Michigan Home Loans: Your Complete Guide to Every Loan Type
Whether you’re buying your first home in the Detroit suburbs, relocating to Grand Rapids, settling near one of Michigan’s military installations, or purchasing in one of the state’s lakefront communities, understanding your home loan options is the first step toward making a smart financial decision. The Bookspan Baker Team at Keepsake Loans is licensed to serve Michigan buyers statewide.
Michigan’s real estate market spans extraordinary range — from the urban cores of Detroit and Lansing to the resort communities of Traverse City, Charlevoix, and the Leelanau Peninsula; from affordable college towns like Kalamazoo and Mount Pleasant to the affluent suburbs of Oakland County. For 2026, Michigan’s conforming loan limit is $832,750 statewide — applied uniformly across all 83 counties, as Michigan has no FHFA-designated high-cost areas. The Michigan State Housing Development Authority (MSHDA) administers strong statewide Down Payment Assistance programs, and a large veteran and Guard community benefits from VA loan advantages across the state.
Michigan Home Loan Options
Conventional Loans
Flexible financing for buyers with strong credit and stable income.
FHA Loans
Lower credit scores and smaller down payments accepted; ideal for first-time buyers.
VA Loans
Zero down payment for eligible veterans, active-duty service members, and surviving spouses.
Jumbo Loans
Financing above the conforming loan limit for Arizona’s higher-value homes.
Refinance Loans
Lower your rate, shorten your term, or access your home’s equity.
Down payment Assistance
MSHDA programs that help Michigan buyers bridge the gap to homeownership.
Conventional Loans in Michigan
Conventional Loans are mortgages not insured or guaranteed by a federal agency — among the most common financing options for Michigan buyers with solid credit histories. Down payments start as low as 3% for first-time buyers, and Michigan’s $832,750 statewide conforming limit applies uniformly in every county, from Wayne and Oakland to the Upper Peninsula.
FHA Loans in Michigan
FHA Loans are backed by the Federal Housing Administration and are especially popular with first-time homebuyers across Michigan’s metro areas and smaller cities. Michigan’s FHA loan limit is $541,287 statewide — the national baseline floor — as no Michigan county qualifies for elevated limits. With credit scores as low as 580 and down payments starting at 3.5%, FHA opens doors for many Michigan buyers who can’t yet meet conventional standards.
VA Loans in Arizona
Michigan’s military community is centered around Selfridge Air National Guard Base in Harrison Township — one of the most diverse joint-service installations in the country — the Detroit Arsenal in Warren, and Camp Grayling, the largest National Guard training facility in the United States. Fort Custer near Battle Creek and W.K. Kellogg Air National Guard Base round out the state’s active installations. VA Loans give eligible buyers zero down payment, no private mortgage insurance, and competitive rates.
Jumbo Loans in Arizona
While most Michigan home purchases fall comfortably within the $832,750 conforming limit, buyers in Oakland County’s most affluent communities — Birmingham, Bloomfield Hills, Bloomfield Township, and West Bloomfield — and in waterfront markets along Lake Michigan, Lake Huron, and the Traverse City area regularly need Jumbo financing. Custom homes, lakefront estates, and premium Ann Arbor properties also frequently exceed the threshold.
Refinance Loans in Arizona
Many Michigan homeowners are well-positioned to benefit from refinancing — whether to lower a monthly payment, shorten their loan term, switch from an ARM to a fixed rate, or access equity built through appreciation. The Bookspan Baker Team evaluates every refinance scenario with a full break-even analysis to make sure the numbers genuinely work in your favor.
Down Payment Assistance in Arizona
MSHDA’s flagship DPA program provides up to $10,000 as a zero-interest deferred loan for buyers purchasing in one of 236 eligible ZIP codes. Buyers outside those ZIP codes may still access $7,500 statewide. In 2025, MSHDA set a record by helping more than 6,000 Michigan families become homeowners — distributing over $1 billion in mortgage and DPA loans, the most in the agency’s history since 1966.
Specialty Loans in Arizona
For Michigan seniors with substantial home equity, self-employed professionals in Detroit’s tech and auto-adjacent industries, and real estate investors building rental portfolios in Detroit, Grand Rapids, or college towns like Ann Arbor and East Lansing, specialty loan programs offer paths that standard financing doesn’t. Reverse mortgages, bank statement loans, and DSCR investor loans are all available through the Bookspan Baker Team.
Why Michigan Families Choose the Bookspan Baker Team
The Bookspan Baker Team at Keepsake Loans is licensed to serve Michigan buyers across the full range of the state’s markets — from metro Detroit and Grand Rapids to northern Michigan waterfront communities. Our team brings over 80 combined years of mortgage lending experience, and our focus has always been on education first — making sure you understand your options before you make one of the biggest financial decisions of your life.
Frequently Asked Questions: Michigan Home Loans
Michigan buyers can access Conventional, FHA, VA, Jumbo, Refinance, and Down Payment Assistance programs, as well as specialty programs including reverse mortgages, bank statement loans, and DSCR investor loans.
Michigan’s conforming loan limit is $832,750 for a single-family home in 2026, applied uniformly statewide across all 83 counties. Michigan has no FHFA-designated high-cost counties. Loans above this amount require Jumbo financing.
Michigan’s FHA loan limit is $541,287 for a single-family home in 2026 — the national baseline floor. No Michigan county qualifies for an elevated FHA limit.
Yes. MSHDA’s MI 10K DPA provides up to $10,000 in zero-interest deferred loan assistance for buyers in 236 eligible ZIP codes. Outside those ZIP codes, $7,500 is available statewide. Both require a minimum credit score of 640, a purchase price at or below $544,233, and completion of a homebuyer education course.
Absolutely. Michigan’s military community — including Selfridge ANGB, Detroit Arsenal, Camp Grayling, and Fort Custer — generates strong VA loan activity statewide. VA Loans require no down payment and no private mortgage insurance for eligible borrowers.
FHA Loans allow scores as low as 580 with 3.5% down. MSHDA DPA programs require a minimum of 640. Conventional Loans typically require 620+. Jumbo Loans typically require 700+.
Bookspan Baker Team | Keepsake Loans Company | NMLS Entity ID #3274 | 14350 N 87th St, Suite 135, Scottsdale, AZ 85260 | AZ BK#0018883 | AZ BKBR#0120577 | AZ LO Lic.#0940823
All loans subject to underwriter approval. Terms and conditions apply, subject to change without notice. Equal Housing Opportunity. Keepsake Loans Company NMLS ID #190779. This is not a commitment to lend.