Compared to traditional lending programs, 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)
- Waved origination fee
- Low closing costs*
- Interest rate not determined by credit score
- Single family and condominiums and duplexes eligible
*Cost determination varies by applicant. 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.