Michigan first-time buyer — MCC vs. 0% down/no-PMI teacher mortgage? Looking for people who’ve actually used these programs
Hi!
My wife and I are looking to buy in southeast Michigan, and I’m trying to figure out which first-time homebuyer program would actually save us the most money long term. My wife is a teacher and I know there are plenty of 1% or 0% down no PMI programs for teachers.
However, I also know there are plenty of other options for first time home buyers, including something like the MSHDA Mortgage Credit Certificate (MCC).
This leads to my question: has anyone in Michigan successfully paired an MCC with a low or zero down mortgage that also had no PMI?
I reached out to a couple of lenders, and they personally did not pair them together, but I am not sure if that is the case for everyone.
I’m not necessarily trying to put $0 down just because I can. We have savings. I’m more interested in figuring out which option gives us the lowest overall cost when you factor in the interest rate, PMI, down payment, closing costs, lender fees, grants/assistance, and the long-term MCC tax credit.
I’d especially love to hear from anyone who has actually used the Michigan MCC recently. Was it worth it? Did your lender offer a higher interest rate in exchange for the MCC? Were you able to combine it with any other first-time-buyer assistance?
Also open to recommendations for Michigan lenders/credit unions that are really knowledgeable about stacking these programs instead of just pushing one product.
Also, if there is a better forum I should direct this question to, let me know!
Thanks!