NMHL Mortgage Lending
Mortgage Lender in Detroit, MI
Local expertise and competitive rates for Detroit homebuyers.
Detroit's housing market is experiencing a resurgence, with the median home price hovering around $65,000 according to recent estimates. As a borrower looking to tap into this market, you'll find a range of mortgage options available. 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 local expertise and competitive rates make us the go-to lender for Detroit home loans.
With a deep understanding of the Detroit real estate market, NMHL is well-positioned to guide you through the mortgage process. Whether you're looking to purchase a home in a revitalized neighborhood like Eastern Market or Midtown, or exploring options in the suburbs, our team is here to help. We offer a range of mortgage programs, including FHA, VA, and USDA loans, to help you achieve your homeownership goals.
As a Detroit borrower, you'll benefit from our knowledge of local market conditions, property tax rates, and school districts. Our mortgage experts will work with you to find the best mortgage solution, taking into account your unique financial situation and goals. Contact us today to get pre-approved and start your homebuying journey.
Detroit Housing Market Overview
Explore mortgage options in Detroit, MI with NMHL. Our local expertise helps you navigate the Detroit 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 Detroit
Explore mortgage options tailored to Detroit 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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Detroit Neighborhoods to Watch
Detroit is a city of diverse neighborhoods, each with its own unique character and charm. Some of the most popular areas include:
- Eastern Market: Known for its vibrant food scene and historic architecture.
- Midtown: A hub for arts and culture, with a mix of loft apartments and single-family homes.
- Corktown: Detroit's oldest neighborhood, featuring a blend of old and new homes.
NMHL's local expertise can help you navigate these neighborhoods and find the best mortgage options for your new home.
Contact NMHL to explore mortgage options in Detroit's hottest neighborhoods.
First-Time Homebuyer Programs in Michigan
Michigan offers several programs to help first-time homebuyers achieve their goals. The MIHOME Down Payment Assistance Program provides up to 3.5% of the home's purchase price towards down payment and closing costs. Additionally, the Michigan State Housing Development Authority (MSHDA) offers a range of programs, including the MIHOPE loan, which provides a 30-year fixed-rate mortgage with as little as 3% down.
At NMHL, our mortgage experts are knowledgeable about these programs and can help you determine the best fit for your situation. Contact us to learn more and get pre-approved for a mortgage.
NMHL is an approved lender for MSHDA programs. Get in touch to explore your options.
Understanding Property Taxes in Detroit
Property taxes in Detroit are an essential consideration when buying a home. The average property tax rate in Detroit is around 60 mills, although this can vary depending on the specific location and tax jurisdiction. NMHL can help you understand how property taxes will impact your monthly mortgage payment and provide guidance on tax exemptions and deductions.
NMHL's local expertise can help you navigate Detroit's property tax landscape.
School Districts and Home Values in Detroit
The quality of local school districts can significantly impact home values in Detroit. Some of the top-rated school districts in the area include Detroit Public Schools Community District and surrounding suburban districts like Grosse Pointe and Warren Consolidated Schools.
At NMHL, our mortgage experts can provide guidance on how school districts may impact your home's value and help you explore mortgage options in these desirable areas.
Contact NMHL to discuss how school districts may impact your home's value.
NMHL Mortgage Programs for Underserved Borrowers
At NMHL, we specialize in helping underserved borrowers, including those with bad credit, self-employed individuals, and veterans. Our mortgage programs are designed to provide flexible underwriting and competitive rates, helping you achieve your homeownership goals.
- Bad credit mortgage options: We work with a range of lenders to provide mortgage options for borrowers with less-than-perfect credit.
- Self-employed mortgage solutions: Our mortgage experts understand the unique challenges faced by self-employed borrowers and can provide guidance on documentation and underwriting.
- Veteran mortgage programs: We offer VA loans and other specialized programs for veterans, providing competitive rates and flexible terms.
NMHL is committed to helping underserved borrowers achieve their homeownership goals.
Frequently Asked Questions
Mortgage rates in Detroit vary depending on the loan program and your borrower profile. At NMHL, we offer competitive rates starting from 6.5% APR for a 30-year fixed loan. Contact us for a personalized rate quote and to discuss your mortgage options.
NMHL offers several mortgage options for first-time homebuyers in Detroit, including FHA loans with as little as 3.5% down and MIHOME Down Payment Assistance Program. Our mortgage experts will help you navigate these programs and find the best fit for your situation.
Property taxes in Detroit are based on the State Equalized Value (SEV) of your home, which is typically 50% of the market value. The average property tax rate in Detroit is around 60 mills, although this can vary depending on the specific location and tax jurisdiction. NMHL can help you understand how property taxes will impact your monthly mortgage payment.
Yes, NMHL offers mortgage options for borrowers with bad credit in Detroit. We work with a range of lenders and programs, including subprime and non-QM loans, to help you achieve your homeownership goals. Our mortgage experts will review your credit report and provide guidance on improving your credit score to qualify for better loan terms.
By working with NMHL, you'll benefit from our local expertise and knowledge of the Detroit real estate market. Our team is familiar with the local neighborhoods, property tax rates, and school districts, ensuring you receive personalized service and guidance throughout the mortgage process.
Getting pre-approved for a mortgage with NMHL is easy. Simply contact us to schedule a consultation with one of our mortgage experts. We'll review your financial information and provide a pre-approval letter stating the approved loan amount and interest rate. This letter is typically valid for 30-60 days and can be used to make an offer on a home in Detroit.
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Ready to Buy in Detroit?
Let NMHL help you navigate the Detroit housing market with expert guidance and competitive rates.