NMHL Mortgage Lending
Mortgage Lender in Ann Arbor, MI
Local expertise and competitive rates for Ann Arbor homebuyers.
Ann Arbor, Michigan, is a vibrant college town and a hub for innovation, with the University of Michigan being a major driver of the local economy. The median home price in Ann Arbor is around $340,000, according to recent estimates. As a borrower in Ann Arbor, you're likely looking for a mortgage lender who understands the local market and can guide you through the process. At National Mortgage Home Loans (NMHL), we specialize in helping underserved borrowers, including those with bad credit, self-employed individuals, and first-time homebuyers.
Our expertise in the Ann Arbor market allows us to offer competitive rates and personalized service. We understand that navigating the mortgage landscape can be complex, especially when it comes to local regulations and programs. That's why we're committed to providing you with the information and support you need to make informed decisions about your mortgage.
Whether you're looking to purchase a home in a desirable neighborhood like Kerrytown or Downtown Ann Arbor, or you're interested in exploring the local first-time homebuyer programs, NMHL is here to help. Our team is dedicated to providing you with a seamless mortgage experience, from pre-approval to closing.
Ann Arbor Housing Market Overview
Explore mortgage options in Ann Arbor, MI with NMHL. Our local expertise helps you navigate the Ann Arbor real estate market with competitive rates and personalized service.
See What You Qualify For
Takes about 5 minutes. No obligation. No credit check until you are ready.
Your Local Mortgage Partner
We understand the local market dynamics that affect your home purchase. Our team provides personalized loan options based on local property values and regulations.
Available Loan Programs in Ann Arbor
Explore mortgage options tailored to Ann Arbor homebuyers
First Time Home Buyer Mortgages
Special loan programs helping newcomers purchase their first home with favorable terms and support.
Learn MoreRefi-Shield
Learn MoreAdjustable-Rate Mortgage (ARM)
Financial flexibility and optimal rates with an Adjustable-Rate Mortgage – Your key to a dynamic homeownership journey
Learn MoreHigh-Value Appraisal Program
Learn MoreInterest Only Mortgages
Interest-only mortgages allow borrowers to pay only the interest for a set period, reducing initial monthly payments.
Learn MoreHome Equity Loans
Access the equity in your home with a fixed-rate home equity loan. Get a lump sum with predictable monthly payments for ...
Learn MoreFHA Loans
Federal Housing Administration (FHA) loans are government-backed mortgages designed to help first-time homebuyers and th...
Learn MoreFixed-Rate Mortgage
Lock in your interest rate for the life of the loan with a fixed-rate mortgage. Predictable monthly payments make budget...
Learn MoreBridge Loans
Bridge the gap between buying your new home and selling your current one. Short-term financing that gives you the flexib...
Learn MoreVA Loans
VA loans are a benefit earned by veterans, active-duty service members, and eligible surviving spouses. Backed by the De...
Learn MoreConventional Loans
Conventional loans are not backed by government agencies and typically offer the most flexibility for qualified borrower...
Learn MoreITIN Loans
Purchase a home using your Individual Taxpayer Identification Number (ITIN) without a Social Security Number. NMHL is co...
Learn MoreJumbo Loans
Jumbo loans exceed conforming loan limits and are designed for luxury properties and homes in high-cost areas. With comp...
Learn MoreDSCR Investment Loans
Debt Service Coverage Ratio (DSCR) loans qualify based on rental income rather than personal income. Perfect for real es...
Learn MoreBank Statement Loans
Bank statement loans are designed for self-employed borrowers and business owners who have difficulty documenting income...
Learn MoreReverse Mortgages
For homeowners 62 and older, reverse mortgages allow you to access your home equity without monthly payments. Stay in yo...
Learn MoreUSDA Mortgages
USDA Rural Development loans help moderate-income buyers purchase homes in eligible rural and suburban areas. With no do...
Learn MoreHeloc
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Understanding the Ann Arbor Housing Market
The Ann Arbor housing market is characterized by a mix of older homes and newer developments, with a median home price of around $340,000. The market is influenced by the University of Michigan, with many students and faculty members renting or buying homes in the area. As a result, neighborhoods like the University District and Kerrytown are particularly popular.
- The average days on market for homes in Ann Arbor is around 30-60 days.
- The local real estate market is competitive, with multiple offers common in desirable neighborhoods.
- NMHL's local expertise can help you navigate the market and find the best mortgage options for your situation.
Stay ahead of the competition with NMHL's pre-approval process. Contact us to get started.
First-Time Homebuyer Programs in Michigan
Michigan offers several programs to help first-time homebuyers achieve their goals. The Michigan Down Payment Assistance Program provides up to $7,500 in assistance, while the MIHOME Down Payment Assistance Program offers up to 3.5% of the home's purchase price. NMHL can help you explore these programs and determine which one is right for you.
In addition to state-level programs, Ann Arbor also offers local assistance. The City of Ann Arbor's Homebuyer Program provides down payment assistance and other resources to help first-time homebuyers.
Don't miss out on the opportunity to become a homeowner. Contact NMHL to learn more about first-time homebuyer programs in Ann Arbor.
NMHL Mortgage Options for Ann Arbor Borrowers
At NMHL, we offer a range of mortgage options to suit the needs of Ann Arbor borrowers. Our loan programs include FHA, VA, USDA, Conventional, and Jumbo loans, as well as specialty loans for borrowers with unique circumstances.
- Our FHA loan option requires as little as 3.5% down.
- Our VA loan program offers zero-down financing for eligible veterans.
- Our Bad Credit Mortgage program can help you qualify for a loan even with a credit score as low as 580.
Take the first step towards homeownership with NMHL. Contact us to explore your mortgage options.
Property Taxes and Home Values in Ann Arbor
Property taxes in Ann Arbor are based on the State Equalized Value (SEV) of your home, which is typically 50% of the property's market value. The average effective property tax rate in Ann Arbor is around 0.95%. Home values in Ann Arbor are influenced by a range of factors, including the local school districts, with highly-rated districts like Ann Arbor Public Schools commanding a premium.
NMHL can help you understand how property taxes and home values impact your mortgage payments and overall cost of homeownership.
Get a clear understanding of your mortgage costs with NMHL's personalized mortgage planning.
Frequently Asked Questions
Mortgage rates in Ann Arbor vary depending on the type of loan and your borrower profile. At NMHL, we offer competitive rates starting from 6.5% APR for conventional loans. Contact us for a personalized rate quote and to discuss your mortgage options.
First-time homebuyers in Ann Arbor can take advantage of Michigan's Down Payment Assistance Program, which provides up to $7,500 in assistance. NMHL also offers specialized loan programs, such as our FHA loan option with as little as 3.5% down. Our team can help you navigate these programs and find the best fit for your situation.
Property taxes in Ann Arbor are based on the State Equalized Value (SEV) of your home, which is typically 50% of the property's market value. The average effective property tax rate in Ann Arbor is around 0.95%. You can expect to pay around $3,230 per year in property taxes on a $340,000 home. NMHL can help you factor property taxes into your mortgage planning.
Yes, NMHL offers mortgage options for borrowers with less-than-perfect credit. Our Bad Credit Mortgage program can help you qualify for a loan even with a credit score as low as 580. We'll work with you to explore your options and find a solution that fits your financial situation.
Ann Arbor has many desirable neighborhoods, including Kerrytown, Downtown Ann Arbor, and the University District. These areas offer a mix of historic homes, modern apartments, and vibrant cultural attractions. NMHL can help you explore mortgage options for homes in these neighborhoods and find the best fit for your budget and lifestyle.
Getting pre-approved for a mortgage with NMHL is easy. Simply contact us to schedule a consultation, and we'll guide you through the pre-approval process. We'll review your credit report, income, and other financial information to determine your eligibility for a mortgage. With NMHL's pre-approval, you'll have a clear understanding of your budget and can shop for homes with confidence.
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Ready to Buy in Ann Arbor?
Let NMHL help you navigate the Ann Arbor housing market with expert guidance and competitive rates.