Down Payment Assistance​

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Have you found the home of your dreams but can’t quite come up with the funds needed to close?

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We offer funds of between $1,000 and $20,000 in select neighborhoods of East Lansing that can be used for:

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• Down-payment as required by the first mortgage lender

• A reduction to the first mortgage as needed for loan qualification

• Qualified Closing costs

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Rehabilitation assistance – Funds between $1,000 and $5,000 can be used for

• Repairs needed to address code violations (mandatory)

• Repairs to improve energy efficiency

• Repair/Replacement of inoperable and/or obsolete home systems

• Reduction of lead paint hazards (mandatory)

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CLICK HERE to view a map of East Lansing qualified neighborhoods.

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Matched Savings – Individual Development Account (IDA)

Are you 6 months to 3 years from purchasing a home, going back to school or starting a business? Need a little help with the savings needed to achieve your goal? Our Individual Development Account (IDA) program is just what you need!

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There are four components of the IDA program:

1. Personal savings: save a minimum of $1,000 in an account established for the program. Monthly deposits into your savings account required.

2. Participate in goal formulation, financial literacy training, home pre-purchase (if applicable) and credit counseling provided by FSCHC counselors.

3. A “money match” of $3,000.00 to a client working to purchase a home or $2,000.00 to a client seeking an education or starting a business

4. Success! Program graduation occurs with the purchase of a home, business launch or completion of the targeted education.

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Click here for program qualifications and application paperwork

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Employer Funded Down Payment Assistance

If you are an employee of a participating Employee Home Ownership Program (EHOP) organization, you may be eligible for assistance with the purchase of a home in areas selected by your employer.

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Funds can be used to cover down payment and/or closing costs. Organizations include:

• City of East Lansing ($5,000)

• Michigan State University ($5,000)

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There are no income restrictions and participation requirements vary by employer.

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CLICK HERE to view a map of East Lansing qualified neighborhoods.

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