Are You a Michigan First Time Home Buyer?
As a first time home buyer in Michigan, it’s incredibly important for you to understand how the home buying process works. On top of understanding the process, you’ll also need to become familiar with your financing options to determine which home buying program is best for you. A good mortgage lender will be able to thoroughly explain your financing options and help you choose the program that best suits your specific home buying needs.Buying your first home can be very exciting but it can also turn into a nightmare scenario within an instant. The main catalyst for this nightmare scenario is not getting an accurate estimate on the costs associated with the mortgage financing.Most loan programs will require some form of down payment but even if a down payment isn’t required, you will still have costs associated with the mortgage. Depending on the property being purchased, these costs can total thousands of dollars.
Michigan First Time Home Buyer Programs
USDA 100% Financing Program Zero down payment 600 minimum credit score. Property must be located in targeted area. Check property eligibility. Email Loans@MichiganMortgageSolutions.com with property address if you want us to check if the home is eligible. Income restrictions apply. Check income eligibility. NO PMI or Private Mortgage InsuranceSeller can pay 6% of purchase price toward closing costs.
FHA Program Low down payment. 580 minimum credit score. Check single family, condo,and 2-4 unit property loan limits FHA approved condos eligible. Down payment can be 100% gift or down payment assistance or grant funds. Seller can pay 6% of purchase price toward closing costs Good Neighbor Next Door. Get home at 50% discount on home in target areas. Must be law enforcement, police officer, teacher, firefighter, or emergency medical technician to be be eligible for this program. Low Down Payment Option available in HUD Participating Communities. Home Possible Neighborhood Solution Program. You may be eligible for this program is you are a Teacher, Law Enforcement Officer, Firefighter, Healthcare Worker, Nurse, Emergency Medical Technician (EMT), or Military Personnel. 620 Credit Score. Reduced mortgage insurance which means lower monthly mortgage payment. Flexible Qualification Guidelines VA Loan. No down payment. Great fixed rate loan program with 0 Down Payment for veterans or active military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reservists eligible with 6 years service. 620 minimum credit score. No maximum loan limit. Single family home-VA approved condo-townhome. FHA Streamline 203k Renovation Loan. Repairs which range from $5,000-$35,000+ may be included in loan amount. Great program to fix up foreclosures. Visit 203K Loan for more details on Streamline 203k program.
PMI Buster Low down paymentNO PMI or mortgage insurance720 minimum credit score.
Down Payment Assistance
Michigan State Housing Development Authority provides up to $7,500 down payment assistance. Community Development Block Grant Program provides 1st home buyer grants in targeted Michigan communities.Dream Makers Program. Grant program which matches your contribution three-to-one up to maximum $5,000.Military personnel (Active Duty, Reserve, National Guard, Veteran)are eligible for this program.FHA, VA, USDA programs available. There are maximum income limitations.