Mortgage Calculator

Michigan Mortgage Rates

Mortgage Rates  |  Mortgage Widgets

Mortgage Calculator / Mortgage Rates / Michigan Mortgage Rates
Last updated: Sep 26, 2022
6.476% APR 30 Year Fixed
$1,538 / month
Rate: 6.240%
Fees: $1,629
Points: 1.858
Pts amt: $4,645
View Details
SPONSORED
6.186% APR 30 Year Fixed
$1,499 / month
Rate: 6.000%
Fees: $999
Points: 1.598
Pts amt: $3,995
View Details
6.213% APR 30 Year Fixed
$1,499 / month
Rate: 6.000%
Fees: $995
Points: 1.895
Pts amt: $4,738
View Details
6.476% APR 30 Year Fixed
$1,538 / month
Rate: 6.240%
Fees: $1,629
Points: 1.858
Pts amt: $4,645
View Details
6.739% APR 30 Year Fixed
$1,581 / month
Rate: 6.500%
Fees: $1,250
Points: 2.000
Pts amt: $5,000
View Details
7.334% APR 30 Year Fixed
$1,685 / month
Rate: 7.125%
Fees: $295
Points: 1.983
Pts amt: $4,958
View Details
6.435% APR 30 Year Fixed
$1,540 / month
Rate: 6.250%
Fees: $0
Points: 1.960
Pts amt: $4,900
View Details
  • Check eligibility with dozens of top lenders
  • Discover your home loan options
  • Match with VA, USDA, FHA & conventional lenders
  • See if you qualify for low—or no—down payment!
View Details
Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Michigan Mortgage Overview

Michigan is the state of the Great Lakes. It's largely surrounded by bodies of water which helps create its beauty and wonder. Michigan has many first-time homebuyer programs available and the cost of living is affordable. The average home costs $155,000, making it an affordable place to live.

If you're thinking of buying a home in Michigan, here are the home loan options:

Michigan FHA loans

You don't need perfect credit to get a loan. The FHA loan requires just a 580 credit score, which is almost 100 points lower than conventional loans. FHA loans require just 3.5 percent down and they even allow credit scores as low as 500 - 579 if you put down 10 percent. FHA loans have flexible underwriting guidelines and require mortgage insurance for the life of the loan.

Michigan VA loans

Veterans of the military often don't have a lot of money saved to buy a home. The VA solves that problem by providing 100 percent financing and flexible underwriting guidelines. Veterans need just a 620 credit score and a decent debt ratio to qualify. VA loans don't require mortgage insurance.

Michigan USDA loans

If living in less populated areas don't bother you and you have low to moderate income, you may be eligible for a USDA loan. This 100 percent financing loan makes it easy to buy a home to live in (investment properties aren't allowed). You need just a 640 credit score and a 41 percent debt ratio to qualify.

Michigan conventional loans

Conventional loans are the loans everyone wants. They have low interest rates and only charge Private Mortgage Insurance until you owe less than 80 percent of the home's value. You need a 660+ credit score and a low debt ratio to qualify.

First-Time Homebuyer Programs in Michigan

If you're a first-time homebuyer, Michigan has many first-time homebuyer programs to help:

MI Home Loan

This low interest loan provides up to $7,500 in down payment assistance to help you buy your first home. You need a 640 credit score and the home must cost $224,500 or less.

MI Home Loan Flex

This is another low interest loan for MI buyers with more flexible guidelines, but you need a 660 credit score to qualify. Like the MI Home Loan the Flex loan provides up to $7,500 in down payment assistance.

Michigan Mortgage Credit Certificate

If your income limits are within the regulations, you may deduct up to 20 percent of the annual interest paid on your mortgage. You may take the credit for the entire term of the loan up to 30 years.

Copyright © 2022 MORTGAGE CALCULATOR LLC. All rights reserved. Terms of Use  |  Privacy  |  Contact Us

Mortgage Rates
$250,000
Points, Loan Types and Products