First Time Buyer Programs

MSHDA: MSHDA (Michigan State Housing Development Authority) assists buyers by providing them below market interest rates to make owning a home affordable. MSHDA teams up with an FHA or conventional type mortgage, and Has low down payment requirements, and maximum income limits.

RECD: Rural Economic Community Development provides zero down loans with maximum income limits in outlying areas. Recently these areas have been "re-drawn" in Genesee County and now include Davison, Flushing, Swartz Creek, Mt. Morris, Clio and Montrose. This loan does not require monthly mortgage insurance and can save a buyer $40-$80 dollars a month!

FHA: Federal Housing Administration provides 3% down payment loans to buyers anywhere. The 3% can come from savings, 401k, gift, or sale of personal property. Liberal underwriting guidelines make FHA the perfect loan for a lot of buyers. FHA loans can also be combined with Non-Profit down payment assistance "programs" to provide a loan with no down payment.