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Put you in position to work with a knowledgeable & trustworthy expert.
Help ensure that you won't need to spend more than $1,500 out of pocket.
Show you how to qualify for a unique mortgage program that requires no down payment.
Teach you how to get the seller to pay for your closing costs & prepaids.
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Buying a Home Can Really Drain Your Personal Savings Unless You Know The Right Way to Get It Done!
Make sure to click the "Home.Now!" button above and answer the short questions so we can help you find the right mortgage program to purchase a home while spending only $1000 out of pocket!
As a first time buyer, it's incredibly important for you to understand how the home buying process works. You'll also need to become familiar with your financing options to determine which program is best for your first purchase. Regardless of your credit score, a good lender will be able to thoroughly explain your options first and then help you choose the program that best suits your specific home buying needs. 

First Time Buying a Home in Michigan? Consider this...

Buying your first house can be very exciting but it can also turn into a nightmare within an instant. The main catalyst for this nightmare scenario is not getting an accurate estimate on the costs associated with the  financing.

Most programs will require some form of down payment. However, some first time buyer programs provide assistance for buyers using grants. Even if a deposit isn't required, you will still have fees associated with the transaction. Depending on the property and the time it is purchased, these fees can total thousands of dollars.

Michigan First Time Home Buyer TipsUnfortunately, a lot of lenders use estimates for common costs like property taxes, homeowners insurance, and tax prorations. These estimates can be off by thousands and can cause two potential problem scenarios.

The first being if the lender estimates these too high and you don't have enough verified funds to close. This will cause issues with your time line and potentially get you a denial letter. This may prevent you from buying the home you want for no good reason other then the broker being lazy and using estimates to do bad math.

The second scenario is if the broker estimates too low causing you to bring more money to close than you anticipated. This scenario is more common and can really make things hard on a first time buyer.

The worst part about this second scenario is that it happens at the worst time for the buyer. You don't really find out if your lender used estimates until maybe a week before closing. Imagine finding out four days prior to buying your home that you need an additional $1,000 or $2,000 dollars to close. This causes a lot of unnecessary stress about where this extra money will come and forces the buyer to wonder why it wasn't disclosed before.

Both of these home buyer scenarios can be avoided by working with, and getting pre-approved by, a good reputable company. Fortunately, if you're reading this, you've found one in Michigan Mortgage Solutions as we've been providing help for home buyers in Michigan since 1998.

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If you're a first time buyer and you'd like to get pre-approved the right way and avoid the two scenarios above, call (248) 674-6450 right now or simply click the button above. Also, for more information on first time home buyer programs in Michigan, see below.

First Time Home Buyer Programs

There are several great assistance programs for first time home buyers and each one has it's own unique features. I've laid out the fundamentals of each of the home buyers assistance programs below as well as informational links to each program's specific guidelines and other useful information like the minimum credit scores required as well as the grants that are offered.

USDA Rural Development Loan - 100% Financing Programs For Michigan

Michigan USDA Loans

  • Zero down
  • 620 minimum credit score
  • Property must be located in targeted rural area. Check property eligibility. Email admin@michiganmortgagesolutions.com with the property address if you want us to first check the homes eligibility.
  • Income restrictions apply. Check income eligibility.
  • Lowest Private Mortgage Insurance Available at this time for the Michigan Buyer
  • Seller can pay 6% of purchase price toward buyers closing -  no need for grants

FHA Loans  - Great For Marginal Credit

Michigan FHA Loans

  • Low down payment
  • 580 minimum credit score
  • Michigan max loan - $271,050
  • FHA approved condos eligible
  • Entire Down payment can be a gift, or from state assistance programs or grants
  • Seller can pay 6% of purchase price toward buyers closing

VA Loans

Michigan VA Loans

  • Zero down - no need for grants
  • Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard. Reserve buyers eligible with 6 years service.
  • 620 minimum credit score
  • No PMI
  • No maximum limit
  • Seller can pay 6% of purchase price toward closing cost assistance

 FHA Streamline 203k Renovation Financing

  • Repairs which range from $5,000-$35,000+ may be included in the transaction.
  • Great programs to provide assistance to fix up foreclosures.
  • Visit 203K  for more details on Streamline 203k programs

State Assistance Programs

You May find these other blog posts helpful as well;

Michigan First Time Home Buyer Programs
Michigan First Time Home Buyer Assistance
Improve Your Credit Score

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Accurate Mortgage Payment Calculations on The Go
Our mortgage app allows borrowers to calculate mortgage payments using up to date mortgage rates as well as accurate mortgage insurance premiums based on product and credit score

Designed with ease of use and accuracy in mind

Most mortgage calculators force users to input unknown data like mortgage rates or mortgage insurance. Without the correct data these calculations become worthless. Our app populates this data for the user based on up to date mortgage rates and accurate mortgage insurance quotes based on loan product and credit score.

Buit-in convenience within the admin area

The app has a really cool admin area that allows you to securely scan and send important mortgage documents right from your phone. No need for a fax machine or a scanner when our app will do the job.

Install on your phone for easy access 24/7

Our mortgage app can be installed by simply entering your mobile number and opening a text. Once installed, you'll have full access to the app and be able to perform unlimited mortgage calculations for any available mortgage product. This allows you to accurately compare different mortgage products on the go.

All mortgage calculations are saved

You can review any of your previous mortgage calculations from within the app. This makes it easier to compare different mortgage programs as well as other loan parameters. This can save you from running the same numbers over and over again.

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Comments

  • Valentino Negovani
    March 4, 2017

    Hello,
    I am interested in becoming a first time home owner in the near future and am currently exploring my options. I came across your company and upon seeing all the gleaming reviews decided to get in contact. I am interested in getting pre-approved for an FHA mortgage loan and am interested in exploring any state first time buyer assistance programs. At this time, I am not sure where to start and how to go about getting the most out of the home buying process. I hope to hear back from you.

  • Trevor Sines
    March 15, 2017

    Sorry about the delayed response Valentino. For some reason this comment was deemed spam. There are some great programs available for first time buyers including some zero down options as well as other low down payment options. The first step is to get pre-approved and determine what you can afford. This involves verifying your income as well as your evaluating your credit report and debts. Please give us a call at your earliest convenience at 248-674-6450 so we can game plan your situation and get you lined up with the best program for your needs and wants. There is no cost or obligation and we will get you pointed in the right direction to achieve your home buying goals.

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