Michigan

Down payment assistance for Michigan

Two programs listed below can help with the cost of buying a home in Michigan, and each can sit inside a riba-free structure.

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MI 10K Down Payment Assistance

Designed as a complement to the MSHDA's MI Home Loan program, the Down Payment Assistance program provides up to $10,000 for down payment and closing costs. Program is available statewide and for first-time homebuyers only.

Learn more about the program here

Requirements

FICO score of at least 640, 660 if buying a multi-section manufactured home.

Strictly for first-time homebuyers

DTI of 45%

Total household income limits based on country, with an annual max of $174720

Must occupy property as primary residence within 60 days from closing

Must complete certified homeownership course

Mortgage Credit Certificate (MCC) Federal Tax Credit

While not offering down payment assistance, first-time and repeat homebuyers may use this program to receive a federal tax credit for buying the home. 20% of annual mortgage interest paid can be credited against their year-end tax liability for the entire life of the original mortgage.

Learn more about the program here

Available programs

Features of Sharia-compliant programs

Through partnerships with investors, ijaraCDC offers a diverse list of programs that will fit the needs of any Muslim home buyer.

No Credit Program

Get a home even without established credit history.

Low Credit Program

Low credit score? No problem!

VA Program

Take advantage of VA housing offers for veterans.

Down Payment Assistance

Get up to 3.5% grant for your down payment.

USDA 100% Financing

100% financing for homes in USDA-designated areas.

Physician Program

Helping residents reside in their forever homes the sharia way.

Frequently asked questions

Michigan down payment questions

Our team answers by phone or email during business hours, and confirms what is available where you are buying.

Is down payment assistance available in Michigan?

Yes. The two programs listed above can help with the cost of buying in Michigan, and ijara CDC can pair them with a riba-free structure.

Can DPA be used with Sharia-compliant financing?

Yes. The assistance covers your contribution to the co-ownership, and the agreement itself stays free of riba.

How much can I receive?

It depends on the program and your household income. Contact us for the current position where you are buying.

How long does pre-qualification take?

About ten minutes, and it does not affect your credit.

What can I finance in Michigan?

Residential and commercial property, plus residential and auto conversions from an existing riba-bearing loan.