Michigan first-time buyer guide
How 100% Financing Can Work for Eligible Michigan Buyers
Understand the first mortgage, assistance, costs and repayment terms.
What 100% means
In a typical assistance structure, the first mortgage finances most of the purchase price and a subordinate loan supplies eligible down-payment funds. Combined financing may reach 100% of the purchase price or appraised value, whichever the program uses.
It is not a free house
Assistance may be a repayable second lien, and closing costs, prepaid taxes, homeowners insurance, inspections, earnest money or reserves may still require funds. Terms vary and must be reviewed before choosing the program.
Eligibility still matters
Occupancy, property type, income, credit, debt-to-income, loan limits, homebuyer education and automated underwriting may apply. Availability and guidelines can change before application or closing.
Compare alternatives
A smaller first mortgage with assistance may be helpful, but a 3% down conventional, FHA, VA or other eligible option could have different mortgage insurance, payment and future flexibility. Compare complete Loan Estimates.
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Talk directly with Mike about your budget, documentation and eligible paths.