Could you use more cash in your budget each month? Unlock your home’s equity to achieve your financial goals! Call us today to see if you could benefit from using your home's equity to consolidate debt, finance repairs, or build emergency savings.
For decades, one myth has held back countless first-time buyers: the idea that you need a full 20% down payment to buy a home. In Michigan, that simply isn’t true.
Most first-time buyers purchase their homes with far less. Thanks to programs like FHA loans, MSHDA down payment assistance, and VA loans, many Michigan buyers are putting down as little as 0–3.5%.
The 20% figure comes from a time when conventional mortgages were the norm. But today’s buyers have far more flexible options—especially first-time buyers in Michigan.
With the right program, you don’t have to wait years to save.
Here are some of the most popular ways Michigan buyers are getting into homes without 20% down:
Waiting to save 20% can take years. During that time:
With today’s low down payment options, you can start building equity now instead of waiting.
If you’ve been renting while trying to hit a 20% goal, you may already be closer to homeownership than you realize. The key is finding the program that’s right for your budget, credit, and long-term goals.
Every buyer’s journey is different. That’s why working with a local, veteran-owned Michigan lender matters. At Kalamazoo Mortgage, we sit down with you, present multiple financing options, and guide you every step of the way.
👉 Get pre-approved today or call us at (269) 364-6000 to see what’s possible for you.