Buying a home with Michigan Down Payment Assistance Grant Program.

Michigan Down Payment Assistance

FHA Homebuyers may receive a 2% down payment grant

Credit Score Requirements: We now offer Down Payment Assistance down to a 580 Credit Score!

One of the largest hurdles to buying a home is saving for the down payment. With our new FHA Down Payment Assistance Program, homebuyers can now get FHA financing and receive a 2% gift from a HUD approved non-profit agency. This leaves buyers with only 1.5% to cover for their down payment which can be paid from the borrowers funds or even a gift from a familiy member.

Down Payment Assistance Program Highlights:

  • 2% Gift Towards Down Payment at Closing
  • Never Requires Repayment
  • No 2nd Lien
  • Single Underwriting Approval
  • Can be used with FHA 203(k) Renovation Loans
  • Close Quickly

For more information on this DPA Program, simply complete the form below or call a loan officer at 800-555-2098.

Michigan Down Payment Assistance Grant Program Application

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Michigan Down Payment Assistance Requirements

Qualifying for Down Payment Assitance is easy. Simply talk to one of our loan officers and ask if you may be eligible to receive a 2% 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 eligiblity 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 580 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 eligiblity limits visits: 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

  1. Initial consultation with a loan officer
  2. Get a Mortgage pre-approval
  3. Place an offer on a home
  4. Start a mortgage application
  5. Submit documents to underwriting
  6. Complete the Home Appraisal
  7. Schedule the closing with your Realtor and the home sellers
  8. Complete the closing and get the keys to your new home

The homebuying process for receiving down payment assitance 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 2% of sales price is applied towards borrower's down payment at closing. The borrower is responsible for any difference to get the required 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.