MI Home Loan - Down Payment Assistance

February 20th, 2018 | Down Payment Assistance, First Time Home Buyers


MI Home Loan Program Description & Requirements

For many potential homebuyers, especially First-time buyers, the down payment can be difficult. The MI Home Loan—combined with the Michigan Down Payment loan is designed to make it a little easier for qualified homebuyers. This combination provides up to $7500 Down Payment Assistance to first time buyers to help them achieve homeownership.

MI First Home Loan Program Description

  • Up to $7500 Down Payment Assistance (0% interest, no payment loan)
  • $224,500 Purchase Price limit
  • Available to First Time Home Buyers (have not owned a home in 3 years)
  • Minimum Credit Score of 640
  • Income Limits (between $64,000 - $123,620) vary per Municipality
  • 1% Down (Can be gift money)

How the loan works

The Michigan down payment loan is a second mortgage loan that is due back to MSHDA when the first mortgage is paid in full, the house is sold, refinanced or homeownership interest is transferred. Since no interest accrues and there are no payments, you may find this loan a better option than borrowing from your retirement fund, depleting your savings account or using money from family. The Michigan down payment of up to $7,500 can only be used in conjunction with a MSHDA mortgage.

For more information on this program, please contact us at

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Michigan First Time Home Buyers is a team of brokers operating under Fagin Enterprises Inc. brokerage and is not a bank or mortgage lender.