Bootcamp For Buyers

First Time Homebuyer Programs in Michigan

Michigan provides a variety of first-time homebuyer programs through the Michigan State Housing Development Authority (MSHDA). These initiatives offer financial assistance and competitive loans to make homeownership more attainable.

MI Home Loan Program

The MI Home Loan Program offers low-interest fixed-rate mortgages for first-time buyers.

  • Provides a 30-year fixed-rate mortgage with competitive rates.
  • Income and purchase price limits apply, based on household size and location.
  • Must be used for single-family homes or eligible condominiums.

MI DPA Loan

The MI Down Payment Assistance (DPA) Loan provides financial support for upfront costs.

  • Offers up to $10,000 in down payment and closing cost assistance.
  • Structured as a 0% interest second mortgage, deferred until sale or refinance.
  • Must be used with a MI Home Loan or MI Home Loan Flex program.

MI 10K DPA Program

This program provides enhanced down payment assistance for select areas.

  • Offers up to $10,000 for eligible buyers in targeted counties and cities.
  • Income and purchase price limits are higher in designated areas.
  • Ideal for those purchasing in urban revitalization zones.

Michigan’s first-time homebuyer programs are designed to make homeownership more affordable and accessible. Explore these options to find the right fit for your needs and take the first step toward owning your dream home in the Great Lakes State.