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.

Down payment assistance

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.