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 8,886
Average Price $133,493
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

8,886 Properties Found. Page 1 of 21.
Photo of Listing #58031367209

36636 Eaton, CLINTON TWP

$225,000 - 3 Beds, 1 Baths, 1,632 Sf

MLS® # 58031367209

Photo of Listing #218118030

6975 Bunkerhill Ln, Canton Twp

$225,000 - 3 Beds, 1 Baths, 1,298 Sf

MLS® # 218118030

Photo of Listing #218117005

670 Vivian Ln, Oxford Twp

$225,000 - 4 Beds, 3 Baths, 3,138 Sf

MLS® # 218117005

Photo of Listing #218117664

31835 Wyoming St, Livonia

$225,000 - 3 Beds, 1 Baths, 2,200 Sf

MLS® # 218117664

Photo of Listing #218117596

44065 Bannockburn Dr, Canton Twp

$225,000 - 3 Beds, 2 Baths, 2,128 Sf

MLS® # 218117596

Photo of Listing #218116434

55 Hiram St, Orion Twp

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

MLS® # 218116434

Photo of Listing #218117158

239 S Village Way, Canton Twp

$225,000 - 2 Beds, 2 Baths, 1,500 Sf

MLS® # 218117158

Photo of Listing #218115424

18503 Valleyview St, Riverview

$225,000 - 4 Beds, 2 Baths, 2,341 Sf

MLS® # 218115424

Photo of Listing #58031343265

543 Michigan Ave, MARYSVILLE

$225,000 - 4,300 Sf

MLS® # 58031343265

Photo of Listing #218116810

6610 Transparent Ave, Independence Twp

$225,000 - 3 Beds, 1 Baths, 1,779 Sf

MLS® # 218116810

Photo of Listing #218116795

861 Seymour Lake Rd, Oxford Twp

$225,000 - 3 Beds, 1 Baths, 1,421 Sf

MLS® # 218116795

Photo of Listing #218116326

25001 Joy Rd, Dearborn Heights

$225,000 - 4 Beds, 2 Baths, 2,630 Sf

MLS® # 218116326

Photo of Listing #57021485147

2251 W Albain, MONROE

$225,000 - 5 Beds, 2 Baths, 2,409 Sf

MLS® # 57021485147

Photo of Listing #218115780

2160 Rochelle Park Dr, Rochester Hills

$225,000 - 2 Beds, 2 Baths, 2,331 Sf

MLS® # 218115780

Photo of Listing #218115407

17334 Shervilla Pl, Southfield

$225,000 - 4 Beds, 3 Baths, 2,636 Sf

MLS® # 218115407

Photo of Listing #218083355

7103 Moore Crt, Shelby Twp

$225,000 - 2 Beds, 2 Baths, 1,950 Sf

MLS® # 218083355

Photo of Listing #218115021

4220 Breckenridge, West Bloomfield Twp

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

MLS® # 218115021

Photo of Listing #218114905

122 Pleasant St, Romeo Vlg

$225,000 - 3 Beds, 2 Baths, 1,805 Sf

MLS® # 218114905

Photo of Listing #218114788

1549 Dorthen St, Grosse Pointe Woods

$225,000 - 2 Beds, 1 Baths, 1,885 Sf

MLS® # 218114788

Photo of Listing #218114171

10835 Reeck Rd, Allen Park

$225,000 - 3 Beds, 2 Baths, 2,602 Sf

MLS® # 218114171

Photo of Listing #218113138

39753 Mount Elliott Dr, Clinton Twp

$225,000 - 2 Beds, 2 Baths, 2,750 Sf

MLS® # 218113138

Photo of Listing #218112788

8160 Van Buren Rd, Handy Twp

$225,000 - 5 Beds, 2 Baths, 2,292 Sf

MLS® # 218112788

Photo of Listing #218112690

8485 Shaw Rd, Goodland Twp

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

MLS® # 218112690

Photo of Listing #218112471

709 N Edison Ave, Royal Oak

$225,000 - 3 Beds, 1 Baths, 1,742 Sf

MLS® # 218112471

 

 

 

Realcomp II Ltd Logo Provided through IDX through Realcomp II Ltd. Courtesy of Elegant Homes Realty. Copyright 2018 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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