To qualify for an FHA loan in Michigan, you need a minimum credit score of 580 for 3.5% down payment or 500-579 with 10% down. You must have a steady employment history for the past two years and a debt-to-income ratio typically below 43%. Michigan may also have specific FHA loan limits that vary by county.

FHA loan limits in Michigan are set annually by HUD and vary by county based on local median home prices. Most counties fall under the standard floor limit, while higher-cost areas may qualify for increased limits. Check with NMHL to find the exact FHA limit for your specific county in Michigan.

Yes, FHA loans can be used for condominiums in Michigan, but the condo complex must be on the FHA-approved condo list or qualify for single-unit approval. Many condo associations in Michigan have already obtained FHA approval. NMHL can help you verify whether your desired condo qualifies for FHA financing.

Yes, Michigan often pairs FHA loans with state-specific first-time homebuyer assistance programs that can provide down payment grants or reduced interest rates. These programs may have income limits and purchase price caps that vary by location within Michigan. Contact NMHL to explore which Michigan assistance programs can be combined with your FHA loan.

FHA loan processing in Michigan typically takes 30-45 days from application to closing, though this can vary based on lender workload and property appraisal scheduling. FHA loans require a specific FHA appraisal which may take slightly longer than conventional appraisals in Michigan. Working with an experienced FHA lender like NMHL can help streamline the process.

FHA loans in Michigan can be used to purchase single-family homes, multi-family properties up to four units, approved condominiums, and certain manufactured homes on permanent foundations. The property must be your primary residence and meet FHA minimum property standards. An FHA-approved appraiser in Michigan will verify the property meets all health and safety requirements.