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Metro Detroit • 31 mortgage lenders profiles

First-Time Homebuyer Loans in Metro Detroit

Compare verified lenders for first-time homebuyer loans and Michigan down payment assistance in Metro Detroit. Request a consultation and buy with confidence.

5Featured pros
31Mortgage Lenders profiles
6Metro counties
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Rebuild Detroit is not a lender or mortgage broker, does not make credit decisions or quote rates, and information here is general, not financial advice.

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Local to Metro Detroit: Detroit, Wayne, Oakland, Macomb and more

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Featured first-time homebuyer loan pros

Top First-Time Homebuyer Loans Pros in Metro Detroit

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Before you hire

First-Time Homebuyer Loans in Detroit: what to expect

First-time homebuyer loans in Detroit are a mix of programs, not one product: FHA, conventional low down payment loans, VA and USDA, plus state help from MSHDA (the Michigan State Housing Development Authority). Buyers in Detroit, Dearborn, Ferndale and Hazel Park often combine a first mortgage with down payment assistance.

MSHDA's MI Home Loan program works through participating lenders. Under the program, a first-time buyer is someone who has not owned a home in the past three years, and repeat buyers can qualify in targeted areas. Income and sales price limits apply, and down payment assistance requires a homebuyer education class. The details change, so confirm the current rules with a participating lender.

Start with a pre-approval, then compare Metro Detroit mortgage lenders, including at least one MSHDA participating lender.

What a good engagement includes

  • Review of which programs you qualify for
  • Check of MSHDA income and sales price limits for your address
  • Referral to required homebuyer education
  • Pre-approval letter covering the first mortgage and assistance
  • A Loan Estimate within three business days of your application
  • Explanation of how any assistance is repaid or forgiven
  • A Closing Disclosure at least three business days before closing

What drives the fee

  • Loan program: FHA, conventional, VA, USDA or MSHDA
  • Credit score and debt-to-income ratio
  • Down payment and any assistance used
  • Mortgage insurance on low down payment loans
  • Seller credits toward closing costs
  • Repairs required by the appraisal on older homes
  • Points and lender charges

Rebuild Detroit does not publish fees. Ask each attorney to explain the fee basis in writing and compare.

Licensing and disclosures in Michigan

Michigan licenses mortgage brokers, lenders and servicers through DIFS (the Department of Insurance and Financial Services), and individual mortgage loan originators need their own license unless an exemption applies. Banks and credit unions are exempt from the state company license, and their loan officers are registered in NMLS instead. Either way, the NMLS ID must appear on applications and ads: look it up on NMLS Consumer Access.

MSHDA programs are only available through participating lenders listed by MSHDA. Ask the lender to confirm it participates and which MSHDA products it offers.

Verify: NMLS Consumer Access lookup DIFS: Mortgage brokers, lenders and servicers File a complaint with DIFS How We Vet

How to compare attorneys

  1. Ask each lender which first-time buyer programs it offers.
  2. Include at least one MSHDA participating lender in your comparison.
  3. Compare Loan Estimates with and without down payment assistance.
  4. Ask how the assistance is repaid if you sell or refinance.
  5. Check every loan officer on NMLS Consumer Access.

Ready to get started?

Tell us once. Rebuild Detroit routes your request to Metro Detroit mortgage lenders.

Common questions

First-Time Homebuyer Loans FAQ

For MSHDA's MI Home Loan, someone who has not owned a home in the past three years. Other programs may define it differently.
Ask lenders whether they participate in MSHDA programs and handle FHA and low down payment conventional loans, then compare Loan Estimates.
Program choice, credit score, down payment, mortgage insurance, assistance terms and lender charges. Rebuild Detroit does not quote rates.
MSHDA requires homebuyer education for its down payment assistance, and some other programs do too. Your lender will tell you which course counts.

Get first-time homebuyer loan consultations from local pros

Compare Metro Detroit mortgage lenders and confirm credentials, scope and cost drivers before you hire.

Call (833) 313-2434