Michigan first-time buyer guide
How Much Money Do You Need to Buy a Home in Michigan?
Down payment is only one part of cash to close.
Four separate buckets
Plan for earnest money, down payment, closing costs and prepaid items such as taxes, insurance and interest. Earnest money is generally credited in the final accounting, but the contract controls when it may be refundable.
Low- and no-down-payment paths
Eligible buyers may qualify for conventional low-down-payment financing, government-backed loans or assistance paired with a first mortgage. A 100% financing structure can address the down payment while other costs may remain.
Credits and gifts
Seller credits, lender credits, approved gifts and assistance may help, subject to program and contract limits. A credit can involve a tradeoff, so compare the rate, price and long-term cost—not just the upfront reduction.
Keep a buffer
Homeownership brings repairs and moving expenses. Using every available dollar at closing can create stress later. Ask to see options that preserve reserves as well as options that minimize the loan amount.
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Talk directly with Mike about your budget, documentation and eligible paths.