First-time homebuyer
Buying your first home should feel possible — not intimidating.
First-time homebuyers have more mortgage options today than most people realize. Belong Lending walks first-time buyers through every low down payment loan, every down payment assistance program in the states we serve, and every step of the process — from pre-approval to keys in hand.
What counts as a "first-time homebuyer"?
For most mortgage programs, a first-time homebuyer is defined as someone who has not owned a primary residence in the last 3 years. That definition matters because it unlocks access to programs like Fannie Mae HomeReady, Freddie Mac Home Possible, MSHDA MI Home Loan, and various local down payment assistance grants.
Michigan-specific programs
Michigan first-time buyers have access to some strong assistance programs. The MSHDA MI Home Loan offers a competitive fixed-rate 30-year mortgage that can be paired with the MSHDA Down Payment Assistance loan (up to $10,000, or up to $25,000 in designated communities like Detroit).
The Michigan First-Generation Down Payment Assistance Program offers up to $25,000 to eligible first-generation buyers. The Detroit Down Payment Assistance program (through the City of Detroit) offers grants up to $25,000 for qualifying purchases within the city.
Low down payment loans
First-time buyers who do not qualify for down payment assistance still have strong low-down-payment options. FHA offers 3.5% down. VA offers $0 down for eligible service. USDA offers $0 down in eligible areas. Fannie Mae HomeReady and Freddie Mac Home Possible offer 3% down conventional loans for eligible buyers.
Key benefits
- Access to low down payment loans (0% – 3.5%)
- Down payment assistance programs identified and shopped for you
- MSHDA MI Home Loan and MI 10K program available
- Detroit Down Payment Assistance eligibility checked
- Homebuyer education support and lender referrals
Who this loan fits best
- Buyers who have never owned a home
- Buyers who have not owned a primary residence in the past 3 years
- Michigan buyers exploring MSHDA MI Home Loan
- Detroit buyers eligible for local down payment assistance
Estimate your monthly payment
First-Time Buyer payment calculator
Estimate only. Actual rate, taxes, insurance, and mortgage insurance depend on your specific loan and property. Belong Lending confirms your exact payment at pre-approval.
Serving Detroit and surrounding Michigan communities
Belong Lending helps borrowers with First-Time Buyer loans across Detroit, Troy, Southfield, Ann Arbor, Flint, Livonia, Warren, Sterling Heights, Farmington Hills, Novi, Rochester Hills, Dearborn, and beyond — plus additional coverage throughout Wayne County, Oakland County, Macomb County, Washtenaw County, Livingston County, Genesee County. We also lend on eligible properties in Ohio, Florida, Georgia, and Texas.
Frequently asked questions
Am I still a first-time homebuyer if I owned a home years ago?
For most programs, yes. If you have not owned a primary residence in the past 3 years, you generally qualify as a first-time buyer under Fannie Mae, Freddie Mac, and most down payment assistance programs.
What down payment assistance programs are available in Michigan?
The main statewide options are MSHDA Down Payment Assistance (up to $10,000, or up to $25,000 in designated communities like Detroit) and the Michigan First-Generation DPA program (up to $25,000). Detroit also runs a City of Detroit DPA program with grants up to $25,000 for qualifying purchases in the city. Belong Lending shops these for you at pre-approval.
How much do I need for a down payment as a first-time buyer?
It depends on the program. VA and USDA loans offer $0 down. Conventional programs like HomeReady and Home Possible require 3% down. FHA requires 3.5% down. Add a down payment assistance program on top and total out-of-pocket cash can be very low.
Do I have to take a homebuyer education class?
For MSHDA and most down payment assistance programs, yes. The class is usually free or low-cost and can be completed online in a few hours. Belong Lending points you to approved providers.