2016 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:

2016 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 Name  One-Family  Two-Family  Three-Family  Four-Family  Median Sale Price 
MSA Name  MSA Code 
ALCONA  271,050 347,000 419,425 521,250 83,000
NON-METRO  99,999
ALGER  271,050 347,000 419,425 521,250 122,000
NON-METRO  99,999
ALLEGAN  271,050 347,000 419,425 521,250 128,000
HOLLAND, MI  26,090
ALPENA  271,050 347,000 419,425 521,250 62,000
ALPENA, MI  10,980
ANTRIM  271,050 347,000 419,425 521,250 101,000
NON-METRO  99,999
ARENAC  271,050 347,000 419,425 521,250 94,000
NON-METRO  99,999
BARAGA  271,050 347,000 419,425 521,250 87,000
NON-METRO  99,999
BARRY  271,050 347,000 419,425 521,250 156,000
GRAND RAPIDS-WYOMING, MI  24,340
BAY  271,050 347,000 419,425 521,250 78,000
BAY CITY, MI  13,020
BENZIE  271,050 347,000 419,425 521,250 172,000
TRAVERSE CITY, MI  45,900
BERRIEN  271,050 347,000 419,425 521,250 120,000
NILES-BENTON HARBOR, MI  35,660
BRANCH  271,050 347,000 419,425 521,250 79,000
COLDWATER, MI  17,740
CALHOUN  271,050 347,000 419,425 521,250 85,000
BATTLE CREEK, MI  12,980
CASS  271,050 347,000 419,425 521,250 127,000
SOUTH BEND-MISHAWAKA, IN-MI  43,780
CHARLEVOIX  271,050 347,000 419,425 521,250 158,000
NON-METRO  99,999
CHEBOYGAN  271,050 347,000 419,425 521,250 85,000
NON-METRO  99,999
CHIPPEWA  271,050 347,000 419,425 521,250 106,000
SAULT STE. MARIE, MI  42,300
CLARE  271,050 347,000 419,425 521,250 70,000
NON-METRO  99,999
CLINTON  271,050 347,000 419,425 521,250 140,000
LANSING-EAST LANSING, MI  29,620
CRAWFORD  271,050 347,000 419,425 521,250 65,000
NON-METRO  99,999
DELTA  271,050 347,000 419,425 521,250 96,000
ESCANABA, MI  21,540
DICKINSON  271,050 347,000 419,425 521,250 88,000
IRON MOUNTAIN, MI-WI  27,020
EATON  271,050 347,000 419,425 521,250 140,000
LANSING-EAST LANSING, MI  29,620
EMMET  271,050 347,000 419,425 521,250 149,000
NON-METRO  99,999
GENESEE  271,050 347,000 419,425 521,250 90,000
FLINT, MI  22,420
GLADWIN  271,050 347,000 419,425 521,250 70,000
NON-METRO  99,999
GOGEBIC  271,050 347,000 419,425 521,250 62,000
NON-METRO  99,999
GRAND TRAVERSE  271,050 347,000 419,425 521,250 172,000
TRAVERSE CITY, MI  45,900
GRATIOT  271,050 347,000 419,425 521,250 65,000
ALMA, MI  10,940
HILLSDALE  271,050 347,000 419,425 521,250 80,000
HILLSDALE, MI  25,880
HOUGHTON  271,050 347,000 419,425 521,250 90,000
HOUGHTON, MI  26,340
HURON  271,050 347,000 419,425 521,250 110,000
NON-METRO  99,999
INGHAM  271,050 347,000 419,425 521,250 140,000
LANSING-EAST LANSING, MI  29,620
IONIA  271,050 347,000 419,425 521,250 95,000
IONIA, MI  26,960
IOSCO  271,050 347,000 419,425 521,250 63,000
NON-METRO  99,999
IRON  271,050 347,000 419,425 521,250 47,000
NON-METRO  99,999
ISABELLA  271,050 347,000 419,425 521,250 104,000
MOUNT PLEASANT, MI  34,380
JACKSON  271,050 347,000 419,425 521,250 98,000
JACKSON, MI  27,100
KALAMAZOO  271,050 347,000 419,425 521,250 132,000
KALAMAZOO-PORTAGE, MI  28,020
KALKASKA  271,050 347,000 419,425 521,250 172,000
TRAVERSE CITY, MI  45,900
KENT  271,050 347,000 419,425 521,250 156,000
GRAND RAPIDS-WYOMING, MI  24,340
KEWEENAW  271,050 347,000 419,425 521,250 90,000
HOUGHTON, MI  26,340
LAKE  271,050 347,000 419,425 521,250 61,000
NON-METRO  99,999
LAPEER  271,050 347,000 419,425 521,250 191,000
DETROIT-WARREN-DEARBORN, MI  19,820
LEELANAU  271,050 347,000 419,425 521,250 172,000
TRAVERSE CITY, MI  45,900
LENAWEE  271,050 347,000 419,425 521,250 100,000
ADRIAN, MI  10,300
LIVINGSTON  271,050 347,000 419,425 521,250 191,000
DETROIT-WARREN-DEARBORN, MI  19,820
LUCE  271,050 347,000 419,425 521,250 83,000
NON-METRO  99,999
MACKINAC  271,050 347,000 419,425 521,250 125,000
NON-METRO  99,999
MACOMB  271,050 347,000 419,425 521,250 191,000
DETROIT-WARREN-DEARBORN, MI  19,820
MANISTEE  271,050 347,000 419,425 521,250 75,000
NON-METRO  99,999
MARQUETTE  271,050 347,000 419,425 521,250 114,000
MARQUETTE, MI  32,100
MASON  271,050 347,000 419,425 521,250 72,000
LUDINGTON, MI  31,220
MECOSTA  271,050 347,000 419,425 521,250 81,000
BIG RAPIDS, MI  13,660
MENOMINEE  271,050 347,000 419,425 521,250 65,000
MARINETTE, WI-MI  31,940
MIDLAND  271,050 347,000 419,425 521,250 119,000
MIDLAND, MI  33,220
MISSAUKEE  271,050 347,000 419,425 521,250 84,000
CADILLAC, MI  15,620
MONROE  271,050 347,000 419,425 521,250 130,000
MONROE, MI  33,780
MONTCALM  271,050 347,000 419,425 521,250 156,000
GRAND RAPIDS-WYOMING, MI  24,340
MONTMORENCY  271,050 347,000 419,425 521,250 53,000
NON-METRO  99,999
MUSKEGON  271,050 347,000 419,425 521,250 92,000
MUSKEGON, MI  34,740
NEWAYGO  271,050 347,000 419,425 521,250 76,000
NON-METRO  99,999
OAKLAND  271,050 347,000 419,425 521,250 191,000
DETROIT-WARREN-DEARBORN, MI  19,820
OCEANA  271,050 347,000 419,425 521,250 111,000
NON-METRO  99,999
OGEMAW  271,050 347,000 419,425 521,250 89,000
NON-METRO  99,999
ONTONAGON  271,050 347,000 419,425 521,250 42,000
NON-METRO  99,999
OSCEOLA  271,050 347,000 419,425 521,250 89,000
NON-METRO  99,999
OSCODA  271,050 347,000 419,425 521,250 49,000
NON-METRO  99,999
OTSEGO  271,050 347,000 419,425 521,250 106,000
NON-METRO  99,999
OTTAWA  271,050 347,000 419,425 521,250 156,000
GRAND RAPIDS-WYOMING, MI  24,340
PRESQUE ISLE  271,050 347,000 419,425 521,250 99,000
NON-METRO  99,999
ROSCOMMON  271,050 347,000 419,425 521,250 64,000
NON-METRO  99,999
SAGINAW  271,050 347,000 419,425 521,250 85,000
SAGINAW, MI  40,980
SANILAC  271,050 347,000 419,425 521,250 83,000
NON-METRO  99,999
SCHOOLCRAFT  271,050 347,000 419,425 521,250 88,000
NON-METRO  99,999
SHIAWASSEE  271,050 347,000 419,425 521,250 85,000
OWOSSO, MI  37,020
ST. CLAIR  271,050 347,000 419,425 521,250 191,000
DETROIT-WARREN-DEARBORN, MI  19,820
ST. JOSEPH  271,050 347,000 419,425 521,250 86,000
STURGIS, MI  44,780
TUSCOLA  271,050 347,000 419,425 521,250 70,000
NON-METRO  99,999
VAN BUREN  271,050 347,000 419,425 521,250 132,000
KALAMAZOO-PORTAGE, MI  28,020
WASHTENAW  271,050 347,000 419,425 521,250 215,000
ANN ARBOR, MI  11,460
WAYNE  271,050 347,000 419,425 521,250 191,000
DETROIT-WARREN-DEARBORN, MI  19,820
WEXFORD  271,050 347,000 419,425 521,250 84,000
CADILLAC, MI  15,620