These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Michigan

Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Michigan State Housing Development Authority (MSHDA) MI Home Loan Program

  • What It Offers: Provides up to $10,000 in down payment and closing cost assistance.

  • Who Qualifies: First-time homebuyers statewide and repeat homebuyers in targeted areas.

  • Income Limits: Based on county and household size.

  • Repayment: 0% interest loan, due upon sale or refinance.

  • Website: https://www.michigan.gov/mshda/pathway-to-housing/mi-home-loan

MSHDA MI 10K DPA Loan

  • What It Offers: Provides up to $10,000 in down payment assistance for homes in certain locations.

  • Who Qualifies: First-time and repeat homebuyers with a minimum credit score of 640.

  • Income Limits: Varies by county.

  • Repayment: Deferred-payment second mortgage due when the home is sold, refinanced, or paid off.

  • Website: https://www.michigan.gov/mshda/pathway-to-housing/mi-10k-dpa-loan

Detroit Down Payment Assistance Program

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

City of Lansing – Down Payment Assistance

City of East Lansing – Homeownership Assistance

  • Assistance: Up to $30,000.

  • Eligibility: Homebuyers purchasing within East Lansing city limits.

  • Requirements:
    • Income & asset limits apply.

    • Buyer must invest 1% of the purchase price.

    • Deed restrictions: Home must remain owner-occupied for 30 years.

    • Completion of a Homebuyer Education course.

  • **More Information:**https://www.cityofeastlansing.com/2456/Current-CDBG-Programs

Genesee County – Down Payment Assistance

  • Assistance: Available through participating financial institutions.

  • Eligibility: Homebuyers purchasing within Genesee County.

  • Requirements:
    • Must meet income and asset limits.

    • Completion of a Homebuyer Education course.

  • **More Information:**https://gcmpc.org/down-payment-assistance/

City of Grand Rapids – Homebuyer Assistance Fund

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.