There’s no denying that the housing market is really tough right now. Prices are very high with no end in sight, and now, interest rates are going up.
If you’re looking to buy your first home, chances are having an extra $10,000 for the downpayment would help. Now, the state of Michigan is offering up to $10,000 to help new buyers get their first home.
This program is called the MI $10K Downpayment Assistance Program, and it offers eligible buyers up to $7,500 in loans in most areas and up to $10,000 in some zip codes. To qualify, you have to meet the county’s household income limit, the home sale price must be lower than $224,500 and your minimum credit score has to be 640.
“The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. All homebuyers work directly with a participating lender,” the program’s official website states. The program is “available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas,” according to the site.
We’ve already talked about the crazy housing market. Check out how much it’s gone up in just a few years: In April 2019, the average price of a home was $169K. Currently, the average price of a home is $231K. It’s hard to wrap my head around those numbers. To learn more information about the MI $10K Downpayment Assistance Program and to check if you qualify, visit the MSHDA’s website here.