Current down payment assistance guidelines, updated from one source.
The snapshot below is not typed onto this page — it is pulled from one down payment assistance guideline source and refreshed when that source changes, so Portage, MI always shows the options in force.
Of the purchase price
Up to this share of the price can come from assistance: the largest option reaches closing costs as well as the down payment, while the smaller options cover the 3.5% FHA minimum, in whole or, on the lowest tier, in part.
Covers the FHA down payment, in whole or in part
Nothing to repay, ever: this option pays the 3.5% FHA minimum down payment in whole or, on its lower tier, in part, and leaves no lien behind, for buyers within the area income limit or in a qualifying category.
On the forgivable and repayable options
The forgivable and repayable options have no income limit at all — one of the biggest advantages of this program. Only the nothing-to-repay option asks for income at or below 140% of the area median, or a qualifying category.
Credit score to start
The score that opens the nothing-to-repay option; the forgivable options start a step higher and the repayable options higher still. Two-borrower files may use a blended score on the second-lien options.
| Option | Assistance | What you repay | Credit · mortgage · units |
|---|---|---|---|
| Grant-style assistance — nothing to repay | 2% or 3.5% of the price | Nothing — released at closing | 620+ · FHA 203(b), FHA repair escrow, FHA Limited 203(k), FHA Standard 203(k) · 1–4 units |
| Forgivable second lien — three-year | 3.5% of the price | Nothing after 36 on-time mortgage payments | 640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Forgivable second lien — five-year | 3.5% of the price | Nothing after 60 on-time mortgage payments | 640+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Repayable second lien — thirty-year amortization, ten-year balloon | 3.5% or 5% of the price | Second lien, 30-year amortization, balloon in year 10 | 660+ · FHA 203(b), FHA Limited 203(k), HUD-184, USDA · 1–2 units |
| Closing-cost repayable second lien | 3.5% or 5% of the price | Second lien, 30-year amortization, balloon in year 10 | 660+ · FHA 203(b) · 1–2 units |
| Refinance-cost second lien (repayable) | 1% to 3.5% of the balance | Second lien, repaid | 660+ · FHA 203(b) · 1–4 units |
Current down payment assistance snapshot · updated September 7, 2026 · six options offered in Michigan · no option requires a first-time buyer · no option combines with another assistance program · owner-occupied primary residences only.
Nothing on this page is a Loan Estimate, an approval, a quote, or a commitment to lend. Down payment assistance eligibility, amounts, and terms depend on the first-lien program, the option, the property, the buyer’s credit and category, and full underwriting through select wholesale lenders licensed in sixteen states; the calculator’s rate is an editable benchmark and its payment an estimate. Lendmire is a mortgage broker and is never the lender, and is not affiliated with or acting on behalf of FHA, VA, USDA, HUD, or the federal government. Lendmire, LLC — NMLS #2371349. Equal Housing Opportunity.
What down payment assistance is — and how the options differ.
First-time home buyer programs are not one program; they are a family of down payment assistance options paired with a government-backed first lien, and the right one for a Portage, MI buyer depends on credit, the first lien, the property, and whether the help needs to reach closing costs.
For the program overview, see Lendmire’s down payment assistance program, or the statewide guide at Down Payment Assistance in Michigan.
Assistance covers the FHA down payment
An FHA purchase asks for a minimum investment from the buyer; the assistance covers it, measured as a percentage of the lesser of price or value, and the largest option carries a further share for closing costs and prepaids.
Four shapes: grant, forgivable, repayable, refinance
The assistance comes as a grant where it is offered, as a forgivable second lien, or as a repayable second lien, with a refinance-cost version for an existing FHA loan; each pairs with the first lien differently, and the options table on this page shows what is offered in Michigan.
Credit floors, mortgage programs, and unit counts
A Portage file is placed by three things — the credit tier, the first-lien program, and the property — and the options table on this page shows the floor, the first liens, and the unit limit for every option offered in Michigan.
Eligibility without a first-time-buyer rule
No option requires a first-time buyer. The nothing-to-repay option asks for one qualifying category — income at or below the area limit, a community-service occupation, a first purchase, or an underserved tract — and a homebuyer education course; the second-lien options ask for neither.
The assistance is measured on the price, so the calculator starts there. It then applies the option you choose, your own cash, and an editable benchmark rate to show the loan, the mortgage insurance, and the payment.
Where Portage’s first-time and moderate-income buyers shop — and how the assistance fits.
Census estimates give the backdrop for a down payment assistance file: where Portage, MI’s renters live, what a median home costs, and what a median household earns.
Citywide figures provide general market context, not an appraisal or an income calculation. The higher the median value, the larger the minimum investment in dollars; that is why the assistance is sized as a percentage of the price rather than a fixed sum, and why the larger option matters more in expensive markets.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Portage submarkets, distinct property rules.
Where a Portage home sits changes which option can attach and what the property review asks; the submarkets below are the map most assistance files are read against.
New construction and infill
A newly built Portage home is eligible; the buyer’s own funds requirement is covered by the assistance, and the builder’s closing date is met once the first lien is approved. On a home at Portage’s median value, the FHA minimum investment comes to about $9,200 — the figure the assistance is built to cover.
Manufactured homes on owned land
Manufactured housing on owned land near Portage is eligible, with the option decided by the home’s width: the nothing-to-repay option accepts single-width homes, while the second-lien options accept double-width only. Median household income in Portage sits near $83,212 on the latest Census estimate.
Condominiums close to work
Condominiums are often the entry point in Portage, and the assistance follows the first lien: the building needs FHA approval, or a single-unit approval, before the down payment help can attach to it. Median gross rent in Portage is about $1,133 a month — the payment many renters already carry.
Small multi-unit homes, owner-occupied
In Portage, owner-occupied small multi-unit buildings qualify for assistance when the buyer lives in one of the units, up to four units on a purchase; the unit count decides which option applies. The median owner-occupied home value in Portage runs near $262,300 on the latest Census estimate.
Older neighborhoods and renovation loans
In Portage’s established neighborhoods, a buyer can use the program with a limited renovation loan or, on the nothing-to-repay option, a standard one, so the down payment help and the repair budget close together. Portage itself counts a population near 49K; it sits within the Kalamazoo-Portage, MI area.
Townhomes and attached homes
In Portage, a townhome in a planned development pairs cleanly with the program; the association’s rules and dues are read alongside the first lien, and the assistance covers the down payment. About 31% of Portage’s households rent — roughly 6,451 renter households, the pool the program exists for.
None of this is a valuation or an approval; it is the backdrop a Portage file is read against before the first lien and the option decide the numbers.
Four ways Portage buyers put down payment assistance to work.
How Portage buyers put the program to work depends on the first lien, the property, and what the help needs to cover; these four paths cover most files.
Cover closing costs too on the larger option
A Portage buyer who needs more than the minimum investment uses the repayable option that covers down payment, closing costs, and prepaid items, including costs paid outside closing.
Cover the costs of an FHA refinance
Owners in Portage with an FHA loan and little cash for a refinance use the refinance-cost option, subject to its own credit floor and the combined-leverage limit it carries.
Pair the assistance with a USDA or HUD-184 mortgage
A Portage, MI buyer on a USDA or HUD-184 first lien uses the second-lien options, forgivable or repayable; the nothing-to-repay option pairs only with FHA first liens.
Buy a small multi-unit home and live in one unit
House-hacking in Portage, MI pairs with the program when the buyer occupies a unit; the unit count decides which option applies, and the first lien carries the building.
Size the assistance on a Portage price before requesting a quote.
Run a Portage price through the options before you request a quote: the minimum investment, the assistance applied, what is left for closing costs, the mortgage insurance tier, and the estimated payment. Enter income to see the ratios a lender reads.
Portage FHA payment with assistance
A Portage scenario to start from — adjust the price, the option, your own cash, the term, and the rate to see the assistance and the payment.
Editable benchmark: 7.28% as of October 1, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not an FHA loan quote.
Illustrative starting assumptions: a $260,000 price near Portage’s median owner-occupied home value, the strongest assistance option offered in Michigan applied against the FHA minimum investment, a thirty-year term at the current Freddie Mac benchmark, property taxes and insurance estimated for Michigan (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not an FHA loan quote; your rate is set by the lender at lock. FHA mortgage insurance follows HUD’s published schedule for the term, leverage and loan size entered; taxes, insurance and dues are editable estimates; closing costs are not included; a repayable second lien adds its own payment, which is not shown here. Consumer mortgage lending licensed in sixteen states. Lendmire is not affiliated with or acting on behalf of FHA, USDA, HUD, or the federal government.
Same buyer, three very different closings.
Down payment assistance is one of the ways a Portage buyer covers the minimum investment; each has a different cost after closing.
Assistance on an FHA loan, your own down payment, or assistance on a USDA or HUD-184 loan.
Covers the FHA minimum investment as a percentage of the price in four shapes — the lightest a nothing-to-repay option released at closing, the largest a repayable second lien that reaches closing costs and prepaids — with credit floors in the low six hundreds and no first-time-buyer rule.
Paying the minimum investment yourself keeps the closing simplest — no second lien, no category, no course; the trade is the months or years of saving that the assistance replaces. For the first lien itself, see Lendmire’s FHA loan program.
Where the property is USDA-eligible or the buyer qualifies for HUD-184, the forgivable options and the ten-year repayable option carry the Portage file; the separate closing-cost option is FHA only. For the USDA first lien, see the USDA loan program.
Assistance fits the buyer short of cash to close; the plain purchase fits the buyer with savings; the USDA and HUD-184 pairing fits eligible properties and borrowers — Lendmire places the Portage, MI file where it reads best.
What to prepare for a Portage scenario review.
A typical starting file for a first purchase with assistance.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the mortgage, the assistance option, the property, and the eligibility category. Nothing here is legal or tax advice.
Local details that can change the loan.
These are the points a lender reads on a Portage assistance file before the option is confirmed; each one can move the structure.
Use these checks to keep the Portage file clean and fundable.
Settle the option, the first lien, the property’s eligibility, and the category before the appraisal is ordered; a Portage file that clears these reads cleanly.
- Know the option: choose by cost to carry first, amount second.
- Confirm the category: remember that the second-lien options need no category and carry no income limit.
- Plan for the balloon: treat the tenth-year balloon as a planning date.
The option decides what you owe afterward
The same minimum investment can be covered three ways on a purchase in Portage, MI, and the difference is entirely in what happens after closing: nothing, nothing if the first lien stays current, or a second loan that comes due; the options table shows what is offered.
The eligibility category for the nothing-to-repay option
The category is checked at application on the nothing-to-repay option, together with the signed assistance application and the education certificate; no option requires a first-time buyer, and the second-lien options carry no income limit.
The balloon on the repayable option
The repayable second lien amortizes over thirty years but comes due in the tenth year; it carries interest and a monthly payment, its own loan number, and a balloon disclosure. It is the option that reaches closing costs, and it is a loan.
Homebuyer education on the nothing-to-repay option
The nothing-to-repay option requires a HUD-approved homebuyer education or pre-purchase counseling course, online or in person; the buyer pays for it up front and the cost is credited back at closing. The second-lien options do not require it.
Property type and unit count select the option
The property itself can move a Portage, MI file: a fourplex, a single-width manufactured home, or an unapproved condominium project each changes which option can attach, so the address is read before the option is promised.
From a Portage pre-approval to keys with the assistance in place.
Lendmire runs a Portage assistance file in a set order: pick the option, match the first lien, clear the property, close with the assistance in place.
Pick the option
Every Portage file starts with the option and the first lien; the category, the homebuyer education course and the property rules are then settled around them, in that order.
Get the mortgage approved
Lendmire packages the Portage file for the first lien first, because the assistance follows its approval; the option’s floor and the first lien’s rules both have to clear.
Clear the property
The property side of a Portage, MI file is where the option can change: unit count, project approval, and the loan limit are confirmed before the closing is scheduled.
Close both loans together
The Portage closing carries both instruments: the first lien and the assistance, each documented on its own and closed together, with the education certificate in the file where it applies.
A brokerage that pairs the assistance to the loan.
Down payment assistance is where a generalist stumbles: the options differ by first lien, by credit tier, by unit count, and by state, and the wholesale programs that carry them competently are a short list.
The option, matched to the buyer
A Portage scenario is placed on the right option first — the credit tier, the first lien, and the category — and the rest of the file is then built to fit it, before anything is ordered.
The mortgage, matched to the property
USDA where the address is eligible, HUD-184 where the buyer qualifies, FHA everywhere; the Portage, MI first lien is the foundation the assistance stands on.
The right wholesale program
A Portage file is matched to the wholesale program whose option fits the buyer, and Lendmire manages the first lien and the assistance together through closing.
Trusted by first-time buyers & families alike.
Portage down payment assistance FAQs
Plain answers to the questions Portage buyers ask most about down payment assistance, before you request a review. Every file is underwritten individually; nothing here is a commitment.
Do I have to be a first-time homebuyer?
You do not. Every option is open to repeat buyers; the file is placed on the price, the credit score, the mortgage program, and the home — having owned before closes nothing, and a first purchase is only one of the categories that opens the nothing-to-repay option.
Is there an income limit?
Only on the nothing-to-repay option, and only when no other category applies: household income at or below the area-median-income ceiling in the snapshot, measured where the property sits. The forgivable and repayable second-lien options carry no income limit beyond the mortgage’s own rules.
What first-time home buyer programs are available in Portage?
A Portage buyer can cover the FHA minimum investment through a nothing-to-repay option where offered, a forgivable second lien, or a repayable second lien that reaches closing costs; the calculator on this page sizes each one on a price you enter.
Do I have to pay the assistance back?
A nothing-to-repay option is released at closing with no lien and no payment. The forgivable second liens also cost nothing — no interest, no payment — as long as the mortgage stays current through the forgiveness period, and they pair with USDA and HUD-184 mortgages as well as FHA. The repayable options are loans, with a monthly payment and a balloon.
What credit score do I need?
Lower than most buyers expect: the entry floor for a Portage buyer sits in the low six hundreds, with the second-lien options a step or two higher. Two-borrower files may qualify on a blended score on the second lien when the higher earner has the higher score.
What is the rate on the mortgage and on the assistance?
It depends on the first lien, the option, and the file; the rate shown in the calculator is an editable market benchmark, not a quote, and the payment it produces is an illustrative estimate. A scenario review produces the terms.
What is the repayable option and when does it make sense?
The repayable second lien covers the minimum investment and closing costs, and it makes sense when the help has to reach closing costs or the first lien is high balance; plan around its balloon and read its disclosures as the loan it is.
Can I use the assistance on a second home or a rental?
Primary residences only. Investment properties and second homes are outside the program.
What does Lendmire do on a Portage first-time home buyer file?
The structural work covers the option, the first lien, the property, the category, the education course, the disclosures, and closing. A Portage buyer brings the contract; Lendmire brings the fit.
What property types are eligible?
A Portage home that the first lien accepts and the option’s property rules allow; the property side is checked before the option is confirmed.
Ready to size the assistance on a Portage home? Start with the price.
Share the property, the price, and a little about your situation; a Lendmire loan officer names the option that fits and follows up.
This guide covers Portage — for the statewide options, categories, and property rules, see Down Payment Assistance in Michigan, part of Lendmire’s down payment assistance program.
Nearby markets in Michigan: Kalamazoo · Battle Creek · South Haven · Niles · Saugatuck · Kentwood · Wyoming · Grand Rapids
Related programs: FHA Loans · USDA Loans · FHA 203(k) Rehab Loans