Picking the perfect home in the “Great Lake State” should be smooth sailing, but often leaves home buyers drowning in home financing options.
That’s why many first-time homebuyers are turning to Michigan FHA loans for low down payment opportunities and generally lower credit score requirements when compared to conventional loans. Continue reading to learn more about why and FHA loan in Michigan could be right for you.
As of April 2019, the total value of FHA loans in Michigan was a little more than $225 million! So whether you are looking to be near the great lakes, or closer inland, an FHA home loan may be the best option for you.
While there is a maximum loan limit on Michigan FHA loans, the goal of the program is to ensure that most people can qualify for the loan and purchase a house, regardless of where they choose to live. In most of Michigan, the baseline limit of $498,257 applies, but the maximum loan limit varies from location to location. Check the table below to see the full list of Michigan FHA loan limits for 2024.
County | FHA Loan Limit |
---|---|
Benzie | $498,257 |
Grand Traverse | $498,257 |
Kalkaska | $498,257 |
Leelanau | $498,257 |
All other areas | $498,257 |
You may be eligible for an FHA loan, if you:
Credit Requirements
Employment Requirements
Mortgage Insurance Premium Requirements
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.