Michigan Loan Programs
Find the perfect mortgage for your situation. From first-time buyers to luxury homes, we have 10 Michigan loan programs to fit your needs and budget.
Michigan loan programs offer something for everyone—whether you’re a first-time buyer, veteran, or looking to refinance. I specialize in helping Michigan homeowners and buyers navigate all available Michigan loan programs to find the perfect fit for their financial situation.
With access to 12+ lenders and 25+ years of experience, I’ll compare Michigan loan programs side-by-side and recommend the best option for your needs. Contact me for a free consultation.
Explore Michigan Loan Programs – Find Your Perfect Match
Every Michigan homebuyer’s situation is unique when exploring Michigan loan programs. Whether you’re a first-time buyer with limited savings, a veteran seeking 0% down, refinancing your current home, or buying a luxury property, there’s a Michigan loan program designed for you.
Not sure which loan is right for you? I’ll help you compare all Michigan loan programs and choose the best fit for your financial situation and goals. Contact me for a free consultation.
FHA Loans
3.5% Down PaymentPerfect for first-time homebuyers and those with less-than-perfect credit. FHA loans offer flexible qualifying requirements and low down payments.
- As low as 3.5% down payment
- Credit scores as low as 580
- Up to 50% debt-to-income ratio
- Gift funds allowed for down payment
VA Loans
0% Down PaymentExclusive benefit for veterans, active military, and eligible spouses. No down payment required and no monthly PMI – save thousands!
- 0% down payment (100% financing)
- No monthly mortgage insurance
- Competitive interest rates
- Flexible credit requirements
USDA Loans
0% Down PaymentFor properties in eligible rural and suburban Michigan areas. Keep 100% of your savings with zero down payment required.
- 0% down payment required
- Income limits apply
- Low mortgage insurance costs
- Many Michigan suburbs qualify
Conventional Loans
3% Min DownThe most popular loan type in Michigan. Great for buyers with good credit who want to remove PMI after reaching 20% equity.
- As low as 3% down payment
- Minimum 620 credit score
- PMI removable at 20% equity
- Flexible terms (15, 20, 30 years)
Jumbo Loans
$806K+ HomesFor luxury properties and high-value Michigan homes exceeding conforming loan limits. Competitive rates for qualified borrowers.
- Loans over $806,500 in Michigan
- 680-700+ credit score required
- 10-20% down payment typical
- 6-12 months cash reserves
Refinancing
Lower Your RateReduce your monthly payment, shorten your loan term, or switch loan types. Rate-and-term refinancing options available.
- Lower your interest rate
- Reduce monthly payments
- Shorten your loan term
- Switch from ARM to fixed rate
Cash-Out Refinance
Access Your EquityTurn your home equity into cash for renovations, debt consolidation, college tuition, or major purchases. Get a lump sum at closing.
- Access up to 80% of home value
- Lump sum cash at closing
- Use for any purpose
- Potentially tax-deductible*
First-Time Homebuyers
Special ProgramsSpecial Michigan programs designed for first-time buyers. Down payment assistance, grants, and flexible qualifying requirements.
- Michigan down payment assistance
- Low credit score options
- Homebuyer education available
- Multiple loan type options
FHA Streamline Refinance
Fast & EasyAlready have an FHA loan? The Streamline program makes refinancing quick and simple with minimal paperwork and no appraisal required.
- No appraisal required
- Minimal documentation
- Lower your rate quickly
- Must have existing FHA loan
Home Equity Loans & HELOC
Flexible Credit LineAccess your home’s equity as a second mortgage. Choose a fixed-rate home equity loan or flexible HELOC line of credit.
- Keep your current mortgage
- Fixed or variable rates
- Draw funds as needed (HELOC)
- Tax-deductible interest*
Michigan Loan Programs Comparison
| Feature | FHA | VA | USDA | Conv. | Jumbo | Refi | Cash-Out | 1st Time | Streamline | Equity |
|---|---|---|---|---|---|---|---|---|---|---|
| Min. Down | 3.5% | 0% | 0% | 3% | 10-20% | N/A | N/A | 0-3.5% | N/A | N/A |
| Min. Credit | 580 | 580* | 640 | 620 | 680+ | 620 | 620 | 580+ | 580 | 620+ |
| PMI/MI | Yes | None | Low | If <20% | Varies | Varies | Varies | Varies | Yes | None |
| Max LTV | 96.5% | 100% | 100% | 97% | 80-90% | 97% | 80% | 100% | 97.75% | 80-90% |
| Best For | Low Credit | Veterans | Rural | Good Credit | Luxury | Lower Rate | Cash Need | New Buyers | FHA Refi | 2nd Loan |
* VA loans have no official minimum credit score, but most lenders require 580-620. Rates and terms subject to change. Contact me for current Michigan rates.
Which Michigan Loan Program is Right for You?
Answer these simple questions to narrow down your best options:
Are you a veteran, active military, or eligible spouse?
YES → VA Loan is your best option! 0% down, no PMI, and competitive rates.
NO → Continue to next question
Is your Michigan home in a rural or suburban area?
YES → Check if you qualify for a USDA Loan (0% down). Many Michigan suburbs qualify!
NO → Continue to next question
Are you a first-time homebuyer?
YES → Explore First-Time Buyer Programs with Michigan down payment assistance!
NO → Continue to next question
Is your home price over $806,500?
YES → You need a Jumbo Loan. Requires 680+ credit score and 10-20% down.
NO → Continue to next question
Do you already own a home?
YES, with FHA loan → FHA Streamline Refinance for fast, easy rate reduction.
YES, need cash from equity → Cash-Out Refinance for lump sum at closing.
YES, want flexible equity access → Home Equity Loan or HELOC as a second mortgage.
YES, want lower rate → Rate-and-Term Refinancing to lower your payment.
NO → Continue to next question
Is your credit score below 620?
YES → FHA Loan is ideal. Accepts scores as low as 580 with 3.5% down.
NO → Conventional Loan is likely best. PMI drops at 20% equity.
Still Not Sure?
That’s okay! I’ll analyze your complete financial picture and recommend the optimal Michigan loan program for you.
Get Free Consultation →Frequently Asked Questions – Michigan Loan Programs
What Michigan loan programs are available for first-time buyers?
First-time buyers in Michigan can access FHA loans (3.5% down), VA loans (0% down for veterans), USDA loans (0% down in rural areas), conventional loans (3% down), and MSHDA down payment assistance programs up to $10,000.
Which Michigan loan program requires the lowest down payment?
VA loans and USDA loans both offer 0% down payment options. VA loans are for veterans and military, while USDA loans are for properties in eligible rural and suburban Michigan areas.
What credit score do I need for Michigan loan programs?
Credit requirements vary by program: FHA accepts 580+, conventional needs 620+, USDA requires 640+, and jumbo loans typically need 680+. VA loans have flexible credit requirements with most lenders accepting 580+.
How do I choose the right Michigan loan program?
The best Michigan loan program depends on your military status, property location, credit score, down payment savings, and financial goals. Contact me to analyze your situation and recommend the optimal program.
What is the conforming loan limit in Michigan?
The 2026 conforming loan limit in Michigan is $806,500. Loans above this amount require a jumbo loan, which has stricter requirements including higher credit scores and larger down payments.
Can I refinance with Michigan loan programs?
Yes! Michigan offers several refinance options including rate-and-term refinancing, cash-out refinancing, FHA Streamline refinance, VA IRRRL, and home equity loans or HELOCs.
Are there income limits for Michigan loan programs?
USDA loans and some MSHDA down payment assistance programs have income limits based on household size and county. FHA, VA, conventional, and jumbo loans do not have income limits.
How long does it take to close on Michigan loan programs?
Most Michigan loan programs close in 30-45 days. FHA Streamline refinances can close faster with less documentation. Jumbo loans may take slightly longer due to additional requirements.
Michigan Loan Programs — Client Reviews
These verified Google reviews reflect the expertise and personal service that Michigan homebuyers receive when working with Edward Kalavitz for their Michigan loan programs.
⭐⭐⭐⭐⭐ “Very Professional and Thorough”
“Edward’s is very professional and thorough. Had a great experience working with him. Everything went very smooth.”
— Susan Parsley | Google Review
⭐⭐⭐⭐⭐ “Works Hard 24/7”
“Ed is wonderful to work with! He is very thorough, experienced, and friendly. Ed works hard 24/7 to give you the best mortgage experience and is always able to help with whatever you need!”
— Justin Schneider | Google Review
⭐⭐⭐⭐⭐ “Great to Have 2 in 1”
“Ed was very responsive, knowledgeable, and made our first home buying experience great! He’s a realtor and lender, which was great to have ‘2 in 1’. We were able to look at houses and run numbers the same day.”
— Mallory Anderson | First-Time Homebuyer | Google Review
⭐⭐⭐⭐⭐ “Above and Beyond — Twice”
“Edward is a great realtor and loan officer. He helped my fiancé and I buy our first home. We called him back when we were ready to sell and buy our forever home. He again went above and beyond.”
— Anthony Smolenski | Repeat Client | Google Review
⭐⭐⭐⭐⭐ “Up Front, Professional and Most Helpful”
“Edward was up front, professional and most helpful. The closing came sooner than anticipated, thanks to his perseverance, knowledge and professionalism.”
— Dennis Bowman | Refinance Client | Google Review
⭐⭐⭐⭐⭐ “Not Only My Realtor — My Friend”
“Edward was an excellent help in the most stressful time of my life. He not only was my realtor/loan officer but he was my friend! Highly recommend him for any home needs!”
— Paula Hilliard | Google Review
🤖 Try Our Michigan Mortgage Advisor Tool
As your trusted Michigan loan programs expert, I built this free interactive tool to help you explore USDA, conventional, FHA, and VA loan options, estimate payments, and get a personalized program recommendation.
Free • No login required • Instant results
🏠 Find Out What Your Michigan Home Is Worth
Already own a home? I built a free tool using real MLS data — see your estimated value, equity analysis, and which Michigan loan programs you qualify for based on your current equity position.
Free • Real MLS data • No login required • Instant results
📋 Get Your Free Michigan Pre-Approval Letter
Ready to move forward with one of our Michigan loan programs? Get a free pre-approval letter — explore USDA, conventional, VA, and FHA scenarios instantly.
Free • No login required • Purchase & refinance scenarios • Instant results
Why Choose Edward Kalavitz for Michigan Loan Programs?
Access to 12+ lenders
As an independent broker, I shop multiple lenders to find you the best rate and terms. Banks can only offer their own products.
Fast Pre-Approvals
Get pre-approved in 24-48 hours. When exploring Michigan loan programs in a competitive market, speed matters when making offers.
Expert Guidance
25+ years experience helping Michigan families. I’ll explain every option in plain English. Learn more about me.
Personal Service
Work directly with me – not a call center. Available evenings, weekends, and holidays.
Mortgage + Real Estate
Licensed Mortgage Expert AND Realtor. I can help you find your home AND secure the best financing.
Save Money
Competitive rates and expert negotiation can save you thousands over the life of your loan. Try our calculator.
Ready to Get Started?
Let’s find the perfect Michigan loan program for your situation. Free consultation, no obligation.
Or send me a message — I respond within 24 hours!