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.
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.
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
What Michigan first time home buyers say
Rated 4.9 out of 5 from 1019 Google reviews of Riverbank Finance LLC.
“Sonya was the best! I had many, many questions and concerns as a first-time homebuyer and she was very patient and understanding. I spoke with at least 4 other companies about getting pre-approved at the start of this process and Sonya was the only person who consistently answered my questions and proactively reached out to see if I needed anything or had more questions. Between her and our agent I really felt like buying our home was a team effort, and I can't imagine any way things could have gone more smoothly.”
“This is the second time that I have worked with the team at Riverbank Finance and once again they nailed it. They helped me with the financing on my very first home and now years later they helped me and my family upgrade to a new house. Most recently we worked with Anthony, who did a fantastic job. He made himself available any time for questions and he was on top of the process making sure things were moving along for us the entire time. Even the few times when he wasn't available, he made sure to connect us with someone else on his team that was competent to answer questions and keep helping us. This was something that I appreciated a lot, it set them in contrast to so many other places that will just leave you hanging. My realtor even commented on how easy it was to work with the Riverbank team.”
“If I could give a negative I would. First, I'm a retired senior, vet, just getting over cancer. I applied at this company for a MOBILE home. Something I told myself, I would never do. Paid off all my bills, raised my credit score over 700. I applied with them for a reasonable price trailer, that I could move into and get my house available for sale/or rent. THEY DEMANDED ALL MY PERSONAL INFORMATION, 1099, W2, copy of my Driver's license and even my bank statements. Wouldn't you think you got the LOAN, NO; demanding by email for me to SIGN a document allowing them to SOLICIT my CELL PHONE with my permission and my bank statements. The next email said NO to the loan unless I sell my house and $10000 down. ON A FLIPPING TRAILOR. Talk about taking advantage of a senior and getting ALL MY PERSONAL INFORMATION, that should be illegal. I would not recommend this financial institution to a dog. Don't do business with them. Interesting how this owner for his company SAID ALL MOBILE”
“Sonya was exceptional wonderful. Timing was great, everything kept moving smoothly right along. The others that helped out extremely respectful and helpful also. I have to say they are the best when you are refinancing or need a mortgage. Communication was above and beyond my expectations. Thank you all so very much. Definitely will use them again and reference them to everyone!!”
“As a first-time homebuyer, I really appreciated how informative and patient Anthony was throughout the entire process. He took the time to explain each step clearly and made sure I felt comfortable and confident in my decisions. Communication was always prompt and helpful, and I consistently felt like I was in good hands. I’d highly recommend Anthony to anyone looking for a knowledgeable and reliable mortgage broker.”
“Anthony Bird was fantastic through our home purchase experience. He was always available for our questions and made sure the process was as smooth as possible and that we knew all our options. This was our second time using him and would recommend!”
“Sonya was AMAZING to work with! I had a challenging situation and she found me a great option for my mortgage, whereas other companies flat out said, “nope, can’t help you.” I closed this week and the entire process was smooth and Sonya was very accessible/responsive to my questions along the way. I am extremely pleased, and thankful, for having found Sonya at Riverbank, for my mortgage.”
“We can’t say enough great things about Michaele! Buying a new home is a huge decision, and throughout the entire process, she made us feel confident, informed, and genuinely cared for. As a family of five preparing to move into our new home, there were plenty of questions and moving pieces along the way. Michaele was always quick to respond, patient with our questions, and willing to go the extra mile to make sure we understood every step. We never felt like just another transaction—she truly had our family's best interests at heart Her professionalism, knowledge, and attention to detail helped make what could have been a stressful experience feel smooth and manageable. Thanks to her guidance, we were able to focus on the excitement of finding the right home for our family. We are incredibly grateful for all of her hard work and would highly recommend her to anyone looking for a mortgage professional who is not only excellent at what she does, but also genuinely cares about her clie”
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