Down Payment Assistance (DPA) in Michigan
Down Payment Assistance (DPA) programs offer grants and zero-interest second mortgages to help eligible buyers overcome upfront closing cost and down payment barriers in Michigan.
Who This Loan Program Is Designed For
First-time buyers, low-to-moderate income households, and buyers seeking upfront expense assistance.
How Down Payment Assistance (DPA) Works
DPA is paired with a primary FHA, Conventional, or VA loan. The assistance comes in the form of a forgivable grant or deferred second mortgage used at closing.
Key Benefits & Advantages
Qualifications & Borrower Guidelines
- Income limits based on county and household size
- Minimum 620 to 640 credit score
- Completion of a brief homebuyer education course
Typical Required Documentation
Example Scenario
"A teacher buying a $210,000 home. By combining an FHA loan with $10,000 in Michigan down payment assistance, she brought less than $3,000 total out-of-pocket cash to closing."
Frequently Asked Questions
Is down payment assistance free money?
Some DPA programs are 100% forgivable grants after living in the home for a specified period (e.g. 5 years), while others are 0% interest deferred loans paid back upon sale or refinance.
Ramzi Faraj
Citizens State BankHave questions about Down Payment Assistance (DPA)? Contact Ramzi for a personal mortgage scenario review.
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