Wayne County Down Payment Assistance and First-Time Homebuyer Programs
Wayne County is a cornerstone of Michigan’s economy and culture. Over time, the county has evolved and thrived, offering residents and visitors many experiences and opportunities. However, housing remains an issue in this region, particularly in the context of affordability and accessibility.
Are you looking to buy a home in Wayne County? On this page, we’ll break down home buyer programs that will help you become a home buyer.
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Down payment assistance programs in Wayne County
Down payment assistance and first time home buyer programs aim to help home buyers make a larger down payment, cover closing costs, or a combination of both. There are several types of home buyer benefits, including grants, forgivable loans, and interest rate reductions and tax credits.
A grant is similar to a scholarship for college. You apply, and if you qualify for the program (i.e. meet all the criteria and the entity still has the money), you can receive funds toward your down payment or for another upfront cost related to your home purchase.
A down payment loan (or second mortgage loan) is a loan you acquire in order to have the funds for a down payment. Many loan types require a minimum down payment between 3% and 20%. If you don’t have this money saved (many first-time home buyers don’t) then a down payment loan is an option to help you qualify. Some loans are even forgivable if you meet certain requirements like staying in the home for a few years.
Less commonly, some programs come with lower interest rates and tax credits (e.g., mortgage credit certificates) to help lower your monthly payments.
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Wayne County Down Payment Assistance
The Wayne County Down Payment Assistance Program initiative aims to help individuals and families in Wayne County achieve homeownership by providing financial support for down payments. The assistance is in the form of a second mortgage and is reserved only for first-time homebuyers.
Assistance type: Forgivable Loans
Sponsor: Wayne County
Assistance amount: Fixed $14,999 for existing houses
Minimum borrower contribution: $1,000
Eligibility requirements
- Applicants must be first-time homebuyers who have not owned a home within the last three years.
- The applicant’s income level must be $61,400 for a two-person household and $69,050 for a three-person or more household.
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Statewide down payment assistance programs available in Wayne County
Michigan State Housing Development Authority
The Michigan State Housing Development Authority (MSHDA) offers homeownership assistance programs for Michigan residents through the MI Next Home Down Payment Assistance and the MI First Home Down Payment Assistance.
Both programs are zero-interest, non-amortizing loans with no monthly payment and can be used in conjunction. However, the MI Next Home Down Payment Assistance is designed for repeat homebuyers, while the MI First Home Down Payment Assistance is for first-time homebuyers.
Assistance type: Forgivable Loans
Sponsor: Michigan State Housing Development Authority
Assistance amount: $7,500 or 4% of the sales price
Purchase price limit: $224,500
Eligibility requirements
- Applicants must have a minimum credit score of 640 or 660, depending on specific conditions.
- Only qualifying borrowers can apply for the Next Home Down Payment Assistance, while all adults in the household intending to occupy the residence must co-apply for the First Home Down Payment Assistance.
- First-time homebuyers must complete a homebuyers education course.
Disclaimer: This article is for informational purposes only and should not be considered as legal or financial advice. Please consult an attorney, mortgage lender, or CPA for guidance on your specific situation.
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