See programs you qualify for

By Tyler Thompson · Licensed Real Estate Agent · Updated April 10, 2026

Homebuyer Programs in Waterford, MI (2026)

Population: 71,232 | Median home price: $265,000 | Est. closing costs: $5,500 - $8,000

Waterford Township is a large, lake-filled community in Oakland County about 35 miles northwest of Detroit, with a population of roughly 71,000 and a median home price around $265,000. Homebuyers in Waterford can tap into both local and state assistance to make purchasing more affordable. Waterford Township offers its own CDBG-funded homebuyer assistance program for income-qualified first-time buyers, and the Oakland County Treasurer Homebuyer Assistance Program provides a $5,000 grant toward down payment or closing costs. At the state level, the MSHDA MI 10K DPA Loan offers up to $10,000 as a zero-interest loan, and the HomeBoost program provides grants up to $15,000. By combining these programs, eligible Waterford homebuyers could receive $30,000 or more in total assistance.

City Programs in Waterford

Program Name	Type	Amount	First-Time Only	Details
Waterford Township CDBG Homebuyer Assistance Program	Grant	—	Yes	View →

Waterford Township CDBG Homebuyer Assistance Program

Type:: Grant
First-time only:: Yes

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 →
Oakland Housing Authority Homeownership Voucher Program	Grant	Monthly mortgage assistance (housing subsidy applied toward mortgage payment)	No	View →

Oakland County Treasurer Homebuyer Assistance Program

Type:: Grant
Amount:: $5,000 grant
First-time only:: Yes

Oakland Housing Authority Homeownership Voucher Program

Type:: Grant
Amount:: Monthly mortgage assistance (housing subsidy applied toward mortgage payment)
First-time only:: No

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 →

HomeBoost Down Payment Assistance

Type:: Grant
Amount:: Up to $15,000 (up to $25,000 through some participating lenders)
First-time only:: Yes

MSHDA First-Generation Down Payment Assistance

Type:: Deferred Loan
Amount:: Up to $25,000
First-time only:: Yes

MSHDA MI 10K DPA Loan

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 →

FHA Loans

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

Good Neighbor Next Door (HUD)

Type:: Government Property Sale Program
Amount:: 50% discount off the list price of HUD-owned homes
First-time only:: Yes

Home Possible Mortgage (Freddie Mac)

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

HomeReady Mortgage (Fannie Mae)

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

HUD $100 Down Program

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

USDA Rural Development Loans

Type:: Government-Guaranteed Mortgage
Amount:: 100% financing (no down payment required); loan amount up to appraised value
First-time only:: No

VA Loans

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
Community Housing Network Homebuyer Education and Counseling	Grant	Free homebuyer education courses and one-on-one housing counseling	No	View →
Habitat for Humanity of Oakland County Homeownership Program	Forgivable Loan	Below-market-price homes with affordable mortgage terms	No	View →

Community Housing Network Homebuyer Education and Counseling

Type:: Grant
Amount:: Free homebuyer education courses and one-on-one housing counseling
First-time only:: No

Habitat for Humanity of Oakland County Homeownership Program

Type:: Forgivable Loan
Amount:: Below-market-price homes with affordable mortgage terms
First-time only:: No

Free eligibility check

15 programs available in Waterford. See which ones you qualify for.

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How to Apply

Step 1: Check your eligibility. Most programs require household income at or below HUD low-to-moderate income limits for Oakland County. The Oakland County Treasurer program sets the limit at 120% AMI ($123,240 for 2025). MSHDA programs have statewide income and purchase price limits.

Step 2: Complete homebuyer education. This is required for most programs. Habitat for Humanity of Oakland County offers Habitat University with HUD-certified financial coaching. Community Housing Network also provides free homebuyer education courses and one-on-one counseling in Oakland County. GreenPath Financial Wellness offers free pre-purchase counseling at 844-477-6520.

Step 3: Contact Waterford Township Community Development about their CDBG Homebuyer Assistance Program for first-time, income-qualified buyers. Visit waterfordmi.gov or contact their Community Development office for current program details and availability.

Step 4: Apply for the Oakland County Treasurer Homebuyer Assistance Program for a $5,000 grant. You must work with Independent Bank for the mortgage. Call 844-821-6178 to speak with a loan officer.

Step 5: Apply for MSHDA down payment assistance. Contact an MSHDA-approved lender to apply for the MI 10K DPA Loan (up to $10,000) or the HomeBoost grant (up to $15,000). You can find approved lenders through the MSHDA website.

Step 6: Get pre-approved for a mortgage and find a home in Waterford within program limits. The MSHDA statewide purchase price limit is $544,233. The median home price in Waterford is around $265,000, well within range.

Step 7: Submit your applications and close. Your lender will coordinate the DPA funds with your mortgage. The Oakland County grant requires at least $1,000 in personal funds toward the purchase.

Frequently Asked Questions

How much down payment assistance can I get in Waterford?+

Waterford homebuyers can combine multiple programs for significant assistance. The Waterford Township CDBG Homebuyer Assistance Program provides assistance for income-qualified first-time buyers (contact the township for current amounts). The Oakland County Treasurer Homebuyer Assistance Program adds a $5,000 grant. The MSHDA MI 10K DPA Loan provides up to $10,000 as a zero-interest loan, and the HomeBoost program offers grants up to $15,000 (up to $25,000 through some lenders). First-generation buyers may also qualify for the MSHDA First-Generation DPA of up to $25,000. By stacking eligible programs, buyers could receive $30,000 or more in total assistance.

Do I have to be a first-time homebuyer to qualify?+

It depends on the program. The Waterford Township CDBG program and the Oakland County Treasurer program both require first-time buyer status (generally defined as not having owned a home in the past three years). The MSHDA MI 10K DPA Loan is available to both first-time and repeat buyers statewide. The HomeBoost grant is specifically for first-time homebuyers. The MSHDA First-Generation DPA is limited to first-generation homebuyers.

What is the maximum home price I can pay?+

The MSHDA statewide purchase price limit is $544,233, which covers the vast majority of homes in Waterford where the median price is around $265,000. The Oakland County Treasurer program does not list a separate purchase price cap but requires the home to be in Oakland County and serve as your principal residence.

What homebuyer education is required?+

Most programs require completion of a HUD-approved homebuyer education course. Habitat for Humanity of Oakland County offers Habitat University with HUD-certified financial coaching and one-on-one sessions. Community Housing Network provides free homebuyer education courses in Oakland County. GreenPath Financial Wellness also offers free HUD-certified pre-purchase counseling at 844-477-6520.

Can I combine the township program with county and state assistance?+

Generally yes. The Oakland County Treasurer Homebuyer Assistance Program $5,000 grant can be combined with other programs. You could pair it with the Waterford Township CDBG assistance and MSHDA programs for substantial combined help. The Oakland County grant requires a mortgage through Independent Bank, so confirm with your lender that this is compatible with other programs you plan to use. Contact Waterford Township Community Development to confirm stacking rules for their CDBG program.

Does Waterford Township have its own homebuyer program?+

Yes. Waterford Township operates a CDBG-funded Homebuyer Assistance Program through its Community Development department. The program assists low-to-moderate income first-time homebuyers with down payment and closing costs using federal Community Development Block Grant funding. Program availability and assistance amounts vary by year and funding. Contact Waterford Township Community Development for current details and to apply.