Are you buying a home for the first time? Congratulations! Being a homeowner is a remarkable accomplishment that offers substantial long-term benefits, such as building home equity, receiving tax breaks, and providing community stability.

Homeownership also requires a significant financial investment. Don’t get discouraged by the up-front costs of buying your first home. Homeownership is possible with a variety of home-buying assistance programs that can help you toward a down payment, closing costs, and prepaid expenses.

At Sable Homes, we’re here to help you every step of the way. Whether you’re building a new home or buying an existing home, our New Home Consultants and mortgage lenders will work with you on finding the best financing solution that fits within your budget and see if you qualify for home-buying assistance programs.

Here are a few home-buying assistance programs throughout Michigan that grant first-time homebuyers up to $10,000 and even $20,000:

MI 10K Down Payment Assistance (DPA) Loan: The Michigan State Housing Development Authority (MSHDA) helps Michigan homebuyers with low and moderate incomes by providing up to $10,000 in the form of an interest-free loan.

Details:

• Must be combined with a MSHDA MI Home Loan
• Can be used for down payment, closing costs, and prepaid expenses
• Homebuyers must contact a MSHDA approved lender to apply
• Max financing is not required
• No monthly payments
• A homebuyer education certificate of completion is required for all homebuyers
• Repayment of the loan is deferred until certain events, such as payoff of the first mortgage, the sale or refinance of the home, or when the home is no longer owner-occupied.

FHL Bank Indianapolis - HomeBoost Down Payment Assistance Program: Provides up to $20,000 in down payment assistance and closing and housing counseling costs to first-generation, first-time homebuyers in Michigan and Indiana.

Details:

• Eligible households must be both first-generation and first-time homebuyers
• Homebuyers must be at or below 120% area median income (AMI)
• Homebuyers must intend to purchase a primary residence in Michigan or Indiana
• Provide evidence of household income
• Contribute a minimum $500 toward the purchase transaction
• Work with a FHLBank Indianapolis member to submit your documents for funding
• Additional requirements may apply

Lake Michigan Credit Union HomeAssist Program: Provides up to $15,000 in down payment and closing costs assistance to qualifying first-time homebuyers. No repayment required!

Details:

• Intend to purchase a primary residence in Michigan or Florida
• Have a household income at or below 120% of the local Area Median Income
• This program operates on a first-come, first-serve basis and is only available while funds last.
• To see if you qualify, connect with West Michigan LMCU Mortgage Loan Officer Dale Hamill: Phone: (616) 234-6334 or email: dale.hamill@lmcu.org

Common Homebuying Terms

• Down payment: Money paid upfront toward the purchase price.
• Closing costs: Fees associated with completing the mortgage transaction.
• Prepaid expenses: Costs paid in advance, such as homeowners insurance and property taxes.
• Housing counseling costs: Fees for homebuyer education classes and counseling services.

If you’re a first-time homebuyer, let Sable Homes and our partner lenders show you that homeownership is possible. We have a variety of new homes available in West Michigan. Give us a call and we’ll connect you with one of our new home consultants for a private tour: (616) 866-3913.