The State of Michigan offers up to $7,500 in down payment assistance to qualified buyers! This is available to first time buyers, as well as repeat buyers in certain areas! This is great news if you’re dreaming of becoming a homeowner, but finding saving up the down payment to be a challenge.
MI Home Loan
The MI Home Loan program is a mortgage product that is available state-wide to first time home buyers and in targeted areas for repeat areas. You work with a participating lender to ensure you qualify. Some requirements include:
- Home Buyer Education Class Required
- Household income limits and can vary depending on location and your family’s size
- Statewide price limit of $224,500
- Minimum credit score of 640 in most cases
Contact us today to get connected with a great lender that participates in these programs.