Find the Best Programs For First Time Home Buyers in Michigan

Are You Searching For First Time Home Buyer Programs?

Find The Best Michigan First Time Home Buyer ProgramsAs a first time buyer in Michigan, it’s incredibly important for you to understand how the home buying process works. On top of understanding this, you’ll also need to become familiar with your financing options to determine which first time home buyers program is best for you.

A good mortgage lender will be able to thoroughly explain your financing options and help you choose the home buyer program that best suits your needs.

First Time Home Buyers Must Know The Numbers

Purchasing a house for the first time can be very exciting but it can also turn into a nightmare scenario within an instant. The main catalyst for this nightmare scenario is not getting an accurate estimate on the costs associated with the home financing. As a result, this can lead to a misrepresentation of the housing payment as well.

Most first time buyer programs will require some form of down payment but even if it isn’t required, you will still have costs associated with the transaction. So, depending on the property being purchased, these costs can total thousands of dollars.

Practice Makes Perfect And That’s Why We Created The Practice Purchase

First time home buyers need a reliable way to determine if homeownership is affordable. When making this monumental decision, it’s incredibly important to get ACCURATE numbers for out of pocket and monthly costs. Most lenders cut corners when determining those costs by providing averages and guestimates. This is garbage because it doesn’t set the first time buyer up with the proper expectations and it leads to stress and financial pain.

This is the exact reason we created the Practice Purchase which basically a risk free, no obligation home purchase simulation. It allows home buyers the chance to “try it before you buy it” just like trying on a pair of shoes to make sure they fit. 

When you want to be good, or better, at something, the smart thing to do is practice. Think about it…from getting better at sports to finding the love of your life, it all requires practice. Why not apply that same concept to the biggest financial decision of your life such as buying your first home?

Our team takes this big decision seriously and so should you. There is no room for guessing or estimating when determining a borrowers ability to purchase and finance a home. The out of pocket and monthly costs of home ownership are real. Not having an accurate representation of those numbers before you start looking at homes to buy can lead to a really bad ending.

A mortgage on your first home is typically a 30 year commitment. That’s a long time and getting it wrong can put you in a horrible financial position. Do yourself a favor and get a little practice before you purchase your first home.

Watch the short video below to learn more about the Practice Purchase and how it can help you gain clarity as a first time home buyer.

Click Here To See If You Qualify For Zero Down

As mentioned previously, a lot of lenders use estimates for common costs like property taxes, homeowners insurance, and tax prorations. These estimates can often be off by thousands of dollars. As a result, first time buyers can face two potential problem scenarios.

Bad Mortgage Math Equals a Bad First Time Buyer Experience

The first being if the lender estimates the costs too high and you don’t have enough verified cash to close. This will lead to a denial letter and prevent you from buying the home you want for no good reason other then the lender being lazy and using estimates to do bad math.

The second scenario is if the lender estimates too low causing you to bring more money to close than you anticipated. This buying scenario is more common and can really make things hard on first time buyer loans. The sad part is that its quite possible the lender didn’t tell you about all of the Michigan first time home buyer programs that could provide the additional funding to cover the costs.

Not Having Enough Cash To Close Can Kill The American Dream

The worst part about this second scenario is that you don’t really find out if your lender used estimates until maybe a week before you close. Imagine finding out four days prior to close that you need an additional $1,000 or $2,000 dollars to close. This causes a lot of unnecessary stress about where you’re going to come up with the extra money needed to buy your first home.

If you’d like to get pre-approved for the best first time home buyer programs in Michigan call (248) 674-6450 right now or simply click here. Also, for more information on first time home buyer programs in Michigan, keep reading.

The Best Michigan First Time Home Buyer Options for 2022

When choosing a program, we find it’s best for first timers to learn exactly what is available to them in their city, county and state. Each program has limitations for items such as location, household income, debt ratio and credit score just to name a few. Listed below you will find all of the programs which are available in Michigan. However, there may be additional programs available in your area.

USDA 100% Financing First Time Home Buyer Programs

  • Zero down
  • 600 minimum score
  • First, the home must be located in a rural area for this first time homebuyers program. Currently, most of Michigan is Rural outside of the big cities in the state. Check property eligibility for the state Michigan. Email [email protected] with the home address if you want us to check if the home is located in the right area.
  • Income restrictions apply. Check Michigan homebuyers income eligibility
  • Seller can pay 6% of purchase price toward homebuyer closing costs

Federal Housing Administration (FHA) First Time Home Buyer Programs

To Find The Best Michigan First Time Home Buyer Programs For You click here

Good Neighbor Next Door First Time Home Buyer Program

  • 50% discount on homes in specific areas in the state of Michigan.
  • Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to qualify for this Michigan first time home buyer program
  • Lower down Payment Option available in HUD Participating Communities in Michigan.**

Home Possible Neighborhood Solution Program for Michigan First Time Homebuyers

  • You may qualify for this home buyer program is you are a Teacher, Law Enforcement Officer, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel
  • 620 Score
  • Reduced mortgage insurance
  • Flexible Qualification Guidelines

Veterans Home Loan Programs

  • Zero Down Mortgage Programs
  • Great fixed rate program with $0 Down for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service.
  • 580 minimum credit score
  • No maximum loan limit
  • Seller can pay 4% of the home price toward homebuyer closing costs
  • Single family home-VA approved condo-townhome

FHA Streamline 203k Renovation Home Loan

  • Repairs which range from $5,000-$35,000+ may be included in loan amount.
  • Great first time homebuyers program to fix up foreclosures in Michigan.
  • Visit 203K Loan or call 248-674-6450 for more details on the Streamline 203k homebuyers program for Michigan

Get Pre-Approved For One of These Great Programs click here

Down Payment Assistance

  • Michigan State Housing Development Authority or MSHDA allows up to $7,500 down payment assistance. Must be paired with an approved MSHDA lender for this first time homebuyers assistance program.
  • Community Development Block Grant Program provides 1st homebuyers grants in targeted Michigan communities.
  • Military personnel (Active Duty, Reserve, National Guard, Veteran) are eligible for this program.
  • FHA, VA, USDA programs available
  • There are maximum income limitations.

Want to Find Out Which First Time Home Buyer Programs In Michigan Will Work Best For You?

If you are serious about buying your first home than your next steps should be to  watch the Practice Purchase Video above before you do so you know what to look out for.

Most people will tell you that you need to get pre-approved with a lender before you do anything. However, they don’t tell you that as soon as you start down that road, you are inviting 5 to 10 different lenders to start blowing up your phone!

Did you know that as soon as your credit report gets pulled by one lender, several other lenders can buy YOUR info as something called a Trigger Lead? I’m talking about your name, address, phone, email and credit data and guess what? It get’s delivered immediately and there is nothing you can do about it!

That’s pretty crazy…right? This means that every sleezy lender and their brother will be calling you without your permission with the sole purpose of getting your mortgage application.

The worst part is that most lenders that buy Trigger Leads are good salespeople but NOT so good loan officers. They don’t have a good online reputation and can’t rely on referrals so they resort to stealing your info to TRY and sell you on working with them.

Unfortunately, most of these lenders over promise and under deliver. They don’t take the time to help you understand the home buying process or the numbers that drive the purchase…down payment, closing costs, out of pocket costs prior to closing or how to maximize your credit score for the best financing options.

Believe it or not, it does NOT have to be that way. 

Get Your Practice Purchase By Clicking The Button Below To Learn Everything You Need To Know About First Time Home Buyer Programs In Michigan.

Check Out What Our Happy Clients Have to Say About The Team at Michigan Mortgage Solutions

Cheryl S
Cheryl S
05/01/2024
Jason was phenomenal to work with during my mortgage process. He guided me with ease from beginning to end . He had patience when I had questions and explained everything so clearly. I am thankful to Jason and the entire team for making this a pretty stressful free experience!! New Year, New Home! Thanks Jason!!
miss renee
miss renee
03/01/2024
Trevor was very knowledgeable and his expertise was Super helpful in putting me in the right direction!
Jillian Mitchell
Jillian Mitchell
17/11/2023
Great experience all around. Jason, Trevor and Yolanda are a great team and always are reassuring and helpful.
Reel Champs
Reel Champs
23/10/2023
Jason and the Michigan Mortgage solutions team was amazing. I ran to them out of desperation because I had a terrible experience with a bigger mortgage company. It was the best decision of my life and Jason worked with me seamlessly and got my family into our dream house in less than 45 days. Highly recommend them as your FIRST STOP, you won’t regret it.
Michael Cordell
Michael Cordell
17/10/2023
I had a wonderful experience. The communication at every step along the process was exceptional. My contact went above and beyond and answered my questions at all times. Thank you,
Sanya Ross
Sanya Ross
29/09/2023
Jason was knowledgeable and always available. Made me feel at ease with such a huge purchase, I asked tons of questions and he never made me feel like it was a problem. I appreciate everything he did to make my first home purchase a success and I will refer all my friends and family to Michigan mortgage solutions!! Thank you again!
Jack Condrige
Jack Condrige
26/09/2023
Great experience. Very personal service.
Kyla Wilberding
Kyla Wilberding
20/09/2023
Can't say enough good things about Jason and his team. They made my first home buying experience quick, easy, and stress free. They communicated flawlessly and explained every step of the process, would recommend to anyone! Closed on my house in less than a month.
Tony Pliva
Tony Pliva
25/08/2023
Worked with Jason and his team for about a year before we found a home we wanted. The whole process was smooth and easy. Definitely recommend to anyone getting a mortgage!
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