Michigan (MI) FHA Loan Program
Michigan FHA loans are home loans insured by the FHA (Federal Housing Administration) which give Michigan borrowers the opportunity to secure MI home loans, when they don’t quality for other conventional loans. For example, future Michigan homeowners with little credit history or poor credit history are sometimes able to qualify for Michigan FHA loans.
First Time Financing with FHA
MI FHA loans are ideal for first-time Michigan homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in Michigan
FHA also offers a refinancing option for Michigan homeowners where it’s possible to refinance up to 97.5 percent of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85 percent.
FHA Loan Requirements
- No income limit
- Michigan borrower credit score flexibility
- 3.5 percent down payment on Michigan Purchase Loans
- Bankruptcy: MI FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: Michigan FHA loans can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
Michigan (MI) FHA Loan Limits
FHA loan limits in Michigan vary based on a number of criteria including the specific location (county), number of units in the property (up to 4-unit properties in Michigan), etc. Please contact Home Point Financial’s Michigan FHA loan experts for details on loan limits for FHA loans in Michigan (MI).
Apply for an FHA Loan in Michigan
Contact Home Point Financial to learn more about FHA Loans in Detroit, Grand Rapids, Warren and throughout Michigan.
