Michigan FHA Loan

Michigan FHA Loan2019-01-05T14:27:32-05:00

Looking for Michigan mortgage loan advice? We’d be thrilled to talk about our many mortgage solutions with you. Call us at 810-444-0024.

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Michigan FHA loans allow first time home buyers and current homeowners to purchase their new home with only a 3.5% down payment and allows the seller to pay up to 6% of the sale price towards your closing costs keeping your out of pocket expenses low! Michigan FHA mortgage loans are more flexible than conventional mortgage loans. If you have had small bumps in your past credit history and are working with a smaller amount of money, an FHA mortgage loan may be for you.


  • 3.5% down payment. Can be a gift from an immediate family member.
  • Seller can pay up to 6% of the sale price towards your closing costs.
  • Moderate monthly mortgage insurance. Can be lower than conventional with lower credit scores.
  • Michigan FHA Loan Limits apply.
  • No geographic restrictions.
  • Gifts from immediate family members to cover down payment and closing costs are acceptable.

General Qualifying Requirements

  • Credit score minimum of 580 possible.  No scores are acceptable with a blank credit report (nothing good or bad). However, 3 non-traditional credit references will be required.
  • No previous mortgage loan late payment in the past 12 months.
  • No foreclosure in the past 36 months. Must have rebuilt credit.
  • No bankruptcies in the past 24 months. Must have rebuilt credit.
  • All court ordered judgments MUST be satisfied or have a satisfactory payment history.
  • Condominiums must be approved by the FHA. Click here to check FHA condo eligibility.