Michigan First Mortgage partners with many programs and lenders to offer Down Payment Assistance (DPA) to potential homebuyers. Speak with your loan officer today to determine what programs you may qualify for.
HomeBoost provides qualified families may receive up to $25,000 that can be used for a down payment, closing cost assistance, and counseling fees.
Who Qualifies?
The HomeBoost Down Payment Assistance Program provides down payment assistance grant funding to prospective first-time homebuyers who:
- Have a total household income at or below 120% of the local Area Median Income as defined by HUD.
- Identify as Black or African American, Asian, Hispanic, Indian American or Alaska Native, and/or Native Hawaiian or Other Pacific Islander; or
- Identify as a first-generation homebuyer and meet at least one of the outlined criteria for first-generation homebuyers:
- The parents or legal guardians of at least one borrower do not currently and have not previously owned a home in the United States, or
- At least one borrower has aged out of foster care, or
- At least one borrower has become emancipated.
The Detroit Down Payment Assistance (DPA) provides qualified families grants up to $25,000 for down payments, pre-paid including interest rate buy down, closing costs, and principal reduction when purchasing a home using a purchase mortgage or a purchase renovation mortgage*.
Who Qualifies?
In order to be eligible for the Detroit DPA, applicants must meet the criteria listed below.- Have lived in Detroit for the last 12 months OR
- Prove you lost a home to property tax foreclosure within Detroit between 2010 and 2016.
- Be income eligible based on the income limits in the table below.
- Complete a HUD Homebuyer Education Course.
- Be pre-qualified by a lender.
- Have a signed purchase agreement.
Income Guidelines
1 Person |
2 Person |
3 Person |
4 Person |
5 Person |
6 Person |
7 Person |
8 Person |
|---|---|---|---|---|---|---|---|
| $45,180 | $61,320 | $77,460 | $93,600 | $109,740 | $125,880 | $142,020 | $158,160 |
Ready to Apply for DPA?
- Take a HUD Homebuyer Education class.
- Contact a Michigan First Mortgage Loan Officer to get pre-qualified for a mortgage.
- Find your home.
- Apply for Detroit DPA.
*The grants are available to homebuyers who have not held an interest in a property for the last three years. All grant recipients must have household incomes of less than 300% of the National Poverty Level issued annually by the Department of Health and Human Services. The purchased home must be the principal resident for three years after the grant is awarded or the grant must be repaid.
If you're ready to purchase your first home, you could qualify for financing that includes up to $7,500 in mortgage assistance. At Michigan First Mortgage, we work with the Michigan State Housing Development Authority (MSHDA), whose loans come with cash that can be put towards a down payment, closing costs or some types of insurance.
- Requires a minimum credit score of 640.
- Property must be single-family and owner-occupied. That means you and your family must live in the home as your primary residence.
- Purchase price maximum is $224,500. Income restrictions vary statewide and are determined by location and family size.
- Not a first-time homebuyer? You may be able to take advantage of the program if you're purchasing a home in designated counties.