Cornerstone First Mortgage · Mike Certo NMLS #260555

Michigan home loans, from MSHDA's $10,000 down payment loan to Detroit and Grand Rapids jumbo lending.

Michigan-licensed lending from the Upper Peninsula to the Detroit suburbs. Straight numbers on MSHDA's MI 10K DPA, the MI Home Loan, the mortgage credit certificate that Michigan kept when other states dropped it, the seller-paid transfer tax, and USDA across northern Michigan. A Cornerstone branch manager who works the file himself instead of handing it to a call center.

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Michigan home-loan facts worth knowing

MSHDA's MI 10K DPA Loan gives up to $10,000 toward your down payment and closing costs (MSHDA, verified Aug 2026). It is a 0% deferred second loan with no monthly payment, repaid only when you sell, refinance, pay off the first mortgage, or stop living in the home.
It is a loan, not a grant. The $10,000 is deferred, not forgiven, so it comes due when the home changes hands or the first mortgage ends. It replaced the older $7,500 assistance and now runs statewide.
The MSHDA credit-score floor is 640, and the MI 10K DPA pairs with a MSHDA MI Home Loan and a required homebuyer-education course.
Michigan kept its mortgage credit certificate. The MSHDA MCC gives a 20% federal tax credit on your mortgage interest for the life of the loan, a benefit many states discontinued.
The transfer tax is the seller's, about $8.60 per $1,000 combined, and a seller whose state equalized value at sale was no higher than at purchase may reclaim the state portion.

The Michigan programs Mike runs

MSHDA, the Michigan State Housing Development Authority, anchors the first-time and assistance side. Around it sit the standard loan types and a few niche paths. Here is the menu.

MI 10K DPA Loan

Up to $10,000 for down payment, closing, and prepaids, as a 0% deferred second with no monthly payment. Statewide, paired with a MI Home Loan, 640 credit.

MSHDA MI Home Loan

The MSHDA first mortgage, 30-year fixed, for first-time buyers statewide and repeat buyers in targeted areas. 640 credit, county income limits.

MSHDA MCC

A federal income-tax credit worth 20% of your mortgage interest, for the life of the loan. Michigan kept its MCC when many states let theirs lapse.

FHA, VA & USDA

FHA from 3.5% down, VA at zero down for veterans, and USDA at zero down across northern Michigan and the UP. Each can pair with MSHDA.

Jumbo & self-employed

Above the $832,750 conforming limit, plus bank-statement and 1099 loans for business owners whose tax returns understate their income.

Investor & bridge

DSCR loans for rentals, including ratios below 1.0, and bridge financing so you can buy the next home before selling the current one.

The 2026 Michigan Home Loan Guide
Every Michigan loan type compared by credit and down payment. Free.

Why work with Mike

Most Michigan buyers who search for MSHDA help land on a national aggregator that sells the lead three times before anyone calls back. That is not us. Mike Certo is a branch manager with Cornerstone First Mortgage who works Michigan files himself, and he will tell you straight which path fits: the MI 10K DPA when you need help with the down payment, the MCC for the long-run tax credit, a plain conventional or FHA when MSHDA adds nothing. He closes these across metro Detroit, Grand Rapids, and northern Michigan, and he knows the parts that trip Michigan buyers up, the seller-paid transfer tax and its refund, the older Detroit housing stock, and where USDA actually reaches up north.

Complex files are the specialty

Self-employed income, jumbo with student debt, DSCR investor loans below a 1.0 ratio, buy-before-you-sell bridge financing, doctors still in residency. These are the files that stall at a call-center lender and close with Mike. If your situation has a wrinkle, that is the reason to call, not a reason to wait.

Michigan home-loan FAQ

What is MSHDA's MI 10K DPA Loan, and how does it work?

The MI 10K DPA Loan gives up to $10,000 toward your down payment, closing costs, and prepaids. It is a 0% deferred second loan with no monthly payment. You repay it only when you sell the home, refinance, pay off the first mortgage, or stop living there. It is statewide, needs a 640 credit score, and must be paired with a MSHDA MI Home Loan and a homebuyer-education course.

Is the MI 10K DPA a grant?

No. It is a loan, not a grant, and it is not forgiven over time. The $10,000 is deferred, meaning no payments while you live in the home, but the balance comes due when you sell, refinance, or pay off your first mortgage. It replaced MSHDA's older $7,500 assistance and now runs in every Michigan county.

Does Michigan still offer a mortgage credit certificate?

Yes. MSHDA reaffirmed its MCC in a 2026 public notice, so it is active. The certificate gives you a federal income-tax credit equal to 20% of your annual mortgage interest, for the life of the original loan. It is available to first-time buyers statewide and to repeat buyers in targeted areas. Several other states discontinued their MCC programs, but Michigan kept its.

Who pays the transfer tax in Michigan?

The seller. Michigan's combined state and county transfer tax runs about $8.60 per $1,000 of price, and the seller customarily pays it at recording. There is a refund worth knowing about: a seller who claimed the principal-residence exemption and whose home's state equalized value at sale was no higher than at purchase can reclaim the state portion by filing Form 2796. On a $299,000 home the total is about $2,571.

What is the fastest way to find out if you can help me?

Call (480) 296-6513 and ask for Mike, or send your scenario through the contact form. Our team calls you back shortly. Pre-approval typically takes 24 to 48 hours once your credit and income documents are in.