Down Payment Assistance Program This Michigan down payment program offers a second mortgage up to $7,500 that is used in combination with the MI First Home Program (but only for FHA or RD first mortgages). Loans are zero interest and non amortizing, and require no monthly payment. Participants may only need to contribute a minimum of 1 percent of the sales price. Program participants must pay back the loan upon sale or transfer of the property. The loan also is due if the first mortgage is refinanced or paid off.