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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.