DFSB has created an alternative to traditional financing as part of its efforts to help more Michigan residents become homeowners. You’ll benefit from lower interest rates, reduced closing costs, and decreased overall expenses throughout the life of your loan.
CDCP Eligibility Requirements
- For Michigan primary residence purchases and refinancing only
- Income restrictions apply*
- Minimum credit score of 620
- Limited to certain geographic areas**
- Homebuyer education required by at least one qualifying buyer***
*up to 120% area median income
**Please contact a mortgage loan officer to see if a property is eligible.
*** Homeownership counseling must be performed by a HUD certified counselor. DFSB’s lending team can connect you with a certified counselor.
Program Benefits
- 0.375% rate discount for the life of the loan
- No minimum loan amount
- Down payment as low as 3% (mortgage insurance approval required)
- Waived origination fee
- Low closing costs*
- Interest rate not determined by credit score
- Single family and condominiums and duplexes eligible
- All credit products are subject to credit approval.
Third party costs may vary based on property characteristics. Contact a DFSB lender for more information.
Interested in Applying?
Contact a Loan Officer Directly to discuss eligibility and to receive your special offer code.