Traditional Mortgage Programs

First Time Homebuyer Programs

• Low Down Payment: Many programs allow low down payments and can range from 0% of the purchase price to 5% of the purchase price. In some cases, down payment funds may also be gifted to you.
• Down Payment Assistance: Mercantile Bank works with several agencies and offer programs including Home One, Home Possible, and Home Ready that may be able to assist with down payment assistance and reduced Private Mortgage Insurance Rates (qualifications required, see Mortgage Loan Officer for details).
• Extra Credit Program: Mercantile Bank is committed to helping its first-time homebuyers in achieving their goal of homeownership. To show our commitment, we offer up to $2,500 in down payment assistance for our low to moderate-income first-time homebuyers (qualifications required, see Mortgage Loan Officer for details).
• Reduced Closing Fees: As a first-time homebuyer you may qualify for reduced closing fees.
• Reduced or Waived Private Mortgage Insurance: You may qualify for reduced or waived Private Mortgage Insurance, depending on the mortgage program. Talk to a Mortgage Loan Officer today to learn more.
• Homeownership Opportunity Program (HOP): HOP is a down payment assistance program that provides up to $20,00 in grant funding to first-time homebuyers. Households are assisted through a first-come, first-served system until funds are exhausted. Buyers must be first-time homebuyers and have a household income at or below 80% of the area median Income.
• HomeBoost Down Payment Assistance Program: HomeBoost is a minority down payment assistance program that provides up to $15,000 in grant funding to first-time homebuyers purchasing a home in Michigan. First-time homebuyers intending to purchase a primary residence in Michigan who identify as Black or African American, Asian, Hispanic, Indian American or Alaska Native, and/or Native Hawaiian or Other Pacific Islander and have a household income at or below 120% of the local Area Median Income qualify for this program. This is a first-come, first-served system until funds are exhausted.