NMHL Mortgage Lending
Mortgage Lender in Detroit, MI
Local expertise and competitive rates for Detroit homebuyers.
Detroit Housing Market Overview
Detroit offers the lowest home prices of any major American city, creating extraordinary opportunities for investors and adventurous homebuyers. The city's ongoing renaissance, anchored by the auto industry, tech startups, and downtown redevelopment, is slowly but steadily revitalizing neighborhoods.
Detroit Neighborhoods
Popular areas for homebuyers in Detroit, MI
ZIP Codes We Serve in Detroit
Mortgage lending available in these Detroit ZIP codes
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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Understanding Detroit's Housing Market
Detroit's housing market is characterized by low median home prices and a mix of revitalizing and distressed neighborhoods. Areas like Midtown and Corktown have seen significant investment and growth, driven by the city's thriving arts and culture scene. Other neighborhoods, such as Rosedale Park and Palmer Woods, offer more suburban-style living with good schools and community amenities.
The city's ongoing renaissance, anchored by the auto industry, tech startups, and downtown redevelopment, is slowly but steadily revitalizing neighborhoods. This creates opportunities for homebuyers and investors alike, but it's essential to approach the market with a clear understanding of the local dynamics.
NMHL's local expertise can help you navigate Detroit's complex housing market and find the right mortgage solution for your needs.
Mortgage Options for Underserved Borrowers
At NMHL, we're committed to serving underserved communities in Detroit, including those with bad credit, self-employed individuals, and veterans. Our 'Second Chance' mortgage product is designed for borrowers with credit scores as low as 580, while our 'Self-Employed Advantage' program offers more flexible income verification for non-traditional income earners.
- Bad credit mortgage options with credit scores as low as 580
- Self-Employed Advantage program for non-traditional income earners
- Veterans' mortgage programs with competitive interest rates and lower fees
Our team is dedicated to helping you explore these options and determine the best fit for your situation.
Don't let credit challenges hold you back from achieving your homeownership goals. NMHL's programs can help.
First-Time Homebuyer Programs in Michigan
Michigan offers several programs to support first-time homebuyers, including the MIHomeLoan program, which provides competitive interest rates and lower mortgage insurance premiums. NMHL also partners with the Michigan State Housing Development Authority (MSHDA) to offer down payment assistance programs.
These programs can help make homeownership more accessible and affordable. Our team can help you explore these options and determine the best fit for your situation.
Take advantage of Michigan's first-time homebuyer programs and start your journey to homeownership with NMHL.
Property Taxes and Insurance in Detroit
Detroit's effective property tax rate is among the highest in the nation, at approximately 2.42%. This means that on an $85,000 home, you can expect to pay around $2,057 per year in property taxes. It's essential to factor this into your affordability calculations, as taxes can significantly impact your monthly costs.
Additionally, homeowners insurance premiums can vary depending on factors like property location, value, and condition. Our team can help you understand these costs and factor them into your mortgage planning.
Don't forget to factor property taxes and insurance into your affordability calculations when buying a home in Detroit.
Frequently Asked Questions
Detroit's neighborhoods vary significantly in terms of character, safety, and property values. Areas like Midtown, Corktown, and Indian Village have seen significant revitalization and are popular among young professionals and families. Rosedale Park and Palmer Woods offer more suburban-style living with good schools and community amenities. Researching specific neighborhoods and working with a knowledgeable lender like NMHL can help you make an informed decision.
Detroit's effective property tax rate is among the highest in the nation, at approximately 2.42%. This means that on a $85,000 home, you can expect to pay around $2,057 per year in property taxes. It's essential to factor this into your affordability calculations, as taxes can significantly impact your monthly costs.
NMHL offers several mortgage programs tailored to first-time homebuyers in Detroit, including down payment assistance options and more lenient credit score requirements. Michigan's MIHomeLoan program, for example, provides competitive interest rates and lower mortgage insurance premiums. Our team can help you explore these options and determine the best fit for your situation.
While bad credit can make it more challenging to secure a mortgage, NMHL has programs designed to help. Our 'Second Chance' mortgage product, for instance, considers applicants with credit scores as low as 580. We also offer credit counseling services to help you improve your creditworthiness and qualify for better loan terms.
School districts play a significant role in determining home values in Detroit. Areas served by highly-rated schools like Detroit Open Enrollment Academy and Burton Elementary School tend to command higher property values. When searching for a home, it's essential to research the local school district and consider its impact on your investment.
NMHL partners with several down payment assistance programs, including the Michigan State Housing Development Authority's (MSHDA) Down Payment Assistance Program. These programs can provide up to 3.5% of the purchase price or $10,000, whichever is less, to help with down payment and closing costs. Our team can help you explore these options and determine the best fit for your situation.
Related Resources
Ready to Buy in Detroit?
Let NMHL help you navigate the Detroit housing market with expert guidance and competitive rates.