Michigan MI 10K Down Payment Assistance Program Checklist
A comprehensive guide for applicants of the Michigan MI 10K Down Payment Assistance Program in 2025.
Assess Your Eligibility
- Confirm that you are a first-time homebuyer, defined as someone who has not owned a principal residence in the past three years. Exceptions apply if you are purchasing in a targeted area or are a qualified veteran.
- Ensure your household income is within the program's limits, which vary based on household size and property location. For example, income limits differ between counties and are adjusted for the number of people in your household.
- Verify that the property's purchase price does not exceed the program's maximum acquisition cost for your area, which is currently set at $224,500 statewide.
- Confirm that the property will serve as your primary residence and that you do not own other residential property at the time of closing.
Gather Necessary Documentation
- Collect recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Assemble any additional documents requested by your Loan Officer, such as verification of assets, debts, or liabilities.
Collaborate with Your Assigned Loan Officer
- A Loan Officer will be assigned to guide you through the Michigan MI 10K Down Payment Assistance Program application process.
- Schedule an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Complete Your Application
- Work closely with your Loan Officer to fill out your application for the Michigan MI 10K Down Payment Assistance Program.
- Provide all required documents to confirm your eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
- Attend a homebuyer education class prior to closing, as mandated by the program.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Maintain Program Compliance
- Ensure the purchased property remains your primary residence for the duration specified by the program.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.