Clear the first big hurdle to homeownership.
Down payments can be scary. Down Payment Assistance makes them simpler — and more affordable.
HomeAssist Down Payment Assistance Program
Our HomeAssist program provides up to $10,000 in down payment and closing costs assistance1 to qualifying first-time homebuyers.
And the best part? You don’t have to pay it back!
MSHDA Loan
Offered by the Michigan State Housing Development Authority, MSHDA loans help make homeownership more affordable and accessible for homebuyers — especially first-time homebuyers — by offering up to $10,000 in down payment and closing cost assistance2 at a 0% interest rate with no monthly payments.3
Down Payment Assistance FAQs
Both LMCU’s HomeAssist program and MSHDA loans have unique income, location, educational, and residence qualifications. Please visit their respective pages for detailed specifics.
Repayment depends on your down payment assistance program. LMCU’s HomeAssist program does not require any repayment, while a MSHDA loan functions as a “second mortgage” with 0% interest and no monthly payments, meaning you only need to repay it once you sell your home, refinance, change occupancy, or your primary mortgage is paid off.
Down payment assistance funds can also be used toward your closing costs and other prepaid expenses like insurance and taxes.
Yes! Both HomeAssist and MSHDA’s down payment assistance can be combined with other mortgage programs like:
- Conventional mortgages
- FHA loans
- VA loans
- USDA Rural Development loans
- Other applicable first‑time homebuyer programs
Are you eligible? Check with our team.
LMCU helps thousands of homebuyers become homeowners every year.
Here’s what a few of them had to say.
Our mortgage team has 4.9 stars on Zillow.
July 2026
“We thought we needed to wait another year to buy a home, but LMCU showed there was a solution.”3
— Joseph & Hannah, LMCU members
“We wouldn't be in our home today without LMCU." 3
— Chantell & Malik, LMCU members
Disclosures
The LMCU HomeAssist Down Payment Assistance program is available to first-time homebuyers applying through Lake Michigan Credit Union intending to purchase a primary residence in Michigan or Florida. Applicants must have a household income meeting local area median income requirements. Applicants will be assisted on a first-come, first-served basis until funds are exhausted. Additional fees may apply. You may be eligible for $15,000 if the subject property is located in a specified targeted area and meet area median income requirements. Programs subject to change. See your Local Mortgage Loan Officer for details.
Terms and conditions apply. Find out more at www.michigan.gov/MSHDA.
All featured LMCU members were compensated for their time.
