$10,000 In Down Payment Assistance
HOW TO GET UP TO $10,000 IN DOWN PAYMENT ASSISTANCE IN KALAMAZOO (WITH JUST 1% DOWN)
Are you tired of paying high rent in Kalamazoo or Portage while trying to save a big cash down payment?
Yesterday, a first-time buyer sat across from my desk feeling completely locked out of the housing market. They found a great two-bedroom home near Milwood for $210,000. They had stable income, steady employment, and a 655 credit score.
Their only roadblock? They only had about $3,000 saved in their checking account.
They asked me, “Jeremy, do we have to pause our home search for two years just to stack up $15,000 in cash?”
I told them straight up: “NO WAY! You do not need piles of personal cash to buy your first home! The MSHDA DOWN PAYMENT ASSISTANCE PROGRAM gives you up to $10,000 to cover your down payment and closing costs!”
The Michigan State Housing Development Authority (MSHDA) backs the MI 10K DPA program to help Michigan buyers bridge the cash gap.
This is not a high-interest loan that hikes your monthly bills. It sits as a 0% INTEREST, $0 MONTHLY PAYMENT second mortgage. You only repay that $10,000 when you sell the property, refinance your primary loan, or pay off your mortgage down the road!
Think of MSHDA assistance like a jet-assist booster rocket on takeoff. It gives you the immediate thrust you need to clear the runway trees right now, without burning up all your onboard fuel reserves!
Look at how the numbers work on a $210,000 purchase in Kalamazoo County:
| Financing Factor | Standard FHA Without MSHDA | FHA Loan + MSHDA MI 10K DPA |
| Purchase Price | $210,000 | $210,000 |
| Required Down Payment (3.5%) | $7,350 (Paid 100% by you) | $7,350 ($5,250 covered by MSHDA!) |
| Estimated Closing Costs & Prepaids | ~$5,500 (Paid 100% by you) | ~$5,500 ($4,750 covered by MSHDA!) |
| Your Required Cash Contribution | ~$12,850 Out-of-Pocket | JUST 1% OF PURCHASE PRICE ($2,100)! |
| Monthly DPA Payment | $0 | $0 (Zero interest, zero monthly fee!) |
To qualify, you only need a minimum 640 credit score, meet generous county household income limits, contribute at least 1% of your own funds, and complete a simple homebuyer education class.
Example:
Yesterday, we pre-approved that Milwood buyer by pairing an FHA loan with the MSHDA $10,000 DPA.
Instead of waiting two years, they are shopping with their agent this weekend with only $2,100 out-of-pocket required!
Stop waiting on the sidelines while home prices and rents climb. Unlock the state programs designed to put you into your own home today!
Ready to check your MSHDA eligibility and get your pre-approval letter in West Michigan? Reach out today, call our team, and let us build your custom mortgage flight plan!
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$10,000 In Down Payment Assistance
HOW TO GET UP TO $10,000 IN DOWN PAYMENT ASSISTANCE IN KALAMAZOO (WITH JUST 1% DOWN)
Are you tired of paying high rent in Kalamazoo or Portage while trying to save a big cash down payment?
Yesterday, a first-time buyer sat across from my desk feeling completely locked out of the housing market. They found a great two-bedroom home near Milwood for $210,000. They had stable income, steady employment, and a 655 credit score.
Their only roadblock? They only had about $3,000 saved in their checking account.