first time home buyers. Additionally find one that has not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

 

Other First Time Home Buyer Programs & Resources