Michigan First-Time Home Buyer Programs of 2018

 

Need help buying your first home? The Michigan State Housing Development Authority helps with two loan programs, plus a down payment assistance program.

If you haven’t owned a home in the last three years, you can qualify as a First Time Home Buyer. That means that if you owned a home but lost it more than three years ago in the housing crash, you may be able to get a fresh start under these programs.

In this article

    • National first-time home buyer programs
    • Michigan home buyer assistance programs

National first-time home buyer programs

Conventional mortgage- Low down payment, Limited mortgage insurance premiums.

First-time home buyers can get a conventional home loan with as little as 3% down if the mortgage meets requirements set by Fannie Mae and Freddie Mac. And if you put at least 20% down, you won’t have to pay mortgage insurance. Most lenders require a minimum credit score of 620 to qualify for a conventional mortgage, but a score around 740 earns you the best interest rates.

Questions? Click Here  - To Get Approved Click Here

FHA loans

Best for home buyers with low credit scores or looking for low down payments. This is the go-to program for many Americans, especially first-time home buyers and those who have a credit history that’s … let’s say shaky. The Federal Housing Administration guarantees a portion of home loans, which frees lenders to broaden their acceptance standards. With FHA backing, borrowers can qualify for loans with as little as 3.5% down.

Questions? Click Here  - To Get Approved Click Here

VA loans- Military, Low down payment

Guaranteed by the U.S. Department of Veterans Affairs, these mortgages are available to military members, veterans and surviving spouses. If you qualify, you’ll see benefits such as no minimum credit score and no down payment or mortgage insurance, but you'll likely have to pay a VA funding fee.

Questions? Click Here  - To Get Approved Click Here

USDA loans- Low down payment, Rural

 A USDA home loan is a zero-down-payment mortgage for eligible rural and suburban home buyers. USDA loans are issued by the U.S. Department of Agriculture through the USDA Rural Development Guaranteed Housing Loan Program. There are income limitations, which vary by region. Applicants with credit scores of 640 or higher receive streamlined processing. Those with scores below that must meet more stringent underwriting standards.

 Michigan home buyer assistance programs

MSHDA highlights and eligibility requirements

HIGHLIGHTS

  • Available for credit scores as low as 640
  • An alternative credit review is available for some borrowers who have no credit score
  • The minimum down payment is 3% and down payment assistance is available
  • Available to first-timers as well as repeat home buyers in economically disadvantaged targeted areas such as the cities of Detroit, Grand Rapids, Flint and Dearborn (here’s a list of target areas)
  • You have your choice of conventional, FHA, VA or USDA loans

Questions? Click Here  - To Get Approved Click Here

ELIGIBILITY

  • The home has to be your primary residence
  • The 2018 sale price limit is $224,500
  • There are income limits that vary by location
  • The overall debt-to-income ratio of 45% or less
  • You must attend a homebuyer education course if you receive down payment assistance
  • You have to contribute at least 1% of the loan amount, even with down payment assistance

Your next step

Start out on the Michigan State Housing Development Authority’s “Am I Eligible for a MSHDA Mortgage?” page, which has links to information about the state’s loan programs, including mortgage credit certificates and homebuyer education classes.

If you need down payment assistance, take a look at MSHDA’s down payment assistance page.

The state agency keeps this county-by-county list of loan officers who do MI Home Loans and another list of loan officers who do MI Home Loan Flex mortgages.

Questions? Click Here  - To Get Approved Click Here

 

More Important Informational Links

First Time Home Buyer Properties

About First Time Home Buyer Properties

These are homes within the parameters to qualify for MSHDA, Down-Payment Assistance, and Grants.

Real Estate Statistics
Total Listings 6,343
Average Price $132,742
Highest Price $225,000
Lowest Price $50,000
 

First Time Home Buyer Properties

All Listings Under $100,000 $100,000 - $200,000
$200,000 - $300,000

First Time Home Buyer Properties

6,338 Properties Found. Page 1 of 21.
Photo of Listing #219024864

5578 Perrytown Dr, West Bloomfield Twp

$225,000 - 3 Beds, 2 Baths, 1,302 Sf

MLS® # 219024864

Photo of Listing #219024284

3160 Donley Ave, Rochester Hills

$225,000 - 3 Beds, 1 Baths, 1,438 Sf

MLS® # 219024284

Photo of Listing #5031374037

7248 E Pittsburg, VERNON TWP

$225,000 - 3 Beds, 1 Baths, 1,500 Sf

MLS® # 5031374037

Photo of Listing #219023947

828 Moore Dr, Chelsea

$225,000 - 3 Beds, 2 Baths, 2,004 Sf

MLS® # 219023947

Photo of Listing #219024389

16195 Rosemont Ave, Detroit

$225,000 - 4 Beds, 2 Baths, 2,255 Sf

MLS® # 219024389

Photo of Listing #58031373921

42421 Ehrke, CLINTON TWP

$225,000 - 3 Beds, 1 Baths, 1,550 Sf

MLS® # 58031373921

Photo of Listing #219023857

41757 Independence Dr, Novi

$225,000 - 2 Beds, 3 Baths, 2,015 Sf

MLS® # 219023857

Photo of Listing #219023742

837 Canal St, Milford VLG

$225,000 - 3 Beds, 1 Baths, 1,248 Sf

MLS® # 219023742

Photo of Listing #543263706

710 E Clinton St, Howell City

$225,000 - 4 Beds, 1 Baths, 2,422 Sf

MLS® # 543263706

Photo of Listing #219023253

710 E Clinton St, Howell

$225,000 - 4 Beds, 1 Baths, 2,422 Sf

MLS® # 219023253

Photo of Listing #219022011

4316 Pebble Creek Blvd, Burton

$225,000 - 4 Beds, 2 Baths, 3,261 Sf

MLS® # 219022011

Photo of Listing #543263613

2905 Fernwood Ave, Ann Arbor

$225,000 - 3 Beds, 1 Baths, 1,080 Sf

MLS® # 543263613

Photo of Listing #219021864

2445 Warner Rd, Flushing Twp

$225,000 - 5 Beds, 3 Baths, 3,890 Sf

MLS® # 219021864

Photo of Listing #630000234526

5452 Amber Dr, Meridian Charter Twp

$225,000 - 3 Beds, 2 Baths, 2,613 Sf

MLS® # 630000234526

Photo of Listing #219020944

7210 Sheldon Rd, Van Buren Twp

$225,000 - 4 Beds, 2 Baths, 1,896 Sf

MLS® # 219020944

Photo of Listing #630000234502

2840 Cherithbrook Dr, Alaiedon Twp

$225,000 - 4 Beds, 3 Baths, 2,980 Sf

MLS® # 630000234502

Photo of Listing #219020533

21281 Andover Rd, Southfield

$225,000 - 4 Beds, 2 Baths, 2,898 Sf

MLS® # 219020533

Photo of Listing #219020111

4510 Lakeshore Rd N Unit 9, Fort Gratiot Twp

$225,000 - 2 Beds, 2 Baths, 1,385 Sf

MLS® # 219020111

Photo of Listing #630000234427

5740 N Williamston Rd, Williamston

$225,000 - 3 Beds, 1 Baths, 1,544 Sf

MLS® # 630000234427

Photo of Listing #219017562

40339 Walter Dr, Sterling Heights

$225,000 - 3 Beds, 2 Baths, 2,067 Sf

MLS® # 219017562

Photo of Listing #219015712

3924 Yorkshire Rd, Detroit

$225,000 - 3 Beds, 1 Baths, 1,490 Sf

MLS® # 219015712

Photo of Listing #219017009

153 Pleasant Lake Drive, Waterford Twp

$225,000 - 3 Beds, 2 Baths, 2,636 Sf

MLS® # 219017009

Photo of Listing #5031371478

8300 Seymour, FLUSHING TWP

$225,000 - 3 Beds, 2 Baths, 1,740 Sf

MLS® # 5031371478

Photo of Listing #5021548932

4045 E Carpenter, GENESEE TWP

$225,000 - 4 Beds, 4 Baths, 3,100 Sf

MLS® # 5021548932

 

 

 

Realcomp II Ltd Logo Provided through IDX through Realcomp II Ltd. Courtesy of Elegant Homes Realty. Copyright 2019 Realcomp II Ltd. Shareholders. IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.

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