Top 5 Down Payment Assistance Programs for First-Time Home Buyers in Michigan
Are you a first-time homebuyer in Michigan dreaming of owning your own home but worried about the hefty down payment? Don’t worry! I’ve outlined 5 resources that can assist you with down payment and closings costs. These options consists of Down Payment Assistance Programs and Grants designed to help you make your homeownership dreams a reality. This is not an all-inclusive list. There are many programs available. These are a few just to get you started:
Michigan State Housing Development Authority (MSHDA) Down Payment Assistance: MSHDA offers a variety of programs to assist low to moderate-income homebuyers with down payment and closing costs. Before diving in, do some homework to see if you qualify for MSHDA's support.
Michigan Down Payment Assistance Loan (MI DPA): MI DPA provides zero-interest loans to help cover down payments and closing costs. But remember, eligibility requirements may apply. Be sure to research and see if this program aligns with your needs.
Local Home Buyer Assistance Programs: Local housing initiatives in urban areas such as Detroit (Detroit Neighborhood Initiative, Detroit Down Payment Assistance Program, and Detroit Home Mortgage Program) and Grand Rapids offer help with down payments, closing costs, and other assistance for first-time buyers in certain areas.
Good Neighbor Next Door Program: This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve.
Purchase Plus Program: This program offers up to $5,250 in lender credits to use for down payment and closing costs!
Now, before you dive headfirst into these programs, remember to do your homework! Each program has its own set of eligibility requirements and application processes. Take the time to research and ensure you meet the criteria before proceeding.
Additionally, if you're in need of a lender to guide you through the homebuying process, I'm here to help! Complete my contact form to request my Preferred Lender List. With the right lender by your side, navigating the world of mortgages and loans becomes a whole lot easier.
So, are you ready to turn your homeownership dreams into reality? Explore these down payment assistance programs, do your research, and reach out for support when you need it.