Michigan Down Payment Assistance
FHA homebuyers may receive a 3.5% down payment grant — never requires repayment, no second lien.
FHA Homebuyers May Receive a 3.5% Down Payment Grant
Credit Score Requirements: We now offer Down Payment Assistance down to a 620 Credit Score!
One of the largest hurdles to buying a home is saving for the down payment. With our FHA Down Payment Assistance Program, homebuyers can now get FHA financing and receive a grant of up to 3.5% from a HUD approved non-profit agency. This covers 100% of the down payment required to buy a home using FHA financing. Closing costs may be paid by the seller (up to 6% must be negotiated with sellers).
For more information on this DPA Program, simply call a loan officer at 800-555-2098.
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Answer a few quick questions and a licensed Michigan loan officer will follow up with your personalized quote — no obligation.
By clicking “Submit”, you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.
Down Payment Assistance Program Highlights
- Up to 3.5% Gift Towards Down Payment at Closing
- Never Requires Repayment
- No 2nd Lien
- Single Underwriting Approval
- Close Quickly (No second underwrite)
Michigan Down Payment Assistance Requirements
Qualifying for Down Payment Assistance is easy. Simply talk to one of our loan officers and ask if you may be eligible to receive a 3.5% gift towards your down payment. Your loan officer will help to review qualification options. Many people who qualify for a standard FHA loan will be eligible for this grant program.
Who Qualifies for Down Payment Assistance?
You may have access to this down payment assistance program if you meet ANY one of the eligibility requirements for income, profession or homebuyer status (only one of any category is required).
Credit Score Requirements: We now offer Down Payment Assistance down to a 620 Credit Score!
Low to Medium Income Homebuyers
If your income is less than 140% of the area median income (AMI) then you are eligible to apply for this program. To check income eligibility limits visit: Fannie Mae Area Median Income.
First Time Homebuyers
First time homebuyers can apply for this program. A first time homebuyer is defined as anyone that has not had ownership interest in a residential property in the past 3 years.
Property Eligibility
This down payment assistance can be used for any owner occupied 1-2 unit homes. FHA approved condos are also eligible for financing.
Eligible Professions Include:
- (Past, Present, Retired, Volunteer / Non-Paid)
- Medical Personnel
- Government Employees
- Educators
- First Responders (Police, Fire, Emergency)
- Military Personnel
Steps to Getting Down Payment Assistance
The homebuying process for receiving down payment assistance is just like any other mortgage process. There is no additional underwriter review. Once you are approved for the loan, the down payment gift funds will be applied towards your down payment at the closing.
Whether you are upgrading to the home of your dreams or a new homebuyer, now is a great time to purchase. For a no cost homebuyer consultation, call Riverbank Finance today at 800-555-2098.
Disclaimer: Gift of up to 3.5% of sales price is applied towards borrower's down payment at closing. The borrower is responsible for any difference to cover the minimum investment requirement of 3.5% down. Closing costs may be paid by the seller in the amount up to 6% of sales price. The principal and interest payment on a $196,377 30 year Fixed-Rate Loan at 5.00% and 96.5% loan-to-value (LTV) is $682.20 with 1.25 points due at closing. The Annual Percentage Rate (APR) is 6.410%. The principal and interest payment does not include property taxes and home insurance premiums, which will result in a higher actual monthly payment. Rates current as of 02/15/2018. Program available through Riverbank Finance LLC for Michigan Properties only. Riverbank Finance LLC and it's programs are not affiliated nor sponsored by the State of Michigan or MSHDA.
Ask a quick question
Submit your information now and a licensed residential loan officer will contact you within 24 hours. If you need immediate assistance then please call us now at 800-555-2098.
Apply Now 800-555-2098