2015 First Time Home Buyer Programs for Michigan VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Michigan Mortgage Credit Certificate (MCC) Program Michigan Mortgage Credit Certificate (MCC) Program is for first time borrowers can qualify to have 20 percent of their paid annual mortgage interest credited against their annual tax liability. The credit is available each year that the home remains the homebuyer's primary residence. The program ends once the original mortgage is paid in full. Repeat buyers may participate in targeted areas. Homebuyers must meet income and purchase price limits. Qualified buyers in Michigan may apply. MI Next Home Program The Next Home Program is just like the First Home Program but available to repeat homebuyers. Qualified buyers in Michigan may apply. MI First Home Program MI First Home Program is for first time homebuyers can get 30 year, fixed rate mortgages that are FHA, VA, RD or conventional. To qualify, homes must be both single family and the borrower's primary residence. Qualified borrowers can also receive down payment assistance. Income and purchase price limits apply. Qualified buyers in Michigan may apply. Down Payment Assistance Program Down Payment Assistance Program offers a second mortgage up to $7,500 that is used in combination with the MI First Home Program (but only for FHA or RD first mortgages). Loans are zero interest and non amortizing, and require no monthly payment. Participants may only need to contribute a minimum of 1 percent of the sales price. Program participants must pay back the loan upon sale or transfer of the property. The loan also is due if the first mortgage is refinanced or paid off. Qualified buyers in Michigan may apply. Individual Development Accounts (IDA) Low income families can use these matched savings accounts to help fund the purchase of a first home, pay for post secondary education, or to start a small business. Participants establish a savings account at a local financial institution. The Michigan IDA Partnership matches $1,000 of a participant's savings at a ratio of 3 to 1 for home purchases. To qualify, individuals must meet various income criteria. Qualified buyers in Michigan may apply. To apply visit http://buyerprograms.net/michigan

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Page 1: 2015 michigan first time home buyer programs

2015 First Time Home Buyer Programs for Michigan

VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score.

USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs.

FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing.

Michigan Mortgage Credit Certificate (MCC) Program Michigan Mortgage Credit Certificate (MCC) Program is for first time borrowers can qualify to have 20 percent of their paid annual mortgage interest credited against their annual tax liability. The credit is available each year that the home remains the homebuyer's primary residence. The program ends once the original mortgage is paid in full. Repeat buyers may participate in targeted areas. Homebuyers must meet income and purchase price limits. Qualified buyers in Michigan may apply.

MI Next Home Program The Next Home Program is just like the First Home Program but available to repeat homebuyers. Qualified buyers in Michigan may apply.

MI First Home Program MI First Home Program is for first time homebuyers can get 30 year, fixed rate mortgages that are FHA, VA, RD or conventional. To qualify, homes must be both single family and the borrower's primary residence. Qualified borrowers can also receive down payment assistance. Income and purchase price limits apply. Qualified buyers in Michigan may apply.

Down Payment Assistance Program Down Payment Assistance Program offers a second mortgage up to $7,500 that is used in combination with the MI First Home Program (but only for FHA or RD first mortgages). Loans are zero interest and non amortizing, and require no monthly payment. Participants may only need to contribute a minimum of 1 percent of the sales price. Program participants must pay back the loan upon sale or transfer of the property. The loan also is due if the first mortgage is refinanced or paid off. Qualified buyers in Michigan may apply.

Individual Development Accounts (IDA) Low income families can use these matched savings accounts to help fund the purchase of a first home, pay for post secondary education, or to start a small business. Participants establish a savings account at a local financial institution. The Michigan IDA Partnership matches $1,000 of a participant's savings at a ratio of 3 to 1 for home purchases. To qualify, individuals must meet various income criteria. Qualified buyers in Michigan may apply.

To apply visit http://buyerprograms.net/michigan

http://buyerprograms.net/michigan