Michigan Offering $10K to First-Time Homebuyers – Here’s How to Get It

There's no denying that the housing market is really tough right now. Prices are very high with no end in sight, and now, interest rates are going up.

If you're looking to buy your first home, chances are having an extra $10,000 for the downpayment would help. Now, the state of Michigan is offering up to $10,000 to help new buyers get their first home.

This program is called the MI $10K Downpayment Assistance Program, and it offers eligible buyers up to $7,500 in loans in most areas and up to $10,000 in some zip codes. To qualify, you have to meet the county's household income limit, the home sale price must be lower than $224,500 and your minimum credit score has to be 640.

"The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas. All homebuyers work directly with a participating lender," the program's official website states. The program is "available to first-time homebuyers (have not owned a home in the previous three years) statewide and repeat homebuyers in targeted areas," according to the site.

We've already talked about the crazy housing market. Check out how much it's gone up in just a few years: In April 2019, the average price of a home was $169K. Currently, the average price of a home is $231K. It's hard to wrap my head around those numbers. To learn more information about the MI $10K Downpayment Assistance Program and to check if you qualify, visit the MSHDA's website here.

It's a wild time to buy a house. The prices seem to just keep going up and up, with no end to this housing bubble in sight. I would love to buy my first hour, but like many, I'm being forced to wait until the housing market drops a bit, and it's anybody's guess when that will happen.

If you are buying a house right now, you should make sure it's in a good place to live, since you're likely paying a pretty penny for it. Thankfully, the folks at Niche.com have done the homework to determine the best places to buy a house in Michigan. They recently released a list of the best places to live in the state, factoring in both cities, suburbs, towns and city neighborhoods.

"The Best Places to Buy a House ranking provides a comprehensive assessment of the housing and community of an area," they explain the in the study. "This grade takes into account key factors of a location’s housing market, including home values, taxes, crime rates, and quality of local schools, in an attempt to measure the quality and stability of an area’s real estate market." They also look at aspects such as home value to income ratio, public schools grades, monthly housing costs, the cost of living, the higher education rate, the median home value and much more. Statistics are mainly obtained from the U.S. Census and represent the most recent data available, they state.

So, what places are the best to reside in Michigan? Read on for the top 50 list via Niche.com, and best of luck with your home buying experience.

https://www.niche.com/places-to-live/oneida-eaton-mi/

http://new.williamston-mi.us/

https://www.blendontownship-mi.gov/

http://www.tecumsehtownship.org/

https://www.niche.com/places-to-live/sheridan-charter-township-newaygo-mi/

http://twp.jamestown.mi.us/

http://www.ferrysburg.org/

https://www.twp-lima.org/

https://www.frankenmuth.org/

https://www.courtlandtwpmi.gov/

https://www.bloomfieldtwp.org/Home.aspx

https://www.niche.com/places-to-live/ingersoll-township-midland-mi/

https://www.baldwintownship.org/

https://www.niche.com/places-to-live/haslett-ingham-mi/

https://www.niche.com/places-to-live/jenison-ottawa-mi/

https://www.niche.com/places-to-live/dewitt-clinton-mi/

https://www.niche.com/places-to-live/quinnesec-dickinson-mi/

https://www.michigan.org/city/freeland

https://www.resorttownship.org/township-resources/news/

https://www.cityofmidlandmi.gov/

https://www.gpwmi.us/

https://www.niche.com/places-to-live/oakland-charter-township-oakland-mi/

https://www.niche.com/places-to-live/webster-township-washtenaw-mi/

https://troymi.gov/

http://fultonheights.org/

https://www.brightontwp.com/

https://www.texastownship.org/

https://www.portagetownship.info/

https://crockery-township.org/

https://norwaytwpmi.com/

https://www.zeelandtwp.org/

https://www.ci.northville.mi.us/

https://www.niche.com/places-to-live/cannon-township-kent-mi/

https://www.zillow.com/beverly-hills-mi/

https://www.niche.com/places-to-live/forest-hills-kent-mi/

https://www.niche.com/places-to-live/west-ishpeming-marquette-mi/

https://www.niche.com/places-to-live/tilden-township-marquette-mi/

https://www.ci.huntington-woods.mi.us/

https://www.hudsonville.org/

https://www.ottawahillsgr.org/

https://www.grossepointefarms.org/

https://www.michigan.org/city/okemos

https://loditownshipmi.org/

https://royaltontownship.org/

https://www.eastgr.org/

https://www.michigan.org/city/berkley

https://www.niche.com/places-to-live/n/eastgate-grand-rapids-mi/

http://www.larkintownship.org/

This study looked at cities, townships, suburbs and towns, but what about just the best city in Michigan to buy a house?

When it comes to cities, Lansing is actually No. 1 on the list, followed by Grand Rapids. Ann Arbor is next, followed by Warren and Detroit.

For Lansing, which was ranked the No. 1 city to buy a house in Michigan, Niche says, "Lansing is a city in Michigan with a population of 117,159. Lansing is in Ingham County. Living in Lansing offers residents a dense suburban feel and most residents own their homes. In Lansing there are a lot of coffee shops and parks. Many families and young professionals live in Lansing and residents tend to lean liberal. The public schools in Lansing are above average."

This list is via Niche.com.