Programs In MI For First Time Home Buyers
First time home buyers in Michigan have many options available to them for help in purchasing their first residence. The Michigan State Housing Development Authority (MSHDA) provides some very helpful programs for Michigan residents seeking to purchase their first home.
Here are some highlights:
MI First Home
The MI First Home loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. All homebuyers work directly with a participating lender.
To determine eligibility please contact an Experienced Participating Lender (An Experienced Lender has completed at least one MSHDA Loan in the last six months.)
- Down Payment Assistance up to $7,500. (Homebuyer Education class required.)
- Available to first-time homebuyers (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. Income Limits – Expanded Version
- Sales Price limit – $224,500 statewide.
- Minimum credit score of 640 required or 660 for multiple-section manufactured homes.
MSHDA’s Homeownership Division delivers responsive homeownership products, education, and technical assistance that empower our customers and strengthen and sustain Michigan communities.
- Home Mortgages (MI First Homeand MI Next Home) – Down Payment Assistance available
- Mortgage Credit Certificate (federal homebuyer tax credit)
- Property Improvement Loans
- Housing Education
- StepForward Michigan (federal assistance for homeowners hardest hit by the mortgage crisis)
Toll Free: 844-984-HOME – 844-984-4663
Lansing Telephone: 517-373-6840
Detroit Telephone: 313-456-3540
StepForward Michigan: 866-946-7432
For complete details on these programs, including contact information and instructions on how to apply, please visit this MSHDA web page.
More Michigan First Time Buyer Programs
In addition to the above homebuyer programs offered by MSHDA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in Michigan.