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 South Haven, 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
This covers the 3.5% FHA minimum down payment in whole or, on its lower tier, in part, and is forgiven at closing: no lien on the home, no monthly payment, no interest. It opens on the area income limit or on 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.
This page describes down payment assistance at the program level. The option for any file comes from the credit tier, the first lien, the property, and the eligibility category; the first lien’s approval, the appraisal, and full underwriting decide the actual terms, subject to lender program eligibility. Nothing here is a quote, a fee, or a commitment to lend; the calculator’s rate is a market benchmark you can edit and its payment an estimate. Lendmire is never the lender and is not affiliated with FHA, USDA, HUD, or the federal government. Lendmire, LLC — NMLS #2371349. Equal Housing Opportunity.
What down payment assistance is — and how the options differ.
The first-time home buyer programs in South Haven, MI answer the most common reason a qualified buyer does not close — the cash to close — with assistance measured on the price and shaped to the buyer’s situation.
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
Nothing to repay, forgiven over time, or repaid with a balloon: the three purchase shapes in South Haven, MI cover the same minimum investment and differ in what the buyer owes afterward, and a fourth, the refinance-cost option, serves an existing FHA loan.
Credit floors, mortgage programs, and unit counts
A South Haven 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
A South Haven buyer who has owned before is eligible; the second-lien options carry no income limit and no first-time-buyer rule, and the nothing-to-repay option opens on any one of four categories.
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 South Haven’s first-time and moderate-income buyers shop — and how the assistance fits.
The share of South Haven, MI households that rent, the median home value, and the median household income together sketch the gap the assistance closes for a first purchase.
These are context figures, not underwriting inputs. 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 South Haven submarkets, distinct property rules.
The resort-area market around South Haven splits into distinct pockets; a lender underwrites the home in front of it, but the pocket sets the expectations.
Year-round neighborhoods
In a visitor economy like South Haven’s, the program serves the people who staff it: a primary residence in a year-round neighborhood, the minimum investment covered. Median gross rent in South Haven is about $834 a month — the payment many renters already carry.
Workforce condominiums
Condominiums are often the reachable option in South Haven, and the assistance follows the first lien: the building needs FHA approval, and hotel-style projects are outside the program. South Haven itself counts a population near 4.0K.
County-limit homes
Where South Haven prices run high, the first lien’s size against the county limit is settled before the option is chosen. On a home at South Haven’s median value, the FHA minimum investment comes to about $15,900 — the figure the assistance is built to cover.
USDA-eligible edges
Outside South Haven’s core, USDA-eligible areas pair a no-down-payment first lien with the second-lien assistance options, which then cover closing costs and prepaids. Median household income in South Haven sits near $68,239 on the latest Census estimate.
Townhome and PUD communities
In South Haven’s planned communities, the assistance works the same way as on a detached home, with the association package read alongside the file. The median owner-occupied home value in South Haven runs near $454,100 on the latest Census estimate.
Manufactured homes on owned land
For South Haven buyers choosing manufactured housing, the assistance is available on owned land, with the option set by the home’s width. About 29% of South Haven’s households rent — roughly 599 renter households, the pool the program exists for.
Submarket descriptions are general market context; the first lien’s approval, the option’s rules, and full underwriting decide every figure in a file.
Four ways South Haven buyers put down payment assistance to work.
The same assistance serves several purposes in South Haven, MI; four of the most common are below.
Buy a small multi-unit home and live in one unit
House-hacking in South Haven, 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.
Buy a home that needs work with a renovation mortgage
For an older South Haven home, the renovation first lien and the assistance fit together, with the assistance measured on the purchase price rather than the repaired value.
Cover the costs of an FHA refinance
Owners in South Haven 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.
Cover closing costs too on the larger option
The larger option exists for the South Haven, MI closing where the down payment is only half the problem: it carries the minimum investment and a further share for costs.
Size the assistance on a South Haven price before requesting a quote.
The calculator does what a loan officer’s first pass does for a South Haven file — sizes the minimum investment, applies the option, builds the FHA loan with mortgage insurance, and estimates the payment — using the current program figures and an editable benchmark rate.
South Haven FHA payment with assistance
Illustrative South Haven inputs; the calculator recalculates on every change.
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 $455,000 price near South Haven’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.
The right structure for a South Haven, MI buyer depends on savings, credit, the first lien, and whether the help needs to reach closing costs.
Assistance on an FHA loan, your own down payment, or assistance on a USDA or HUD-184 loan.
Assistance that closes with the first lien: it covers the minimum investment; its shape is chosen by the credit tier and the first lien, with the eligibility category where the nothing-to-repay option is in play, and the second-lien options stay open to repeat buyers with no income limit.
The buyer brings the minimum investment from savings, a retirement withdrawal, or seasoned funds; no second lien, no eligibility category, no homebuyer education requirement, and no assistance to carry. 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 South Haven 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 South Haven, MI file where it reads best.
What to prepare for a South Haven scenario review.
What a down payment assistance review usually starts with.
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 South Haven assistance file before the option is confirmed; each one can move the structure.
Use these checks to keep the South Haven file clean and fundable.
A clean South Haven file starts with the option chosen, the first lien matched to the property, and the homebuyer education course completed where it is required.
- Know the option: confirm the option is offered in the state.
- Confirm the category: identify the category that opens the nothing-to-repay option.
- Take the course: keep the certificate for the file.
The option decides what you owe afterward
The same minimum investment can be covered three ways on a purchase in South Haven, 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.
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.
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.
No stacking with other assistance
No option may be combined with another down payment assistance program in South Haven, MI, and the nothing-to-repay and forgivable options do not combine with a high-balance first lien; one assistance option, one first lien, one closing.
From a South Haven pre-approval to keys with the assistance in place.
The process for a South Haven, MI purchase with assistance is deliberate, because the details around the assistance are what stall closings.
Pick the option
Lendmire reads the South Haven scenario against the options offered in Michigan: the credit tier, the first lien, the unit count, the category, and whether the help must reach closing costs.
Get the mortgage approved
The first lien’s approval carries the file; the assistance is arranged alongside it, with the eligibility category and the education certificate in hand where they apply.
Clear the property
The property side of a South Haven, 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
Final underwriting reads the whole South Haven, MI file against the first lien’s rules and the option’s; the loan funds with the assistance in place and the second lien, where there is one, recorded behind it.
A brokerage that pairs the assistance to the loan.
Lendmire built its consumer practice around the buyers these programs exist for, which is why the options, the categories, and the property rules are familiar ground rather than surprises.
The option, matched to the buyer
The nothing-to-repay option where it fits, the forgivable options where it does not, the repayable option where closing costs are the hurdle — chosen for the South Haven, MI buyer, not by default.
The mortgage, matched to the property
FHA, USDA, or HUD-184 is chosen with the South Haven property — its address, its unit count, its type — so the assistance option that pairs with it is the one that attaches.
The right wholesale program
A South Haven 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.
South Haven down payment assistance FAQs
The questions a South Haven, MI buyer asks before requesting an assistance review, answered plainly.
Do I have to be a first-time homebuyer?
Not for any option. First-time status is one path into the nothing-to-repay option, not a requirement of the program.
Is there an income limit?
A South Haven buyer above the area income limit still reaches the nothing-to-repay option through an occupation, a first purchase, or the tract, and reaches the second-lien options regardless of income.
What first-time home buyer programs are available in South Haven?
Assistance measured as a percentage of the price, in shapes that differ by what you owe afterward: nothing, nothing if the mortgage stays current, or a second loan with a balloon. Credit, the mortgage, the property, and the eligibility category decide which fits.
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?
Each option has its own floor, starting in the low six hundreds on the nothing-to-repay option and stepping up on the forgivable and repayable second liens; every borrower needs a score, and two-borrower files may qualify on a blended score on the second-lien options. The snapshot shows the floors in force.
Can I combine this with another assistance program?
One option, one first lien, one closing — no combination with other assistance.
What is the rate on the mortgage and on the assistance?
A scenario review produces the actual terms; the calculator here shows an estimate at a benchmark rate you can change, with the assistance sized on the price you enter.
Which mortgages can the assistance be used with?
FHA on every option, with the repair-escrow and renovation programs where the options table allows them and the standard FHA loan alone on the closing-cost and refinance options; USDA and HUD-184 on the forgivable and repayable second liens (the closing-cost repayable option, the one that also reaches prepaid items, is FHA only). Conventional first liens are outside the program.
Can the assistance cover closing costs too?
Yes, on the larger repayable option, which covers the minimum investment and a further share of the price for closing costs and prepaid items, including costs paid outside closing. The nothing-to-repay and forgivable options cover the minimum investment only.
Do I need a homebuyer education course?
Only the nothing-to-repay option requires it; the certificate is part of that file.
Talk through a South Haven assistance file before the contract is signed.
A first read of a South Haven assistance scenario takes a few minutes and commits you to nothing; the option, the category, and the property rules are explained before anything is ordered.
This guide covers South Haven — 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: Saugatuck · Kalamazoo · Portage · Niles · Wyoming · Kentwood · Grand Rapids · Norton Shores
Related programs: FHA Loans · USDA Loans · FHA 203(k) Rehab Loans