Troy’s housing stock—about 70% single-family and 25% condos—remains one of the most stable in southeast Michigan. Median sale prices rose 4.1% year-over-year to $325,000, but price per square foot stayed flat at $184, indicating buyers are getting larger homes for the money. New construction is limited to infill sites like the Village of Troy and North Park, so resale competition is strongest for updated 3-bed ranches under $350,000. The sweet spot for investors is condos near Somerset: 2-bed units lease in 12 days at $1.65 per square foot, producing 6–7% cap rates even after HOA fees. With GM, Flagstar Bank, and Kelly Services headquartered here, employment stays steady, supporting 3% annual appreciation forecasts through 2026.

• Days on Market: 11 (down from 19 in 2022)
• List-to-Sale Ratio: 99.3%
• Active Inventory: 1.4 months (seller’s market)

Budget under $300k: Focus on the area bounded by Maple, Coolidge, South Boulevard, and Rochester Road. You’ll find 1,000–1,200 sq ft ranches built in the 1950s; many have hardwood floors and detached garages. Troy School District starts here, so resale demand remains high.

Mid-range $300k–$450k: The neighborhoods north of Big Beaver and west of Rochester Road feature 1970s colonials on 0.25-acre lots. Homes here often include 2,000 sq ft, attached 2-car garages, and easy access to I-75 for commuters to Detroit or Auburn Hills.

Luxury $450k+: The Estates of Somerset, north of 16 Mile and east of John R, offers 3,000–4,000 sq ft newer builds with brick exteriors, granite kitchens, and wooded backlots. Expect HOAs of $400–$600 annually and Troy School District’s highest test scores.

Condos & Townhomes: The area surrounding Somerset Collection (14 Mile and Coolidge) has mid-rise elevators and garden-style flats priced $225k–$350k. HOA covers water, trash, snow, landscaping, and often heat, making them popular with young professionals and downsizers.

Oakland County collects 50 mills for county operations; Troy adds another 10.25 mills for city services, and Troy School District levies 19.4 mills, bringing the total non-homestead rate to about 79.65 mills. Once you claim a Principal Residence Exemption (PRE) by filing Form 2368 with the City Assessor before May 1, 18 mills are removed, dropping your effective rate to roughly 61.65 mills—about 1.6% of taxable value.

Example: You buy a Troy home with a taxable value of $200,000. Gross tax ≈ $13,200. After PRE ≈ $10,800, payable July and December. NMHL escrows 1/12 each month so you’re never caught short.

• Senior Exemption: If you’re 62+ and household income is under $35,000, you can defer summer taxes at 1% interest.
• Veteran Exemption: 100% service-connected veterans receive a full property tax waiver—file DD-214 with the county treasurer.
• Neighborhood Enterprise Zone: Select Troy condos built before 1995 qualify for reduced millage for 15 years; ask NMHL for the current zone map.

National Mortgage Home Loans layers up to four assistance programs so Troy buyers can walk into closing with as little as $500 of their own funds.

1. MSHDA MI First Home: Statewide 3% down payment assistance up to $10,000, forgiven after five years. Income limit for Oakland County: $86,880 for a household of four. Combine with conventional 3% down or FHA 3.5%.

2. Troy HOME Program: City provides $5,000 forgivable loan for homes south of 14 Mile Road. Must be owner-occupied and household income under 80% area median ($66,400 for one person).

3. Oakland County CDBG: Up to $10,000 for frontline workers (teachers, nurses, police, firefighters) purchasing in Troy. Forgiveness is pro-rated 20% per year.

4. NMHL Gift Plus: We’ll match any family gift toward down payment up to $2,500 and provide a free 2-1 temporary buydown that drops your rate by 2% the first year and 1% the second year, saving roughly $200–$250 per month initially.

Stack all four and a $300,000 home needs only $9,000 out-of-pocket; assistance covers the rest plus $4,000 toward closing.

Traditional banks often decline Troy borrowers with credit scores under 680 or fluctuating income, but NMHL specializes in common-sense underwriting that looks beyond the score.

Bad Credit Solutions:

• FHA at 580 with 3.5% down—recent clients closed on a $290,000 ranch near Wattles with a 592 mid-score.
• NMHL Access Non-QM: approve down to 500 FICO with 10% down, no post-payment mortgage insurance.
• Credit Re-Score: we pay down revolving balances using our escrow account, recalculate scores in 5–7 business days, and average a 42-point lift.

Self-Employed Solutions:

• Bank Statement Program: qualify with 12 or 24 months of business or personal statements instead of tax returns. DTI up to 50% allowed.
• P&L Only: CPA-prepared profit & loss suffices for loans up to $1 million with 20% down.
• Asset Depletion: retirees can use retirement accounts divided over 60 months to supplement income.

GM Technical Center contractors, real-estate agents, and e-commerce entrepreneurs use these programs to buy while maximizing write-offs.

With Selfridge Air National Guard Base 20 minutes northeast, Troy has a large veteran community eligible for zero-down VA loans with no monthly PMI. NMHL is a direct VA lender; we order your Certificate of Eligibility within hours and close in as little as 21 days.

VA Funding Fee: First-time use is 2.15% of loan amount, rolled into the mortgage. Disabled veterans rated 10% or more are exempt, saving roughly $6,900 on a $320,000 loan.

Property Tax Exemption: 100% service-connected veterans pay zero property tax in Troy—file Form 5107 with Oakland County. On a $300,000 home, that’s a $10,000+ annual savings.

Assistance Programs:

• StepForward Michigan: up to $30,000 forgivable grant for past-due mortgage or property-tax payments for veterans.
• NMHL VA 1% Gift: we contribute 1% of loan amount toward closing if you complete our no-cost financial fitness course.

Veterans can layer MSHDA down-payment assistance with VA financing, meaning you can purchase with $0 out-of-pocket and still receive a $7,500 grant toward closing costs.