Our Michigan first time home buyer program is built to walk you through the process with loan options including low down payment mortgages and even no down payment loans. You may be able to take advantage of several government-backed programs to purchase a home for your family.
How much money do I need to buy my first home?
With low mortgage rate and little to no money out of pocket needed, owning a home can be affordable. You may be eligible if you have perfect credit or even if you are buying a home with bad credit. You may be able to get into a new home for less than your rent payments!
For more information on these great home loan options, call 800-555-2098 or apply online today!
Get Your Free Mortgage Quote
Answer a few quick questions and a licensed Michigan loan officer will follow up with your personalized quote — no obligation.
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Things to Consider when buying your first home
- Affordability: Determine your budget and stick to it. Make sure you can afford the monthly mortgage payments, property taxes, and insurance.
- Location: Consider the location of the property and its proximity to schools, shops, public transportation, and other amenities.
- Size and layout: Think about how much space you need and whether the layout of the property will meet your needs.
- Condition: Inspect the condition of the property, including the roof, foundation, and appliances, and factor in any potential repairs or renovations.
- Potential resale value: Think about the potential resale value of the property and whether it will appreciate in value over time.
- Homeowners association fees: If the property is part of a homeowners association, research the fees and restrictions associated with it.
- Closing costs: Be aware of the closing costs, including the down payment, inspection fees, and title insurance, and factor them into your budget.
- Homeowners insurance: Research homeowners insurance options and compare costs to ensure you find a policy that fits your budget and needs.
Best low down payment loan options
There is not a one size fits all mortgage however as a first time home buyer, there are a couple of mortgage options that you should definitely learn about including the USDA Rural Development Home Loan or a FHA home loan. These are both government backed mortgages that have flexible qualifying terms for little to no established credit.
No Down Payment Mortgage Options
USDA Rural Development home loans as well as VA loans may allow an eligible first time home buyer to buy a home with no down payment. MSHDA down payment assistance may also be available to help cover your down payment or closing costs on other loan types. Be sure to speak with your loan officer about what programs best fit your needs.
Can I afford a Michigan first time home buyer program?
Affordability comes down to your specific numbers — down payment, credit, income, and the home price you're targeting. Low- and no-down-payment programs combined with today's mortgage rate can make homeownership realistic for many first time buyers; a licensed loan officer can run the actual numbers for your situation.
Use our mortgage calculators to estimate payments for buying a home.
These mortgage options will allow you to get into home of your dreams with little to no down payment. The best place to start is to speak with a licensed loan officer to review your home loan options and figure out what mortgage is best for you.
First time homebuyer checklist
Buying your first home will require documentation to provide to underwriting for approval. Here is a short list of items to have ready when applying to buy your first home:
- Proof of income (pay stubs, W-2s, tax returns, etc.)
- Proof of assets (bank statements, investment account statements, etc.)
- Identification (driver's license, passport, etc.)
- Proof of employment (letter from employer if starting a new job)
- College Transcripts (If you lack a 2 year work history)
- Know your Credit score and review your report
Ready to buy your first Michigan home?
Talk to a licensed loan officer about first time home buyer programs and low- or no-down-payment options.
Apply Now 800-555-2098