First-Time Homebuyer Programs

Homeownership is more affordable than you think.

Our mortgage experts are here to help you take the first step toward your first home — with confidence. 

Apply Now Call (844) 754-6280
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So...how do you buy a house? We’ll walk you through the 4 basic steps.

Tired of renting? Ready to buy a home you can hang your hat on — with no adhesive plastic hooks required?   Here’s what the process looks like: 

Get pre-approved.

Meet with an LMCU mortgage loan officer near you to discover what kind of home you can afford. 

Go house hunting.

Find a realtor you trust, a house you love, and a neighborhood you can call home. 

Make an offer.

Submit your offer and all your questions. 

Close & celebrate!

Sign your documents, get your keys, and enjoy home sweet homeownership! 

LMCU makes homeownership possible.

You could read three blogs, watch five videos, and follow seven influencers to understand homebuying.  Or you can call us. We’ll pair you with programs designed to save you money on your first home. 

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Home Assist

A down payment is the first big hurdle that gives hopeful homebuyers pause. Let LMCU’s HomeAssist program be your springboard.

HomeAssist 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!

Learn More
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HomePlus Mortgage

Looking for a mortgage designed with first-time homebuyers in mind?

Our HomePlus mortgage offers down payments as low as 0%2 with no private mortgage insurance required for eligible Michigan and Florida homes.

Learn More
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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 assistance3 at a 0% interest rate with no monthly payments. 

Learn More
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Find your homeownership ally

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Our first-time homebuyer programs

Last year alone, we helped 3,300 people buy their first home. So we know a thing or two about making homeownership easy and affordable. 

HomeReady

  • Minimum down payment: 3%4
  • 5% down for 2–4 units4
  • Minimum credit score: 620
  • Income limits apply.
  • Homebuyer education class required.

Home Possible

  • 3% down for single-family residence4
  • 5% down for 2–4 units4
  • Income limits apply.
  • Homebuyer education class required.

HomeAssist

  • Up to $10,000 in down payment assistance.1
  • For primary MI or FL residences.
  • Income limits apply.

HomePlus

  • Minimum down payment: 0%2
  • Minimum credit score: 620
  • Limited to certain areas.
  • Homebuyer education class required.

MSHDA loan

  • Up to $10,000 in down payment assistance3
  • 0% interest
  • No repayment until primary mortgage ends

FHA mortgage

  • Low down payment
  • Flexible approvals
  • Expanded qualifying ratios

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.” 

— Joseph & Hannah, LMCU members

“We wouldn't be in our home today without LMCU." 

— Chantell & Malik, LMCU members
Award

Save even more with LMCU’s Max Mortgage discount!

0.125%5 off base rate
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.

For well qualified borrowers. The interest on the portion of the loan that exceeds the value of the dwelling is not tax deductible. Please consult your tax advisor.

Terms and conditions apply. Find out more at www.michigan.gov/MSHDA.

For well qualified borrowers.

To receive MaxMortgage discount, mortgage payment must be an automatic payment that comes from an LMCU checking account with an ACH deposit. Some programs may not be eligible, discuss with your mortgage loan officer for further details.