As a first time home buyer in Michigan, the home buying process may feel overwhelming. However, with the right team and resources, buying a home you can afford is attainable. Right now in Michigan, buying a home is a great investment. The combination of readily available mortgage financing with low down payments, historically low interest rates, affordable prices, and a variety inventory puts home ownership within the reach of many Michigan residents who thought it impossible.



Is now the right time to become a first time home buyer?

Becoming a first time home buyer in Michigan is more attainable than ever before. If you’re wondering whether or not buying a home makes sense for you and your family, here are the top 4 reasons why buying a home now makes sense.



Long Term Investment

Real estate is a great long term investment and has greatly outperformed the stock market over the last ten years. It is also forced savings and affords some inflation protection. It is, for most people, the best way of building wealth over time. Start your investment now as a first time home buyer in Michigan.

Better Place to Raise a Family

A home is a better place to raise a family according to The 2016 National Housing Survey and homeowners control their own environment. Becoming a first time home buyer in Michigan creates stability and growth for families.



Homeownership Creates Community

Homeownership creates a sense of community according to the Federal Reserve Bank of New York's "The Home Ownership Gap". By becoming a first time home buyer you will experience a stronger connection to your community at the neighborhood and city-wide level.

It’s Cheaper to Own than Rent

With the combination of affordable prices, cheap mortgages, and tax savings, owning a home is a desirable option. Why help pay your landlord's mortgage when you can pay yourself? Becoming a first time home buyer in Michigan is typically cheaper than renting.




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Programs for First Time Home Buyers in Michigan

First time home buyer home financing options

There are a variety of first time home buyer programs that help home buyers afford a down payment and monthly mortgage. These financing options are typically reserved for first time home buyers who have a low to moderate income and a credit score of 640 and above. The State of Michigan offers the MSHDA down payment assistance program, MI Home Loan, MI Home Loan Flex and Michigan Mortgage Credit Certificate as its main first time home buyer financing assistance programs.

Individual Development Accounts

Another resources available for first time home buyers in Michigan are individual development accounts (IDAs). These accounts are matched savings accounts created to help low income families become first time home buyers. How these accounts work is the potential home buyer will contribute money to their saving account. Once this account reaches $1,000, they are matched 3:1 for those seeking homeownership as funds are contributed to the account.

Housing Education Programs for First Time Home buyers in Michigan

There are also comprehensive housing education programs for first time home buyers in Michigan. These programs are designed to give first time home buyers the information and tools they need to successfully save for a home, purchase a home and maintain homeownership. The MSHDA runs these programs and currently offers a homebuyer education program, a financial capability education program as well as counseling services for each step of the home buying process.


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