Current Michigan Mortgage and Refinance Rates

Through the Michigan State Housing Development Authority, first-time homebuyers can qualify for one of three programs to help them purchase their first dream home.

MI Home Loan

Through the MI Home Loan program, first-time homebuyers may qualify for a mortgage or down payment assistance. Borrowers must complete a homebuyer education class to receive down payment assistance.

Who qualifies?

Eligible applicants must:

• Be first-time homebuyers who haven’t owned a home in the past three years
• Meet household income, as well as sales price limits ($224,500)
• Have a minimum credit score of 640, or 660 for multiple-section manufactured homes

MI Home Loan Flex

The MI Home Loan Flex program offers first-time homebuyers flexibility because it doesn’t require all adults in the household to apply, nor would they necessarily have to pay off any outstanding collections or judgments to qualify. Borrowers may receive up to $7,500 in down payment assistance.

Who qualifies?

Eligible applicants must:

• Meet income limits based on family size and property location, as well as sales price limits ($224,500)
• Have a minimum credit score of 660

Mortgage Credit Certificate Program

With the Mortgage Credit Certificate Program, first-time homebuyers can receive housing assistance in the form of a federal tax credit. If qualified, borrowers can reduce their year-end tax liability by 20% of their annual mortgage interest paid. The credit can be applied every year of the original mortgage loan term.

Who qualifies?

Eligible applicants must:

• Be first-time homebuyers or repeat buyers in a targeted area
• Meet household income limits based on family size and property location, as well as sales price limits ($224,500)