Down Payment Assistance - Michigan
Down Payment Assistance Options for Michigan
MI 10K Down Payment Assistance
Designed as a complement to the MSHDA's MI Home Loan program, the Down Payment Assistance program provides up to $10,000 for down payment and closing costs. Program is available statewide and for first-time homebuyers only.
Requirements:
- FICO score of at least 640, 660 if buying a multi-section manufactured home.
- Strictly for first-time homebuyers
- DTI of 45%
- Total household income limits based on country, with an annual max of $174720
- Must occupy property as primary residence within 60 days from closing
- Must complete certified homeownership course
Mortgage Credit Certificate (MCC) Federal Tax Credit
While not offering down payment assistance, first-time and repeat homebuyers may use this program to receive a federal tax credit for buying the home. 20% of annual mortgage interest paid can be credited against their year-end tax liability for the entire life of the original mortgage.