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First-time home buyer programs in Grosse Pointe Park, MI

Quick answer

First-time buyers in Grosse Pointe Park, MI can use 3%-down conventional loans (up to the $832,750 Wayne County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 1 verified city, county or statewide assistance program. On the $460,500 median home, 3% down is about $13,815 and the estimated payment is $3,797/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $121,796; value-to-income ratio 3.78. Grosse Pointe Park ranks 5 by home value and 91 by population among 102 places in our MI dataset.

What does a first-time buyer loan cost on a typical Grosse Pointe Park home?

ItemGrosse Pointe Park
Median home value (Census ACS)$460,500
Michigan median home value$217,600
Down payment (3%)$13,815
Loan amount$446,685
Estimated monthly payment (PITI + MI)$3,797
Income needed (28% / 36%)$163,000 / $127,000
Wayne County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Michigan's 1.28% effective property tax rate (Census ACS), $1,110/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Grosse Pointe Park?

Grosse Pointe Park is in Wayne County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $541,287.

The Grosse Pointe Park median home value of $460,500 is 112% above the Michigan median, and within what the county limit supports.

Which down payment assistance programs can Grosse Pointe Park buyers use?

First-time buyer loans in nearby cities

Harper WoodsGrosse Pointe WoodsEastpointeHamtramckSt. Clair ShoresDetroit

First-time buyer loan FAQs for Grosse Pointe Park

On the $460,500 median: 3% conventional ≈ $13,815, 3.5% FHA ≈ $16,118, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Wayne County become jumbo loans.

At the $460,500 median value (above the Michigan median of $217,600), the estimated payment of $3,797/month at 7.18% needs about $163,000 a year under the 28% housing guideline, or $127,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 1 statewide programs are verified for this city (1 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.