The Farmington Hills housing market is competitive, with a mix of older and newer homes available. The median home price is around $320,000, with prices varying by neighborhood and property type. Some popular neighborhoods include Beacon Hill, Farmington Hills Central Park, and Woodfield. Our loan officers can provide more information on these neighborhoods and help you find the best fit for your needs and budget.

In recent years, Farmington Hills has experienced steady growth in home values, with some areas seeing appreciation rates of up to 10% per year. This growth is driven by the area's strong schools, low unemployment rates, and high quality of life. As a result, Farmington Hills is a popular choice for families and individuals looking to buy a home in the Detroit metropolitan area.

Property taxes in Farmington Hills average approximately 1.60% of assessed value. This translates to manageable monthly costs when factored into your mortgage payment. For example, on a $320,000 home, you can expect to pay around $5,120 per year in property taxes. Our loan officers can help you understand how property taxes will impact your mortgage payment and provide guidance on how to budget for these costs.

It's worth noting that property taxes in Farmington Hills can vary depending on the specific location and type of property. For example, homes in the Farmington Hills School District may have higher property taxes than those in surrounding districts. Our loan officers can provide more information on property taxes in Farmington Hills and help you factor these costs into your homebuying decision.

School districts play a significant role in determining home values in Farmington Hills, Michigan. The Farmington Public Schools district is highly rated and serves several neighborhoods in the area. Homes located within this district tend to have higher values due to the quality of education and community amenities. For example, homes in the Farmington Hills School District have been shown to appreciate in value at a higher rate than those in surrounding districts.

Our loan officers can provide more information on how school districts impact home values in Farmington Hills and help you find a home that meets your needs and budget. We can also guide you through the process of getting pre-approved for a mortgage and navigating the homebuying process.

NMHL offers several down payment assistance programs in Michigan, including the Michigan Housing Bond Program and the MI Down Payment Assistance Program. These programs provide financial assistance to help with down payments and closing costs, making it easier for borrowers to purchase a home. For example, the Michigan Housing Bond Program offers up to $7,500 in down payment assistance, while the MI Down Payment Assistance Program provides up to $10,000 in assistance.

Our loan officers can provide more information on these programs and help you determine which one is right for you. We can also guide you through the application process and help you get pre-approved for a mortgage.

NMHL offers several programs specifically designed to serve underserved borrowers in Farmington Hills, including those with bad credit, self-employed individuals, and veterans. Our FHA loan program offers more lenient credit score requirements, while our VA loan program provides favorable terms for eligible veterans. We also offer specialty loans for borrowers with unique financial situations.

Our loan officers can provide more information on these programs and help you determine which one is right for you. We can also guide you through the application process and help you get pre-approved for a mortgage.