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Michigan FHA Home Loans

FHA Mortgage Loan Programs in Michigan
FHA Loan Requirements - 2020 FHA Loan Limits

Michigan FHA Loan | Requirements | 2020 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in Michigan.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

Michigan FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in Michigan.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in Michigan below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in Michigan.  To have an FHA lender contact you, request a free consultation.

2020 Michigan FHA Loan Limits

Below are the 2020 FHA loan limits for every county in Michigan:

County Single Family (1 Unit) 2 Units 3 Units 4 Units
ALCONA COUNTY $331,760 $403,125 $487,250 $605,525
ALGER COUNTY $331,760 $403,125 $487,250 $605,525
ALLEGAN COUNTY $331,760 $403,125 $487,250 $605,525
ALPENA COUNTY $331,760 $403,125 $487,250 $605,525
ANtrIM COUNTY $331,760 $403,125 $487,250 $605,525
ARENAC COUNTY $331,760 $403,125 $487,250 $605,525
BARAGA COUNTY $331,760 $403,125 $487,250 $605,525
BARRY COUNTY $331,760 $403,125 $487,250 $605,525
BAY COUNTY $331,760 $403,125 $487,250 $605,525
BENZIE COUNTY $316,250 $404,850 $489,350 $608,150
BERRIEN COUNTY $331,760 $403,125 $487,250 $605,525
BRANCH COUNTY $331,760 $403,125 $487,250 $605,525
CALHOUN COUNTY $331,760 $403,125 $487,250 $605,525
CASS COUNTY $331,760 $403,125 $487,250 $605,525
CHARLEVOIX COUNTY $331,760 $403,125 $487,250 $605,525
CHEBOYGAN COUNTY $331,760 $403,125 $487,250 $605,525
CHIPPEWA COUNTY $331,760 $403,125 $487,250 $605,525
CLARE COUNTY $331,760 $403,125 $487,250 $605,525
CLINTON COUNTY $331,760 $403,125 $487,250 $605,525
CRAWFORD COUNTY $331,760 $403,125 $487,250 $605,525
DELTA COUNTY $331,760 $403,125 $487,250 $605,525
DICKINSON COUNTY $331,760 $403,125 $487,250 $605,525
EATON COUNTY $331,760 $403,125 $487,250 $605,525
EMMET COUNTY $331,760 $403,125 $487,250 $605,525
GENESEE COUNTY $331,760 $403,125 $487,250 $605,525
GLADWIN COUNTY $331,760 $403,125 $487,250 $605,525
GOGEBIC COUNTY $331,760 $403,125 $487,250 $605,525
GRAND trAVERSE COUNTY $316,250 $404,850 $489,350 $608,150
GRATIOT COUNTY $331,760 $403,125 $487,250 $605,525
HILLSDALE COUNTY $331,760 $403,125 $487,250 $605,525
HOUGHTON COUNTY $331,760 $403,125 $487,250 $605,525
HURON COUNTY $331,760 $403,125 $487,250 $605,525
INGHAM COUNTY $331,760 $403,125 $487,250 $605,525
IONIA COUNTY $331,760 $403,125 $487,250 $605,525
IOSCO COUNTY $331,760 $403,125 $487,250 $605,525
IRON COUNTY $331,760 $403,125 $487,250 $605,525
ISABELLA COUNTY $331,760 $403,125 $487,250 $605,525
JACKSON COUNTY $331,760 $403,125 $487,250 $605,525
KALAMAZOO COUNTY $331,760 $403,125 $487,250 $605,525
KALKASKA COUNTY $316,250 $404,850 $489,350 $608,150
KENT COUNTY $331,760 $403,125 $487,250 $605,525
KEWEENAW COUNTY $331,760 $403,125 $487,250 $605,525
LAKE COUNTY $331,760 $403,125 $487,250 $605,525
LAPEER COUNTY $331,760 $403,125 $487,250 $605,525
LEELANAU COUNTY $316,250 $404,850 $489,350 $608,150
LENAWEE COUNTY $331,760 $403,125 $487,250 $605,525
LIVINGSTON COUNTY $331,760 $403,125 $487,250 $605,525
LUCE COUNTY $331,760 $403,125 $487,250 $605,525
MACKINAC COUNTY $331,760 $403,125 $487,250 $605,525
MACOMB COUNTY $331,760 $403,125 $487,250 $605,525
MANISTEE COUNTY $331,760 $403,125 $487,250 $605,525
MARQUETTE COUNTY $331,760 $403,125 $487,250 $605,525
MASON COUNTY $331,760 $403,125 $487,250 $605,525
MECOSTA COUNTY $331,760 $403,125 $487,250 $605,525
MENOMINEE COUNTY $331,760 $403,125 $487,250 $605,525
MIDLAND COUNTY $331,760 $403,125 $487,250 $605,525
MISSAUKEE COUNTY $331,760 $403,125 $487,250 $605,525
MONROE COUNTY $331,760 $403,125 $487,250 $605,525
MONTCALM COUNTY $331,760 $403,125 $487,250 $605,525
MONTMORENCY COUNTY $331,760 $403,125 $487,250 $605,525
MUSKEGON COUNTY $331,760 $403,125 $487,250 $605,525
NEWAYGO COUNTY $331,760 $403,125 $487,250 $605,525
OAKLAND COUNTY $331,760 $403,125 $487,250 $605,525
OCEANA COUNTY $331,760 $403,125 $487,250 $605,525
OGEMAW COUNTY $331,760 $403,125 $487,250 $605,525
ONTONAGON COUNTY $331,760 $403,125 $487,250 $605,525
OSCEOLA COUNTY $331,760 $403,125 $487,250 $605,525
OSCODA COUNTY $331,760 $403,125 $487,250 $605,525
OTSEGO COUNTY $331,760 $403,125 $487,250 $605,525
OTTAWA COUNTY $331,760 $403,125 $487,250 $605,525
PRESQUE ISLE COUNTY $331,760 $403,125 $487,250 $605,525
ROSCOMMON COUNTY $331,760 $403,125 $487,250 $605,525
SAGINAW COUNTY $331,760 $403,125 $487,250 $605,525
SANILAC COUNTY $331,760 $403,125 $487,250 $605,525
SCHOOLCRAFT COUNTY $331,760 $403,125 $487,250 $605,525
SHIAWASSEE COUNTY $331,760 $403,125 $487,250 $605,525
ST. CLAIR COUNTY $331,760 $403,125 $487,250 $605,525
ST. JOSEPH COUNTY $331,760 $403,125 $487,250 $605,525
TUSCOLA COUNTY $331,760 $403,125 $487,250 $605,525
VAN BUREN COUNTY $331,760 $403,125 $487,250 $605,525
WASHTENAW COUNTY $331,760 $403,125 $487,250 $605,525
WAYNE COUNTY $331,760 $403,125 $487,250 $605,525
WEXFORD COUNTY $331,760 $403,125 $487,250 $605,525

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