Check these before counting on assistance
Eligibility: confirm the household, property and participating-lender requirements.
Repayment: ask when assistance must be repaid, including after a sale or refinance.
Your budget: check the cash still due at closing and the full monthly payment.
The down payment can feel like the hardest part of buying a home. Assistance may help eligible Michigan buyers with some upfront costs. Before counting it in your budget, find out how the program works and whether the mortgage is available to you.
Find out which program is available
MSHDA’s MI Home Loan is offered through participating lenders. Its MI 10K DPA loan can provide up to $10,000 in assistance for eligible buyers. The current rules determine which households, homes and expenses qualify.
Ask us which assistance options can be considered with your loan. A mortgage approval and an assistance approval are separate reviews. You can also check MSHDA’s official information and participating lender resources.
Assistance can be a loan, not a grant
MI 10K DPA is an interest-free, deferred loan. Repayment is required when you sell or refinance, pay off the first mortgage, or stop using the home as your primary residence. Make sure you understand those conditions before deciding.
Check the requirements for your household
Income, purchase price, property location and homebuyer education can affect eligibility. Find out whose income is counted and whether previous homeownership matters. The rules for the home you want are what count.
Work out what you would still need
Have the lender show the down payment, fees, prepaid expenses and escrow deposits. Then subtract approved assistance and credits. You’ll want to know what remains due from you, as well as what you’re keeping for moving and unexpected expenses.
Look at the monthly payment too. Assistance can reduce the upfront burden, but the mortgage payment, insurance and repayment conditions still need to work for you.
Start with what you’ve saved and where you want to buy
You don’t need to know every program name. Tell us your location, budget and timing. We can explain the low down payment and assistance options worth checking, then work out what each would leave you paying.
Official resources
Educational information, not an offer to lend. Program rules, costs and availability can change. Ask a loan officer about current terms for your situation.
