Michigan first-time buyer guide
Down-Payment Assistance Explained
Grants, deferred loans and repayable second liens are not the same.
Read the repayment rules
Assistance can be a grant, forgivable loan, deferred lien or amortizing second mortgage. Some becomes due on sale, refinance, payoff, transfer or loss of occupancy.
Check the full eligibility list
Income and purchase-price limits, location, first-time-buyer status, occupancy, education, credit and approved first mortgages may apply. Program funds can also be limited.
Measure the tradeoff
Assistance can reduce upfront cash but may affect rate, fees, refinance choices or future equity. Compare an assisted option with a standard low-down-payment option.
Document funds carefully
Do not move or deposit funds without preserving a clear paper trail. Underwriting may need account statements, gift documentation and evidence of transfers.
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