Michigan Home Loan Incentive

Program Description:

Available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas.

• Household income limits apply and can vary depending on family size and property location.
• Sales Price limit - $544,233 after May 1, 2025, statewide.
• A minimum credit score of 640 is required.

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What is the MI 10K Down Payment Assistance Program?

The MI 10K Down Payment Assistance (DPA) Program helps homebuyers with low and moderate incomes by providing up to $10,000 toward down payment, closing costs, and prepaid expenses. This assistance, available statewide, comes in the form of an interest-free loan.

Quick program facts

• Available statewide
• Must be combined with a MSHDA MI Home Loan
• DPA up to $10,000
• 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.

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Down Payment Assistance available

MI 10K DPA Loan up to $10,000 available statewide. 
Housing Education class required - MSHDA Housing Education Locator

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Explore Communities Across Michigan

You've learned about the program. Now explore communities across Michigan to find the place that best fits your lifestyle, priorities, and goals.

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