Start with the home, then build the Michigan payment
The opening example uses a $325,000 purchase, $65,000 down, 7.5% interest and 30 years. Its $5,200 annual tax and $2,000 annual insurance are manual allowances, with no association dues or mortgage insurance entered. Replace them with supported figures for the proposed property. Keep maintenance, utilities and accessible reserves outside the mortgage payment, and investigate the next owner’s tax position before relying on a seller’s bill. The example is a transparent way to start a budget; it is not a Michigan average, lender offer or loan approval.
Put this into my plan ↗Budget for the ownership change before trusting the old tax bill
Michigan Treasury explains that a qualifying transfer of ownership causes taxable value to uncap in the calendar year after the transfer. It also identifies transfers that are excluded from that definition. Ask the local assessor how the actual transaction will be treated and obtain a supported estimate for the new owner. The seller’s historical taxable value is not a promise about your future bill. Keep the estimate with the lender’s escrow worksheet rather than treating a low advertised monthly payment as a complete ownership budget. Treasury guidance on ownership changes and uncapping ↗
Put this into my plan ↗Separate a principal-residence exemption from an income-tax credit
The Michigan Principal Residence Exemption concerns the local school operating millage for an eligible principal residence. Treasury explicitly distinguishes it from the Homestead Property Tax Credit used on an income-tax return. Ask the assessor about the actual ownership, occupancy, filing and applicable year rather than assuming either benefit follows the purchase automatically. A lender’s owner-occupancy classification does not complete a property-tax filing. The calculator uses a manual tax allowance and does not determine eligibility, file an exemption or subtract a possible refund from the monthly payment. Official Principal Residence Exemption resource ↗
Put this into my plan ↗Keep MI Home Loan and its assistance note together
MSHDA’s MI Home Loan page describes a route for first-time buyers statewide and repeat buyers in targeted areas, through participating lenders. It separately identifies the MI 10K down-payment assistance loan and required housing education. Obtain the actual first mortgage and assistance agreement together, with current pricing, funding and repayment conditions. Compare the package with another written option rather than treating assistance as an unconditional grant or a reason to ignore lender fees. MITEY’s link is an official resource to investigate, not programme participation or reserved funding. Current MI Home Loan and MI 10K resource ↗
Put this into my plan ↗Treat the First-Generation pilot’s closure as the current starting point
The official First-Generation DPA page says all funds have been exhausted, applications are no longer accepted and no waitlist is available. Older promotional and eligibility text remains below that notice. Do not use the advertised pilot amount as cash available for a new purchase or assume a first-time buyer also qualifies as first-generation. Ask MSHDA’s proper providers about other current routes, and keep the purchase budget based on resources actually confirmed for the file. An enquiry cannot reopen the pilot or reserve a place. Official First-Generation programme status ↗
Put this into my plan ↗Read a Lakeshore report as one part of Michigan
WMLAR’s October 2 release describes September activity in Allegan, Muskegon and Ottawa counties. Its county comparisons illustrate why a report from one part of the state should not become a Detroit, Ann Arbor, Upper Peninsula or statewide price measure. Follow a consistent territory and property segment when comparing periods, then obtain relevant evidence for the actual home. This edition links the original regional report without publishing a Michigan-wide median from it. The home price in your calculator must come from your proposed transaction, not a substituted regional headline. Original three-county Lakeshore report ↗
Put this into my plan ↗Keep a seasonal-home plan honest about occupancy
If the intended Michigan property is a second home, a seasonal place or a future rental, make that use explicit when discussing financing, insurance and taxes. A principal-residence exemption and an owner-occupied assistance programme address particular uses; a mailing address or intention to move later does not establish approval. Budget the costs of the place while it is unoccupied, including maintenance, utilities and supported insurance requirements. Compare the plan without relying on rental income until the permitted use, lease assumptions and lender treatment have been checked.
Put this into my plan ↗Give the condo documents room in the decision
For a condominium, obtain the actual association budget, dues, insurance responsibilities, reserves and assessment notices. Separate the costs covered by dues from those you still pay directly, and enter a known assessment on its actual payment schedule. Ask the lender to review the project documents before treating a payment target as proof the unit fits a particular loan. Keep tax and principal-residence questions with the proposed ownership and use. The condo worksheet tracks entered obligations; it cannot certify the association, predict assessments or decide programme eligibility.
Put this into my plan ↗Keep repairs separate from an optimistic escrow allowance
Collect the inspection findings and a practical first-year work plan before committing all available cash to the down payment. A tax allowance, insurance premium and repair reserve meet different obligations. Ask whether urgent work must be completed before funding, what the contractor’s schedule requires and whether a renovation loan actually permits the proposed release of funds. Compare a delay and retain a contingency outside already-promised closing cash. The construction model can organize timing and interest pressure, but it cannot approve a repair, contractor or assistance award.
Put this into my plan ↗Use the intended stay to compare actual offers
Ask for proposals using matching principal, term, occupancy and lock assumptions. Separate points from other lender fees and compare the offers over the time you expect to keep the loan, then test an earlier move. Keep remaining principal visible alongside interest and charges so a different repayment path is not mistaken for a fee saving. National survey benchmarks provide dated context, while your actual Loan Estimates price the file. The numerical comparison does not calculate regulatory APR or guarantee a future refinance. Reading matching Loan Estimates ↗
Put this into my plan ↗Bring every secured balance into a refinance
Request actual payoffs for the first mortgage and any assistance or other secured obligation before replacing the loan. Ask the proper administrator about repayment, subordination and release rather than inferring them from an old programme summary. Compare the new fees, payment, remaining principal and time to repayment over a common hold. A smaller payment can come from extending the term. Keep the property’s current tax, insurance and repair needs with the plan; a new mortgage does not remove those ownership costs or decide a tax exemption.
Put this into my plan ↗Give MITEY your Michigan decision, not a stack of sensitive documents
Describe whether you are buying, refinancing, considering a condo or planning a different use, together with timing and the question you want to resolve. Start without identity documents, account numbers or a full street address. Calculator assumptions are shared only through the separate choice. MITEY keeps the public relationship while provider introductions depend on confirmed availability and your permission. An enquiry is a starting point for suitable options, not a loan application, First-Generation waitlist entry, public individual assignment or guaranteed rate.
Put this into my plan ↗