Mortgage Loan Programs
Compare the Best Home Loan Options for Your Purchase or Refinance
Looking to buy a home or refinance in Michigan? You're in the right place. Whether you're a first-time buyer, a veteran, or looking to lower your monthly payment, this guide breaks down the most popular mortgage loan types in Michigan — including FHA, VA, USDA, Conventional, and Jumbo loans — so you can choose the option that’s right for your goals.
Conventional Loans in Michigan
Perfect for borrowers with good credit and stable income
Down Payment: As low as 3%
Credit Score: 620+
Common Use: First-time buyers, move-up buyer
Highlights:
Lower PMI options than FHA
Can be used for primary, secondary, or investment properties
Often best for borrowers with solid credit
FHA Loans in Michigan
Ideal for first-time homebuyers or those with lower credit
Down Payment: 3.5%
Credit Score: 580+
Common Use: First-time buyers, buyers with past credit issues
Highlights:
Easier to qualify than conventional
Higher DTI ratios allowed
MI-specific FHA limits based on county
VA Loans in Michigan
Exclusive benefit for eligible veterans and active military
Down Payment: 0%
Credit Score: Often 580–620 minimum
Common Use: Veterans, service members, surviving spouses
Highlights:
No PMI (huge monthly savings)
Competitive interest rates
Can be used to purchase or refinance
USDA Rural Development Loans
Zero-down mortgage for homes in eligible rural areas of Michigan
Down Payment: 0%
Credit Score: 620+
Common Use: Buyers in rural or suburban areas
Highlights:
Great for low-to-moderate income buyers
Lower rates than FHA
Property must be USDA-eligible (we help you check)
Which Michigan Loan Program Is Right for You
Every borrower is different — the right mortgage depends on:
Credit score & income
Down payment
Location (urban vs rural)
Home price & long-term goals
👉 schedule a free call to compare personalized options.
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