2014 Michigan FHA County 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:

2014 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)

Michigan Counties One-Family Two-Family Three-Family Four-Family MSA
Alcona Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Alger Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Allegan Counties$271,050 $347,000 $419,425 $521,250 HOLLAND, MI
Alpena Counties$271,050 $347,000 $419,425 $521,250 ALPENA, MI
Antrim Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Arenac Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Baraga Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Barry Counties$271,050 $347,000 $419,425 $521,250 GRAND RAPIDS-WYOMING, MI
Bay Counties$271,050 $347,000 $419,425 $521,250 BAY CITY, MI
Benzie Counties$271,050 $347,000 $419,425 $521,250 TRAVERSE CITY, MI
Berrien Counties$271,050 $347,000 $419,425 $521,250 NILES-BENTON HARBOR, MI
Branch Counties$271,050 $347,000 $419,425 $521,250 COLDWATER, MI
Calhoun Counties$271,050 $347,000 $419,425 $521,250 BATTLE CREEK, MI
Cass Counties$271,050 $347,000 $419,425 $521,250 SOUTH BEND-MISHAWAKA, IN-MI
Charlevoix Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Cheboygan Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Chippewa Counties$271,050 $347,000 $419,425 $521,250 SAULT STE. MARIE, MI
Clare Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Clinton Counties$271,050 $347,000 $419,425 $521,250 LANSING-EAST LANSING, MI
Crawford Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Delta Counties$271,050 $347,000 $419,425 $521,250 ESCANABA, MI
Dickinson Counties$271,050 $347,000 $419,425 $521,250 IRON MOUNTAIN, MI-WI
Eaton Counties$271,050 $347,000 $419,425 $521,250 LANSING-EAST LANSING, MI
Emmet Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Genesee Counties$271,050 $347,000 $419,425 $521,250 FLINT, MI
Gladwin Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Gogebic Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Grand Traverse Counties$271,050 $347,000 $419,425 $521,250 TRAVERSE CITY, MI
Gratiot Counties$271,050 $347,000 $419,425 $521,250 ALMA, MI
Hillsdale Counties$271,050 $347,000 $419,425 $521,250 HILLSDALE, MI
Houghton Counties$271,050 $347,000 $419,425 $521,250 HOUGHTON, MI
Huron Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Ingham Counties$271,050 $347,000 $419,425 $521,250 LANSING-EAST LANSING, MI
Ionia Counties$271,050 $347,000 $419,425 $521,250 IONIA, MI
Iosco Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Iron Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Isabella Counties$271,050 $347,000 $419,425 $521,250 MOUNT PLEASANT, MI
Jackson Counties$271,050 $347,000 $419,425 $521,250 JACKSON, MI
Kalamazoo Counties$271,050 $347,000 $419,425 $521,250 KALAMAZOO-PORTAGE, MI
Kalkaska Counties$271,050 $347,000 $419,425 $521,250 TRAVERSE CITY, MI
Kent Counties$271,050 $347,000 $419,425 $521,250 GRAND RAPIDS-WYOMING, MI
Keweenaw Counties$271,050 $347,000 $419,425 $521,250 HOUGHTON, MI
Lake Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Lapeer Counties$271,050 $347,000 $419,425 $521,250 DETROIT-WARREN-DEARBORN, MI
Leelanau Counties$271,050 $347,000 $419,425 $521,250 TRAVERSE CITY, MI
Lenawee Counties$271,050 $347,000 $419,425 $521,250 ADRIAN, MI
Livingston Counties$271,050 $347,000 $419,425 $521,250 DETROIT-WARREN-DEARBORN, MI
Luce Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Mackinac Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Macomb Counties$271,050 $347,000 $419,425 $521,250 DETROIT-WARREN-DEARBORN, MI
Manistee Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Marquette Counties$271,050 $347,000.00 $419,425 $521,250.00 MARQUETTE, MI
Mason Counties$271,050 $347,000 $419,425 $521,250 LUDINGTON, MI
Mecosta Counties$271,050 $347,000.00 $419,425 $521,250.00 BIG RAPIDS, MI
Menominee Counties$271,050 $347,000 $419,425 $521,250 MARINETTE, WI-MI
Midland Counties$271,050 $347,000 $419,425 $521,250 MIDLAND, MI
Missaukee Counties$271,050 $347,000.00 $419,425 $521,250.00 CADILLAC, MI
Monroe Counties$271,050 $347,000.00 $419,425 $521,250.00 MONROE, MI
Montcalm Counties$271,050 $347,000 $419,425 $521,250 GRAND RAPIDS-WYOMING, MI
Montmorency Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Muskegon Counties$271,050 $347,000 $419,425 $521,250 MUSKEGON, MI
Newaygo Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Oakland Counties$271,050 $347,000 $419,425 $521,250 DETROIT-WARREN-DEARBORN, MI
Oceana Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Ogemaw Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Ontonagon Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Osceola Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Oscoda Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Otsego Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Ottawa Counties$271,050 $347,000 $419,425 $521,250 GRAND RAPIDS-WYOMING, MI
Presque Isle Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Roscommon Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Saginaw Counties$271,050 $347,000 $419,425 $521,250 SAGINAW, MI
Sanilac Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Schoolcraft Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Shiawassee Counties$271,050 $347,000 $419,425 $521,250 OWOSSO, MI
St. Clair Counties$271,050 $347,000 $419,425 $521,250 DETROIT-WARREN-DEARBORN, MI
St. Joseph Counties$271,050 $347,000 $419,425 $521,250 STURGIS, MI
Tuscola Counties$271,050 $347,000 $419,425 $521,250 NON-METRO
Van Buren Counties$271,050 $347,000 $419,425 $521,250 KALAMAZOO-PORTAGE, MI
Washtenaw Counties$271,050 $347,000 $419,425 $521,250 ANN ARBOR, MI
Wayne Counties$271,050 $347,000 $419,425 $521,250 DETROIT-WARREN-DEARBORN, MI
Wexford Counties$271,050 $347,000 $419,425 $521,250 CADILLAC, MI