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 7,944
Average Price $132,271
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

7,944 Properties Found. Page 1 of 21.
Photo of Listing #543262437

226 Nichols Drv, Saline

$225,000 - 3 Beds, 1 Baths, 1,534 Sf

MLS® # 543262437

Photo of Listing #219007233

6495 Skylar Ln, Waterford Twp

$225,000 - 3 Beds, 2 Baths, 1,800 Sf

MLS® # 219007233

Photo of Listing #630000232003

2214 Justins Way, Carmel Twp

$225,000 - 3 Beds, 2 Baths, 2,568 Sf

MLS® # 630000232003

Photo of Listing #58031369324

50867 Nature Drive, CHESTERFIELD TWP

$225,000 - 2 Beds, 2 Baths, 2,552 Sf

MLS® # 58031369324

Photo of Listing #219006758

4220 Breckenridge Dr, West Bloomfield Twp

$225,000 - 2 Beds, 2 Baths, 2,091 Sf

MLS® # 219006758

Photo of Listing #219006638

2214 Justins Way, Charlotte

$225,000 - 3 Beds, 2 Baths, 2,568 Sf

MLS® # 219006638

Photo of Listing #219006575

8485 Shaw Rd, Goodland Twp

$225,000 - 3 Beds, 2 Baths, 1,664 Sf

MLS® # 219006575

Photo of Listing #219003868

4356 S 14th St, Luna Pier

$225,000 - 3 Beds, 1 Baths, 2,024 Sf

MLS® # 219003868

Photo of Listing #219004191

201 Woodlake Dr, Brighton

$225,000 - 4 Beds, 1 Baths, 2,183 Sf

MLS® # 219004191

Photo of Listing #58031369166

4188 Dickson, STERLING HEIGHTS

$225,000 - 3 Beds, 1 Baths, 2,356 Sf

MLS® # 58031369166

Photo of Listing #219006180

16845 Tremlett Dr, Clinton Twp

$225,000 - 3 Beds, 2 Baths, 2,482 Sf

MLS® # 219006180

Photo of Listing #219004367

340 Brigg St, Howell

$225,000 - 3 Beds, 3 Baths, 1,720 Sf

MLS® # 219004367

Photo of Listing #219005677

620 Bristol Dr, Sylvan Twp

$225,000 - 2 Beds, 2 Baths, 1,195 Sf

MLS® # 219005677

Photo of Listing #219003751

5855 Warner Rd, Howell Twp

$225,000 - 2 Beds, 1 Baths, 1,484 Sf

MLS® # 219003751

Photo of Listing #5002807833

4070 S Center Rd, BURTON

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

MLS® # 5002807833

Photo of Listing #219004002

24600 Tudor Ln, Franklin Vlg

$225,000 - 3 Beds, 2 Baths, 1,596 Sf

MLS® # 219004002

Photo of Listing #218112840

717 Edgeworth Ave, Royal Oak

$225,000 - 2 Beds, 2 Baths, 1,657 Sf

MLS® # 218112840

Photo of Listing #219003755

4070 S Center Rd, BURTON

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

MLS® # 219003755

Photo of Listing #58031368702

36311 Samoa Dr, STERLING HEIGHTS

$225,000 - 3 Beds, 1 Baths, 1,728 Sf

MLS® # 58031368702

Photo of Listing #219002574

8849 24 Mile Rd, Shelby Twp

$225,000 - 4 Beds, 3 Baths, 2,427 Sf

MLS® # 219002574

Photo of Listing #218088284

3014 Old Orchard Dr, Brighton Twp

$225,000 - 4 Beds, 3 Baths, 2,284 Sf

MLS® # 218088284

Photo of Listing #219001952

1715 Northridge Dr, Monroe

$225,000 - 2 Beds, 2 Baths, 2,544 Sf

MLS® # 219001952

Photo of Listing #218118602

555 Wellington Circle, Mount Clemens

$225,000 - 4 Beds, 2 Baths, 2,958 Sf

MLS® # 218118602

Photo of Listing #50100005165

4045 E Carpenter, GENESEE TWP

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

MLS® # 50100005165

 

 

 

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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