See programs you qualify for
Get Matched Free →By Tyler Thompson · Licensed Real Estate Agent · Updated April 10, 2026
Homebuyer Programs in Troy, MI (2026)
Troy is one of Michigan's most desirable suburban communities, located in Oakland County just north of Detroit. With a population of about 90,000 and a median home price around $450,000, Troy offers excellent schools, a strong job market, and easy access to major employers. While Troy does not currently offer a city-funded down payment assistance program, buyers here can take advantage of the Oakland County Treasurer Homebuyer Assistance Program, which provides a $5,000 grant for first-time buyers, as well as the MSHDA MI 10K DPA Loan offering up to $10,000 and the HomeBoost Down Payment Assistance program providing up to $15,000. Habitat for Humanity of Oakland County also offers affordable homeownership opportunities in the area. By stacking state and county programs, eligible Troy homebuyers could access over $20,000 in combined assistance toward their purchase.
County Programs in Oakland County
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Oakland County Treasurer Homebuyer Assistance Program | Grant | $5,000 grant | Yes | View → |
- Type:
- Grant
- Amount:
- $5,000 grant
- First-time only:
- Yes
State Programs in Michigan
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| HomeBoost Down Payment Assistance | Grant | Up to $15,000 (up to $25,000 through some participating lenders) | Yes | View → |
| MSHDA First-Generation Down Payment Assistance | Deferred Loan | Up to $25,000 | Yes | View → |
| MSHDA MI 10K DPA Loan | Zero-Interest Loan | Up to $10,000 | Yes | View → |
- Type:
- Grant
- Amount:
- Up to $15,000 (up to $25,000 through some participating lenders)
- First-time only:
- Yes
- Type:
- Deferred Loan
- Amount:
- Up to $25,000
- First-time only:
- Yes
- Type:
- Zero-Interest Loan
- Amount:
- Up to $10,000
- First-time only:
- Yes
Federal Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| FHA Loans | Government-Insured Mortgage | Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026) | No | View → |
| Good Neighbor Next Door (HUD) | Government Property Sale Program | 50% discount off the list price of HUD-owned homes | Yes | View → |
| Home Possible Mortgage (Freddie Mac) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HomeReady Mortgage (Fannie Mae) | Government-Guaranteed Mortgage | Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment | No | View → |
| HUD $100 Down Program | FHA-Financed HUD REO Purchase | Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs. | No | View → |
| USDA Rural Development Loans | Government-Guaranteed Mortgage | 100% financing (no down payment required); loan amount up to appraised value | No | View → |
| VA Loans | Government-Guaranteed Mortgage | No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026) | No | View → |
- Type:
- Government-Insured Mortgage
- Amount:
- Up to FHA county loan limits ($541,287 floor to $1,249,125 ceiling for single-family in 2026)
- First-time only:
- No
- Type:
- Government Property Sale Program
- Amount:
- 50% discount off the list price of HUD-owned homes
- First-time only:
- Yes
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment
- First-time only:
- No
- Type:
- FHA-Financed HUD REO Purchase
- Amount:
- Only $100 down payment required (vs. standard 3.5% FHA down payment). HUD may also pay up to 3% of buyer's closing costs.
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- 100% financing (no down payment required); loan amount up to appraised value
- First-time only:
- No
- Type:
- Government-Guaranteed Mortgage
- Amount:
- No loan limit for veterans with full entitlement (0% down at any price); partial entitlement subject to conforming limits ($832,750 standard in 2026)
- First-time only:
- No
Nonprofit Programs
| Program Name | Type | Amount | First-Time Only | Details |
|---|---|---|---|---|
| Habitat for Humanity of Oakland County Homeownership Program | Forgivable Loan | Below-market-price homes with affordable mortgage terms | No | View → |
| LMCU HomeAssist Down Payment Assistance | Zero-Interest Loan | Up to $10,000 (up to $15,000 in targeted areas) | Yes | View → |
- Type:
- Forgivable Loan
- Amount:
- Below-market-price homes with affordable mortgage terms
- First-time only:
- No
- Type:
- Zero-Interest Loan
- Amount:
- Up to $10,000 (up to $15,000 in targeted areas)
- First-time only:
- Yes
How to Apply
Step 1: Check your eligibility. Review income limits for the Oakland County Treasurer Homebuyer Assistance Program (household income at or below 120% AMI, currently $123,240) and MSHDA programs. Most programs require a minimum credit score of 640.
Step 2: Complete homebuyer education. Enroll in a HUD-approved pre-purchase counseling program. Community Housing Network serves Oakland County and can be reached at 248-928-0111.
Step 3: Contact Independent Bank. The Oakland County Treasurer's $5,000 grant requires your mortgage to be provided by Independent Bank. Call 844-821-6178 to discuss eligibility and begin the application process.
Step 4: Explore MSHDA financing. Connect with an MSHDA-approved lender to apply for the MI Home Loan with up to $10,000 in DPA or the HomeBoost program offering up to $15,000. Visit the MSHDA website or call 517-373-8370 for a list of participating lenders.
Step 5: Get pre-approved for a mortgage. Work with your chosen lender to get pre-approved, which will determine your purchase price range and confirm your program eligibility.
Step 6: Find a home in Troy. Search for properties within Oakland County that meet program requirements. Your real estate agent can help you identify homes that qualify.
Step 7: Submit your application and close. Once you have an accepted offer, your lender will process your DPA application alongside your mortgage. Plan for a closing timeline of 30 to 60 days.
Frequently Asked Questions
How much down payment assistance can I get in Troy, MI?+−
Do I have to be a first-time homebuyer to qualify?+−
What is the income limit for down payment assistance in Troy?+−
What homebuyer education is required?+−
What is the median home price in Troy, MI?+−
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