Did you know that the State of Michigan offers down payment assistance for new home buyers? They do, and this program is only available through an experienced participating lender like Adventure Credit Union.
Depending the location of your desired home, you may be eligible for $7,500 or even $10,000 in down payment assistance. If approved, these funds will be disbursed through a “down payment assistance loan” (DPA loan) which is a 0% interest non-amortizing second mortgage loan. As long as you own the home, you will not be required to make any monthly payments on your DPA loan. However, the balance of your DPA loan will come due if you sell the house or transfer ownership of the property.
The down payment assistance program is subject to requirements and restrictions. To see if you qualify, please contact us!