FAQs

Yes. Michigan First works with several down payment assistance programs that may help eligible homebuyers cover a down payment, closing costs, and certain other homebuying expenses. Program availability and requirements may depend on factors such as income, location, property type, and whether you are a first-time homebuyer.

Yes. Michigan First offers several mortgage options for first-time homebuyers, including conventional, FHA, VA, USDA, and MSHDA loans. Some programs offer low or no down payment options, more flexible qualification requirements, or assistance with down payment and closing costs. A Michigan First loan officer can help you compare the programs for which you may qualify.

The amount you need for a down payment depends on the mortgage program, purchase price, and your qualifications. Some Michigan First mortgages require as little as 3% or 3.5% down, while eligible VA and USDA borrowers may qualify with no down payment. You should also plan for closing costs and other homebuying expenses unless an assistance program or seller contribution covers them.