Michigan First-Time Home Buyer Programs of 2024

If you need help buying your first home in the Wolverine State, the Michigan State Housing Development Authority may be able to help with a loan program, plus down payment assistance.

If you haven't owned a home in the past three years, you can qualify as a first-time home buyer. That means that if you owned a home but left it more than three years ago, you may be able to get a fresh start under these programs.

MSHDA highlights and eligibility requirements

The Michigan State Housing Development Authority offers a mortgage program for both first-time home buyers and repeat buyers. The mortgage features fixed interest rates and a low down payment requirement, and it can be combined with down payment assistance and the authority’s mortgage tax credit program.

» MORE: Tips for first-time home buyers

Highlights

• Alternative credit review is available for some borrowers who have no credit score.

• The minimum down payment for a conventional loan is 3%, and down payment assistance is available.

• Available to first-timers as well as repeat home buyers in certain economically disadvantaged target areas.

Eligibility

• Available for credit scores as low as 640.

• The home has to be your primary residence.

• There are limits on sales price, income and overall debt-to-income ratio.

• You must attend a home buyer education course to receive down payment assistance.

• You have to contribute at least 1% of the loan amount, even with down payment assistance.