Are you the first in your family to purchase a home..you may qualify for $25k

FIRST-GENERATION DOWN PAYMENT ASSISTANCE PROGRAM

Becoming a homeowner isn’t easy, especially if no one in your family has owned a home before. That’s why MSHDA’s First-Generation Down Payment Assistance Program is here to help. This limited-time pilot program offers up to $25,000 to first-generation homebuyers to cover down payment, closing costs, and prepaid escrows. Available statewide, it’s designed to make homeownership more accessible and set families up for long-term success.

The State of Michigan has allocated $8 million to fund this pilot program, which is expected to help more than 320 families across Michigan afford their first home.

FIRST-GENERATION HOMEBUYER ELIGIBILITY REQUIREMENTS:

• All homebuyers on the loan must meet the definition of a first-generation homebuyer:

  • Must be purchasing the property

  • Must live in the purchased property as their primary residence

  • Has had no ownership interest (sole or joint) in another property during the last three years, and

  • One of the following must apply:

    • No parent of the borrower has had an ownership interest (sole or joint) in a property in the last three years

    • The borrower has aged out of foster care, or

    • The borrower has become emancipated.

• Must complete homebuyer education face-to-face with a HUD Certified Counselor

• Minimum of 1% cash investment

• Applicants must fall within the household income limits set by MSHDA

• Property sales price cannot be more than $544,233 after May 1, 2025

• The First-Generation DPA must be combined with a MI Home Loan (conventional, FHA, or USDA)

• This program cannot be combined with MSHDA's MI10K DPA loan

• Applicants must meet all other program eligibility requirements

Reach out to one of our Experienced Lenders to start your home journey today.

Link to the FAQ’s

Click here for more information