Michigan Home Buying Guide
Midwest Region · Non-Judicial Foreclosure State
Key Facts at a Glance
What Makes Michigan Unique
MSHDA offers $10,000 DPA statewide — no income limits in targeted areas
Homestead exemption reduces assessed value by 18 mills
Detroit area offers exceptional affordability
First-Time Buyer Programs in Michigan
MSHDA MI Home Loan
Contact your state housing finance agency for current eligibility and rates
MSHDA Down Payment Assistance $10K
Contact your state housing finance agency for current eligibility and rates
MSHDA Step Forward Down Payment
Contact your state housing finance agency for current eligibility and rates
Program availability, income limits, and interest rates change frequently. Verify current terms with your lender or state housing finance agency.
Closing Costs in Michigan
Attorney at Closing
Attorney Not Required
Michigan does not require an attorney at closing. A title company typically handles the transaction. Consider hiring one anyway for complex deals.
Local Tips for Michigan Buyers
MSHDA $10K DPA requires repayment at sale/refinance.
Michigan transfer tax is split state + county.
Detroit and surrounding markets offer among best cash flow for investors.
Estimated Annual Ownership Cost in Michigan
Based on the median home price of $235,000 with a 10% down payment and 7% mortgage rate.
Ready to Calculate Your Numbers?
Use our free calculators to estimate your monthly payment, affordability, and closing costs in Michigan.