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Securing an FHA Loan in Michigan

FHA loans are mortgage loans insured by the Federal Housing Administration that are issued by federally qualified FHA lenders. Michigan FHA loans allow prospective homeowners to borrow money for the purchase of homes that they would not otherwise be able to afford. To find out how much you can borrow, check the table below for the  Michigan FHA loan limits by county.

Michigan FHA Loan Requirements

In order to obtain an FHA loan, borrowers must satisfy Michigan FHA Loan Requirements. While loans guaranteed by the Federal Housing Administration include fairly lenient qualifications, borrowers must satisfy requirements regarding down payment, debt to income ratio, income and residency. 

General Requirements

  • Your down payment must be 3.5% or greater (96.5% loan-to-value, or LTV).
  • FHA requires a credit score of 500 or greater, but many lenders will not accept less than 580.
  • Your debt-to-income ratio (DTI) should be no greater than 45 - 50%.
  • Loan Limit (max allowable loan amount): Up to $625,500 in higher cost areas and as low as $271,050 in lower cost areas (see bottom of this page). 
  • Mortgage Insurance is required depending on loan terms and down payment.
  • Properties must meet FHA guidelines based on a home inspection.

Mortgage Insurance

  • An upfront premium of 1.75% the base loan amount is required at closing. 
  • Unless your mortgage term is less than or equal to 15 years and down payment is greater than or equal to 22%, a monthly mortgage insurance premium (MIP) must be paid alongside your principal and interest. 
  • The monthly payment can be canceled on loans with 10% or more down payment after reaching 78% LTV and the 11 year mark. 
  • If your down payment is less than 10%, you must also pay monthly mortgage insurance for the life of the loan.

Michigan FHA Streamline Refinance 

FHA homeowners can get a lower rate or adjust their mortgage term with little hassle through an FHA Streamline refinance. Unlike other refinances, the FHA Streamline does not require a new home appraisal, and there is no income or employment verification step; the result is a faster process and with less paperwork. Borrowers who are underwater on their FHA mortgage, without significant equity, or have experienced any employment or credit hardships can still qualify for the fixed or adjustable-rate mortgage a Streamline refinance provides. 

Streamline Refinance Requirements:

  • Borrower must currently have an FHA-insured mortgage.
  • The refinance must pose a net tangible benefit for the borrower, meaning the process and fees won't outweigh the advantages. 
  • A minimum of six mortgage payments must have been made at the time of applying, or applying must be at least 210 days from closing.
  • Borrower must have clean payment history from the past year. 

Refinancing borrowers will likely have to pay an upfront and monthly mortgage insurance premium (MIP).

Michigan FHA Loan Lenders

As mentioned above, FHA loans can be originated by qualified FHA loan lenders in MI. These lenders have received approval from the U.S. Department of Housing and Urban Development (HUD) and are qualified to issue all types of FHA loans, including FHA Streamline Refinances, FHA 203k Loans, and FHA Loans for the purchase of FHA-Approved Condos.

Michigan Counties and FHA Loan Limits

County Name One-Family Two-Family Three-Family Four-Family
ALCONA $271,050 $347,000 $419,400 $521,250
ALGER $271,050 $347,000 $419,400 $521,250
ALLEGAN $271,050 $347,000 $419,400 $521,250
ALPENA $271,050 $347,000 $419,400 $521,250
ANTRIM $271,050 $347,000 $419,400 $521,250
ARENAC $271,050 $347,000 $419,400 $521,250
BARAGA $271,050 $347,000 $419,400 $521,250
BARRY $271,050 $347,000 $419,400 $521,250
BAY $271,050 $347,000 $419,400 $521,250
BENZIE $271,050 $347,000 $419,400 $521,250
BERRIEN $298,750 $382,450 $462,300 $574,500
BRANCH $271,050 $347,000 $419,400 $521,250
CALHOUN $271,050 $347,000 $419,400 $521,250
CASS $271,050 $347,000 $419,400 $521,250
CHARLEVOIX $271,050 $347,000 $419,400 $521,250
CHEBOYGAN $271,050 $347,000 $419,400 $521,250
CHIPPEWA $271,050 $347,000 $419,400 $521,250
CLARE $271,050 $347,000 $419,400 $521,250
CLINTON $271,050 $347,000 $419,400 $521,250
CRAWFORD $271,050 $347,000 $419,400 $521,250
DELTA $271,050 $347,000 $419,400 $521,250
DICKINSON $271,050 $347,000 $419,400 $521,250
EATON $271,050 $347,000 $419,400 $521,250
EMMET $271,050 $347,000 $419,400 $521,250
GENESEE $271,050 $347,000 $419,400 $521,250
GLADWIN $271,050 $347,000 $419,400 $521,250
GOGEBIC $271,050 $347,000 $419,400 $521,250
GRAND TRAVERSE $271,050 $347,000 $419,400 $521,250
GRATIOT $271,050 $347,000 $419,400 $521,250
HILLSDALE $271,050 $347,000 $419,400 $521,250
HOUGHTON $271,050 $347,000 $419,400 $521,250
HURON $271,050 $347,000 $419,400 $521,250
INGHAM $271,050 $347,000 $419,400 $521,250
IONIA $271,050 $347,000 $419,400 $521,250
IOSCO $271,050 $347,000 $419,400 $521,250
IRON $271,050 $347,000 $419,400 $521,250
ISABELLA $271,050 $347,000 $419,400 $521,250
JACKSON $271,050 $347,000 $419,400 $521,250
KALAMAZOO $286,250 $366,450 $442,950 $550,450
KALKASKA $271,050 $347,000 $419,400 $521,250
KENT $271,050 $347,000 $419,400 $521,250
KEWEENAW $271,050 $347,000 $419,400 $521,250
LAKE $271,050 $347,000 $419,400 $521,250
LAPEER $297,500 $380,850 $460,350 $572,100
LEELANAU $271,050 $347,000 $419,400 $521,250
LENAWEE $297,500 $380,850 $460,350 $572,100
LIVINGSTON $297,500 $380,850 $460,350 $572,100
LUCE $271,050 $347,000 $419,400 $521,250
MACKINAC $271,050 $347,000 $419,400 $521,250
MACOMB $297,500 $380,850 $460,350 $572,100
MANISTEE
$271,050
$347,000
$419,425
$521,250
MARQUETTE
$271,050
$347,000
$419,425
$521,250
MASON
$271,050
$347,000
$419,425
$521,250
MECOSTA
$271,050
$347,000
$419,425
$521,250
MENOMINEE
$271,050
$347,000
$419,425
$521,250
MIDLAND
$271,050
$347,000
$419,425
$521,250
MISSAUKEE
$271,050
$347,000
$419,425
$521,250
MONROE
$297,500
$380,850
$460,350
$572,100
MONTCALM
$271,050
$347,000
$419,425
$521,250
MONTMORENCY
$271,050
$347,000
$419,425
$521,250
MUSKEGON
$271,050
$347,000
$419,425
$521,250
NEWAYGO
$271,050
$347,000
$419,425
$521,250
OAKLAND
$297,500
$380,850
$460,350
$572,100
OCEANA
$271,050
$347,000
$419,425
$521,250
OGEMAW
$271,050
$347,000
$419,425
$521,250
ONTONAGON
$271,050
$347,000
$419,425
$521,250
OSCEOLA
$271,050
$347,000
$419,425
$521,250
OSCODA
$271,050
$347,000
$419,425
$521,250
OTSEGO
$271,050
$347,000
$419,425
$521,250
OTTAWA
$271,050
$347,000
$419,425
$521,250
PRESQUE ISLE
$271,050
$347,000
$419,425
$521,250
ROSCOMMON
$271,050
$347,000
$419,425
$521,250
SAGINAW
$271,050
$347,000
$419,425
$521,250
SANILAC
$271,050
$347,000
$419,425
$521,250
SCHOOLCRAFT
$271,050
$347,000
$419,425
$521,250
SHIAWASSEE
$271,050
$347,000
$419,425
$521,250
ST. CLAIR
$297,500
$380,850
$460,350
$572,100
ST. JOSEPH
$271,050
$347,000
$419,425
$521,250
TUSCOLA
$271,050
$347,000
$419,425
$521,250
VAN BUREN
$286,250
$366,450
$442,950
$550,450
WASHTENAW
$345,000
$441,650
$533,850
$663,450
WAYNE
$297,500
$380,850
$460,350
$572,100
WEXFORD
$271,050
$347,000
$419,425
$521,250
Local Cities

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