Find The Best Michigan First Time Home Buyer Programs For 2019
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Are You a Michigan First Time Home Buyer?

First Time Home Buyer Michigan 2014As a first time home buyer in Michigan, it's incredibly important for you to understand how the home buying process works. On top of understanding the process, you'll also need to become familiar with your financing options to determine which home buying program is best for you. A good mortgage lender will be able to thoroughly explain your financing options and help you choose the program that best suits your specific home buying needs.

Buying your first home 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 mortgage financing.

Most loan programs will require some form of down payment but even if a down payment isn't required, you will still have costs associated with the mortgage. Depending on the property being purchased, these costs can total thousands of dollars.
Unfortunately, a lot of lenders use estimates for common costs like property taxes, homeowners insurance, and tax prorations. These estimates can be off by thousands and can cause two potential problem scenarios.

The first being if the lender estimates the costs too high and you don't have enough verified funds to close. This will get you 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 scenario is more common and can really make things hard on a first time buyer.

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 closing. Imagine finding out four days prior to buying your home that you need an additional $1,000 or $2,000 dollars to close. This causes a lot of uneccesary stress about where you're going to get the extra money needed to buy your home.
Both of these scenarios can be avoided by working with, and getting pre-approved by, a good reputable mortgage lender. Fortunately, if you're reading this, you've found one in Michigan Mortgage Solutions as we've been providing help for first time home buyers in Michigan since 1998. Click here to read reviews from our Happy First Time Buyers

If you'd like to get pre-approved the right way and avoid the two scenarios above, call (248) 674-6450 right now or simply click here. Also, for more information on first time home buyer programs in Michigan, see below.

Michigan First Time Home Buyer Programs

USDA 100% Financing Program

Zero down payment
600 minimum credit score
Property must be located in targeted area. Check property eligibility. Email [email protected] with property address if you want us to check if the home is eligible.
Income restrictions apply. Check income eligibility.
NO PMI or Private Mortgage Insurance
Seller can pay 6% of purchase price toward closing costs

FHA Program

Low down payment
580 minimum credit score
Check single family, condo, and 2-4 unit property loan limits
FHA approved condos eligible
Down payment can be 100% gift or down payment assistance or grant funds
Seller can pay 6% of purchase price toward closing costs
Good Neighbor Next Door

Get home at 50% discount on home in target areas.
Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this program
Low Down Payment Option available in HUD Participating Communities.**

Home Possible Neighborhood Solution Program

You may be eligible for this program is you are a Teacher, Law Enforcement Officer, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel
620 Credit Score
Reduced mortgage insurance which means lower monthly mortgage payment
Flexible Qualification Guidelines

VA Loan

No down payment
Great fixed rate loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service.
620 minimum credit score
No maximum loan limit
Single family home-VA approved condo-townhome

FHA Streamline 203k Renovation Loan

Repairs which range from $5,000-$35,000+ may be included in loan amount.
Great program to fix up foreclosures.
Visit 203K Loan for more details on Streamline 203k program
PMI Buster

Low down payment
NO PMI or mortgage insurance
720 minimum credit score

Down Payment Assistance

Michigan State Housing Development Authority provides up to $7,500 down payment assistance.
Community Development Block Grant Program provides 1st homebuyer grants in targeted Michigan communities.
Dream Makers Program
Grant program which matches your contribution three-to-one up to maximum $5,000.

Military personnel (Active Duty, Reserve, National Guard, Veteran) are eligible for this program.
FHA, VA, USDA programs available
There are maximum income limitations

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