Financial Aid • March 3, 2024 • 7 min read
Michigan Down Payment Assistance Programs for 2024
Learn about available programs and grants to help make homeownership more affordable in Michigan.
Available Down Payment Assistance Programs
MI Home Loan
State-sponsored program for first-time and repeat buyers
Benefits
- Down payment assistance up to $7,500
- Competitive interest rates
- Available statewide
- Can be combined with other programs
Requirements
- Income limits vary by location
- Credit score minimum of 640
- Property must be primary residence
- Purchase price limits apply
Michigan Down Payment
Assistance program for low to moderate-income buyers
Benefits
- Up to $5,000 in assistance
- Forgivable after 5 years
- No interest charges
- Can cover closing costs
Requirements
- Must be first-time homebuyer
- Income must be below limits
- Must complete homebuyer education
- Property must meet standards
Local Housing Assistance
City and county-specific programs
Benefits
- Additional local funding
- Specific to community needs
- May offer higher amounts
- Local support services
Requirements
- Must live in service area
- Local income restrictions
- Property location requirements
- May have waiting lists
How to Apply for Down Payment Assistance
1
Check Eligibility
Review program requirements and ensure you qualify
- Verify income limits
- Check credit score
- Review property requirements
- Confirm first-time buyer status
2
Gather Documentation
Collect required paperwork for application
- Tax returns and W-2s
- Pay stubs
- Bank statements
- Asset documentation
3
Complete Education
Attend required homebuyer education courses
- Find approved course provider
- Complete all modules
- Obtain certificate
- Meet with housing counselor
4
Apply for Assistance
Submit applications to desired programs
- Complete application forms
- Submit documentation
- Pay application fees
- Follow up as needed
Ready to Learn More About Down Payment Assistance?
Our mortgage experts can help you understand which programs you qualify for and guide you through the application process.