First Time Home Buyer
Programs in Michigan
Complete First Time Home Buyer Programs Available in
Michigan.
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, but simply want to apply for a mortgage,
we recommend ING DIRECT Orange Mortgage
They have great rates, an easy online application, and welcome first
time home buyers. Additionally they have 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
