2018 Michigan FHA Loan Limits

Thinking about purchasing a house in Michigan? Take a look at a FHA Mortgage loan
Young woman on a laptop computer

What exactly is the FHA?
The Federal Housing Administration  (FHA) was conceived as a result of the Great Depression to promote the housing market. The FHA continues to aid prospective home buyers whom do not meet traditional financing needs, like having a credit history or proof of income.

Is there an income limit with FHA mortgage loans?
No!


Do I have to be a first-time buyer?
No, however many first time homebuyers use the program because of the affordable down payment (3 1/2%) and seller paid closing costs.

Do I qualify for an FHA home loan?
If you have a history of paying your monthly bills on time and you do not currently have an FHA mortgage loan, there is a good chance you will be considered for an FHA loan. Only an authorized FHA lender can determine whether or not you meet the requirements for an FHA mortgage loan.

Do I need a lot of cash to buy a home with an FHA loan?
No. The FHA down payment requirement is just 3.5%. For illustration, sales price = $200,000 X 3.5% = $7,000



Can the seller pay my closing charges?
Yes! The seller is allowed to pay up to 6% of the purchase price to help with the closing charges.

Can my down payment come from gift money?

Yes! Home buyers can pay 100% of the downpayment with grants from friends, relatives, or endorsed organizations .

Does the FHA issue the mortgage loan?
No. The FHA insures the loan. The Federal Housing Administration levies insurance on the mortgage. If the homeowner defaults on a loan the FHA uses the money from these insurance premiums to reimburse the loan provider. This is how the FHA encourages banks to give mortgages to otherwise higher-risk applicants.


Exactly what types of home mortgage loans are offered through the FHA?
You can get a Fixed Interest rate Mortgage, Variable Interest rate Mortgages, and Hybrid Mortgages

Is applying for an FHA mortgage loan tough?
Generally, it’s definitely not as difficult as getting the typical conventional mortgage.

Can the FHA help me refinance my home?
Yes! The FHA provides a streamline refinance program for those who already have a FHA loan and need to refinance to lower monthly payment. In some cases you can do this with no up front costs.  You might additionally get a cash-out loan refinance whether the mortgage you're refinancing is an FHA loan. With a cash out refinance, you can get as much as 85% of the value of the home.

Is there a maximum purchase price?
No, but there is a maximum loan amount based on the Michigan county - see below:

2018 FHA County Loan Limits for Michigan

One-Family is a single family home or condominium
Two-Family is two separate living units (duplex)
Three-Family three separate living units (triplex)
Four-Family  four separate living units (fourplex)

County One-Family  Two-Family  Three-Family  Four-Family  Median Sale Price 
ALCONA  294,515 377,075 455,800 566,425 83,000
ALGER  294,515 377,075 455,800 566,425 112,000
ALLEGAN  294,515 377,075 455,800 566,425 145,000
ALPENA  294,515 377,075 455,800 566,425 92,000
ANTRIM  294,515 377,075 455,800 566,425 154,000
ARENAC  294,515 377,075 455,800 566,425 96,000
BARAGA  294,515 377,075 455,800 566,425 56,000
BARRY  294,515 377,075 455,800 566,425 182,000
BAY  294,515 377,075 455,800 566,425 77,000
BENZIE  294,515 377,075 455,800 566,425 189,000
BERRIEN  294,515 377,075 455,800 566,425 128,000
BRANCH  294,515 377,075 455,800 566,425 85,000
CALHOUN  294,515 377,075 455,800 566,425 95,000
CASS  294,515 377,075 455,800 566,425 135,000
CHARLEVOIX  294,515 377,075 455,800 566,425 160,000
CHEBOYGAN  294,515 377,075 455,800 566,425 98,000
CHIPPEWA  294,515 377,075 455,800 566,425 105,000
CLARE  294,515 377,075 455,800 566,425 74,000
CLINTON  294,515 377,075 455,800 566,425 155,000
CRAWFORD  294,515 377,075 455,800 566,425 111,000
DELTA  294,515 377,075 455,800 566,425 104,000
DICKINSON  294,515 377,075 455,800 566,425 94,000
EATON  294,515 377,075 455,800 566,425 155,000
EMMET  294,515 377,075 455,800 566,425 165,000
GENESEE  294,515 377,075 455,800 566,425 110,000
GLADWIN  294,515 377,075 455,800 566,425 82,000
GOGEBIC  294,515 377,075 455,800 566,425 68,000
GRAND TRAVERSE  294,515 377,075 455,800 566,425 189,000
GRATIOT  294,515 377,075 455,800 566,425 70,000
HILLSDALE  294,515 377,075 455,800 566,425 90,000
HOUGHTON  294,515 377,075 455,800 566,425 74,000
HURON  294,515 377,075 455,800 566,425 103,000
INGHAM  294,515 377,075 455,800 566,425 155,000
IONIA  294,515 377,075 455,800 566,425 103,000
IOSCO  294,515 377,075 455,800 566,425 67,000
IRON  294,515 377,075 455,800 566,425 82,000
ISABELLA  294,515 377,075 455,800 566,425 128,000
JACKSON  294,515 377,075 455,800 566,425 115,000
KALAMAZOO  294,515 377,075 455,800 566,425 136,000
KALKASKA  294,515 377,075 455,800 566,425 189,000
KENT  294,515 377,075 455,800 566,425 182,000
KEWEENAW  294,515 377,075 455,800 566,425 74,000
LAKE  294,515 377,075 455,800 566,425 81,000
LAPEER  294,515 377,075 455,800 566,425 221,000
LEELANAU  294,515 377,075 455,800 566,425 189,000
LENAWEE  294,515 377,075 455,800 566,425 125,000
LIVINGSTON  294,515 377,075 455,800 566,425 221,000
LUCE  294,515 377,075 455,800 566,425 75,000
MACKINAC  294,515 377,075 455,800 566,425 133,000
MACOMB  294,515 377,075 455,800 566,425 221,000
MANISTEE  294,515 377,075 455,800 566,425 110,000
MARQUETTE  294,515 377,075 455,800 566,425 125,000
MASON  294,515 377,075 455,800 566,425 86,000
MECOSTA  294,515 377,075 455,800 566,425 96,000
MENOMINEE  294,515 377,075 455,800 566,425 71,000
MIDLAND  294,515 377,075 455,800 566,425 127,000
MISSAUKEE  294,515 377,075 455,800 566,425 92,000
MONROE  294,515 377,075 455,800 566,425 138,000
MONTCALM  294,515 377,075 455,800 566,425 182,000
MONTMORENCY  294,515 377,075 455,800 566,425 100,000
MUSKEGON  294,515 377,075 455,800 566,425 100,000
NEWAYGO  294,515 377,075 455,800 566,425 93,000
OAKLAND  294,515 377,075 455,800 566,425 221,000
OCEANA  294,515 377,075 455,800 566,425 91,000
OGEMAW  294,515 377,075 455,800 566,425 83,000
ONTONAGON  294,515 377,075 455,800 566,425 60,000
OSCEOLA  294,515 377,075 455,800 566,425 94,000
OSCODA  294,515 377,075 455,800 566,425 53,000
OTSEGO  294,515 377,075 455,800 566,425 109,000
OTTAWA  294,515 377,075 455,800 566,425 182,000
PRESQUE ISLE  294,515 377,075 455,800 566,425 102,000
ROSCOMMON  294,515 377,075 455,800 566,425 71,000
SAGINAW  294,515 377,075 455,800 566,425 90,000
SANILAC  294,515 377,075 455,800 566,425 88,000
SCHOOLCRAFT  294,515 377,075 455,800 566,425 93,000
SHIAWASSEE  294,515 377,075 455,800 566,425 98,000
ST. CLAIR  294,515 377,075 455,800 566,425 221,000
ST. JOSEPH  294,515 377,075 455,800 566,425 94,000
TUSCOLA  294,515 377,075 455,800 566,425 74,000
VAN BUREN  294,515 377,075 455,800 566,425 136,000
WASHTENAW  294,515 377,075 455,800 566,425 240,000
WAYNE  294,515 377,075 455,800 566,425 221,000
WEXFORD  294,515 377,075 455,800 566,425 92,000