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Last updated: Jun 12, 2021
2.607% APR 30 Year Fixed
$988 / month
Rate: 2.500%
Fees: $3,532
Lock: 30 days
Points: 1.413
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2.909% APR 30 Year Fixed
$1,021 / month
Rate: 2.750%
Fees: $5,188
Lock: 45 days
Points: 1.735
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2.875% APR 30 Year Fixed
$1,021 / month
Rate: 2.750%
Fees: $4,062
Lock: 30 days
Points: 1.625
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2.642% APR 30 Year Fixed
$988 / month
Rate: 2.500%
Fees: $4,682
Lock: 30 days
Points: 1.873
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2.798% APR 30 Year Fixed
$1,005 / month
Rate: 2.625%
Fees: $5,692
Lock: 30 days
Points: 1.625
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2.909% APR 30 Year Fixed
$1,021 / month
Rate: 2.750%
Fees: $5,188
Lock: 45 days
Points: 1.735
View Details
3.174% APR 30 Year Fixed
$1,053 / month
Rate: 2.990%
Fees: $5,938
Lock: 30 days
Points: 1.875
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2.618% APR 30 Year Fixed
$988 / month
Rate: 2.500%
Fees: $3,918
Lock: 30 days
Points: 1.567
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2.765% APR 30 Year Fixed
$1,005 / month
Rate: 2.625%
Fees: $4,592
Lock: 45 days
Points: 1.837
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3.408% APR 30 Year Fixed
$1,089 / month
Rate: 3.250%
Fees: $5,000
Lock: 30 days
Points: 1.500
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2.729% APR 30 Year Fixed
$1,005 / month
Rate: 2.625%
Fees: $3,432
Lock: 45 days
Points: 1.173
View Details
2.607% APR 30 Year Fixed
$988 / month
Rate: 2.500%
Fees: $3,532
Lock: 30 days
Points: 1.413
View Details
2.875% APR 30 Year Fixed
$1,021 / month
Rate: 2.750%
Fees: $4,062
Lock: 30 days
Points: 1.625
View Details
2.765% APR 30 Year Fixed
$1,005 / month
Rate: 2.625%
Fees: $4,602
Lock: 30 days
Points: 1.841
View Details
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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.

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