🏡 First-Time Homebuyer Guide to Grand Rapids

Perigon Realty Group
Oct 17
2 min read

Buying your first home is one of life’s biggest milestones — and one of the smartest long-term investments you can make.If you’re planning to buy in Grand Rapids or the surrounding West Michigan area, understanding the local market, loan options, and buying process can make your journey smoother and less stressful.

💰 1. Know What You Can Afford

Before you start touring homes, talk with a local lender to find out how much you can comfortably spend.In West Michigan, homes often move quickly — being pre-approved early helps you act fast when the right property appears.

Tips:

Keep total housing costs (mortgage, taxes, insurance) below 30% of your gross income.
Factor in utilities, maintenance, and HOA fees when setting your budget.
Trusted local lenders include Treadstone Mortgage, Lake Michigan Credit Union (LMCU), and Mercantile Bank.

🏦 2. Explore Down Payment & Assistance Programs

You don’t need 20% down to buy a home!Several programs help first-time buyers in Michigan with down payments, closing costs, and favorable loan terms.

Popular options for Grand Rapids buyers:

MI Home Loan (MSHDA) — up to $10,000 in down-payment assistance for eligible buyers.
MSHDA 10K DPA Program — additional support in approved ZIP codes.
FHA Loan — as low as 3.5% down with flexible credit requirements.
Conventional 97 — only 3% down for qualified buyers with strong credit.
VA Loan — 0% down for eligible veterans and service members.

💡 Tip: Your lender can help determine which program fits best.For official MSHDA details, visit:👉 Michigan.gov/mshda/pathway-to-housing/mi-home-loan

🧾 3. Understand Closing Costs

In addition to your down payment, expect closing costs of around 2–4% of the purchase price.These typically include:

Appraisal and inspection fees
Title insurance
Prepaid taxes and homeowners insurance
Lender and escrow fees

💡 Tip: Some lenders offer credits toward closing costs, and sellers may help cover a portion depending on your offer terms.

🏘️ 4. Choose the Right Neighborhood

Grand Rapids offers an incredible mix of affordability, amenities, and community life. Here are a few local favorites for first-time buyers:

Alger Heights — charming homes, tree-lined streets, and strong community feel.
Creston — quick access to downtown, with both older and newer options.
Wyoming & Kentwood — affordable, family-friendly neighborhoods.
Byron Center & Jenison — newer construction and top-rated schools.

If you’d like to explore homes in these areas, check out:👉 View Homes for Sale in Grand Rapids

🤝 5. Work With a Local Expert

The Grand Rapids market is competitive but steady. Having an experienced local agent makes all the difference — from finding listings before they hit the market to crafting strong offers.

At Perigon Realty Group, we help first-time buyers:

Define goals and timelines
Coordinate with trusted lenders, inspectors, and title companies
Walk through every document and deadline with clarity

Learn more about how we can help:👉 Schedule a Buyer Consultation

🏠 6. Your First Step Starts Here

Buying your first home doesn’t have to feel overwhelming — especially with the right guidance.Whether you’re ready to start touring or just exploring programs, we can help you build a plan to buy with confidence in Grand Rapids and West Michigan.

Ready to Begin?