Home Sweet Home: Michigan To Give Up To $10k Down Payment To First Time Homeowners
Part of the American dream for many is the idea of one day owning your own home.
However, if you've paying attention at all lately, you've probably seen that it's more difficult now than in recent years to buy a home, especially if you're a first time home owner who has to come up with a down payment in order to get your first home.
For example, Since 2019, Michigan home values have skyrocketed. In the spring of 2019, the average price of a home was $169K. Now in 2022, it's sitting around $231K.
So in order to help more people get into their own home, the state of Michigan wants to help pay part of your down payment if you qualify.
How much money are they awarding families?
The Michigan $10k Down payment Assistance Program will give eligible buyers up to $7,500 in loans in most places, and up to $10,000 to those buying in certain zip codes.
What are the qualifications for the program?
There are several criteria to qualify:
- You must meet the county's household income limit
- Home sale price must be lower than $224,500
- Minimum credit score of 640
How many first time buyers get help with this program a year?
Currently, the Michigan State Housing Development Authority does as much as they can to help homeowners find affordable mortgage options, and they say they help around 2,700 families annually find their first home.
How do you apply for the grant?
You can find out more about the program and apply on their website if you're interested.
Now is the time to buy a home if you're able, but make sure you're prepared and take advantage of all of the programs out there designed to help get you into your own home and living your dream.