NOW Own a Home with Poor Credit Score: Apply for FHA Loans In Michigan

Michigan residents can own a home even with a poor credit score. Apply for FHA loans and embark on the journey to secure your future.


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Eligibility Criteria for Michigan FHA Loans

Buying a home is no longer a distant dream for Michian residents. Determine if you are eligible for FHA home loans

580+ Credit Score

Borrowers must have a minimum credit score of 580 to qualify for FHA loans in Michigan

3.5% Down Payment

Pay at least 3.5% of the purchase price in down payment for a credit score of 580+. 

Primary Residence Only

The property needs to be the borrower’s  primary residence for at least one year.

FHA Appraisal 

Determine if the property and its value satisfies the Property Acceptability Criteria.

Mortgage Insurance Premium

Buyers have to pay an upfront cost of 1.75% and an annual premium of 0.15% – 0.75% of the loan amount.

43% or lower DTI

 Borrowers must have a Debt to Income ratio (DTI) of 43 or lower to repay the mortgage. 

2023 FHA Loan Limits

The FHA sets the following limits for home buyers opting for FHA Loans:

1 Unit= $472,030, 2 Units= $604,400, 3 Units= $730,525, 4 Units= $907,900

Who Can Apply for FHA Home Loan In Michigan

Priority 1 Lending helps home buyers find the best financing option available in the market. Whether buying a home for the first time or refinancing, our mortgage experts can guide you through. 

FHA Loan For Home Purchase

  • Ideal for primary residences
  • Low rates on down payments
  • Lower interest rates
  • Open to lower credit score
  • Educational course for home buyers
  • Minimal complications

FHA Loan For Refinancing

  • Refinance up to 97.75% value of your home.
  • Open to lower credit score
  • Income verification not required
  • Fixed but lower interest rates
  • Easy way to pay off your loan sooner
  • Shorter mortgage term

Select the Right FHA Loan in Michigan

Priority 1 Lending works with various reliable FHA loan lenders in Michigan. Comparing different product features, including mortgage rates and closing costs. 

We can be your mortgage guides in the journey to own a home.  Discover different FHA loan options available for your consideration:

FHA Mortgage Finance

Recommended for first-time home buyers

Saves money on monthly mortgage payments

Lower Interest Rates

FHA Cash Out Refinance

Lower FHA Interest Rates

Lower overall mortgage payments

Cash-out up to 80% of your home value

Streamline FHA Refinance

Drops your mortgage rates Little to no closing costs Requires no appraisal

FHA Purchase Loan 

Easy qualifying process Takes down payment of as little as 3.5% Quick closing

FHA Loans For Bad Credit

Lower Mortgage Payments

Helps for home even after bankruptcy

Apply for home after foreclosure

FHA Mortgage Loan No Appraisal

Helps in complicated financing

Saves up to $300-$600

Holds up the home loan process

FHA 203K Loan

Applicable on house installations, repairs and replacements Helps finance $35000 in repairs

Lower credit scores accepted

Fill Out The Online Application

Add and share relevant details about yourself. 

Chat Online

Connect with customer support via live chat

Speak To Mortgage Professionals 

Call and share your loan requirements  with one of us. 

Pick The Best Option

Get a pre-approved loan for your dream home, hassle free.

Frequently Asked Questions

What's the minimum credit score for FHA loans in Michigan?

To qualify for an FHA loan, you must have a minimum credit score of 580 with a down payment of 3.5 percent. Even if you have a lower credit score like 500, you  can still go ahead but with a down payment of at least 10 percent.

How are FHA loans different from other loans?

FHA loans give potential home buyers with poor credit score a chance to own a home in Michigan. Whether it’s your first-time or refinancing home,  our mortgage professionals can help you navigate the complexities.

What are the current mortgage rates in Michigan for FHA loans?

In Michigan, the latest rates for FHA loans are 7.20% of a purchase price for a 30-year fixed mortgage and 6.56% for a 15-year fixed mortgage. 


What is the FHA loan limit in Michigan?

The maximum limit for an FHA loan in Michigan is $472,030 for a single unit, $604,400 for two units, $730,525 for 3 units, and $907,900 for 4 units.