Down Payment Assistance

Programs to help make homebuying more affordable.

Multiple program options

Expert guidance

Reduce upfront costs

Make homeownership more accessible.

Saving for a down payment is one of the biggest challenges many homebuyers face. Fortunately, there are programs available that can help reduce your upfront costs and make purchasing a home more affordable.

At Michigan First, we'll help you explore available down payment assistance programs and determine which options you may qualify for based on your financial goals and eligibility. 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.

What is Down Payment Assistance?

Down payment assistance programs are designed to help eligible homebuyers cover some of the upfront costs of purchasing a home. Depending on the program, assistance may be available for:

Down payments
Closing costs
Prepaids

Eligibility requirements vary by program and may include income limits, purchase price limits, homebuyer education, or first-time homebuyer status.

Available Down Payment Assistance programs

Michigan First offers access to several programs that can help qualified homebuyers achieve homeownership, including:

MSHDA Home Loans
State-sponsored mortgage programs.
Local Assistance Programs
Community or municipal programs available in select areas.
Other Mortgage Assistance Options
Additional solutions based on your financing needs and eligibility.

Our mortgage experts will help you compare available programs and guide you toward the one that best fits your situation.

Why work with Michigan First?

Finding the right assistance program can feel overwhelming, but you don't have to figure it out alone.

Our experienced mortgage team takes the time to understand your goals, explain your options in plain language, and help you navigate every step of the homebuying process, from pre-approval to closing.

Whether you're buying your first home or returning to the market, we're here to help make homeownership more attainable.

HomeBoost Grant

HomeBoost provides qualified families may receive up to $20,000 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 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.

Detroit Down Payment Assistance

The Detroit Down Payment Assistance (DPA) provides qualified families grants up to $20,000 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.

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.

MSHDA

If you're ready to purchase your first home, you could qualify for financing that includes up to $10,000 in mortgage assistance. At Michigan First Mortgage, we work with the Michigan State Housing Development Authority (MSHDA), that offers assistance to be put towards a down payment, closing costs, and prepaids.

Requires a minimum credit score of 640.
$40,000 minimum loan amount
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 $566,355. 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.

Frequently asked questions

View All FAQs

Does Michigan First offer mortgages for first-time homebuyers?

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.

How much money do I need for a down payment on a home?

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.

Does Michigan First offer down payment assistance?

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.