2017 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:

2017 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)


MSA One-Family Two-Family Three-Family Four-Family Median Sale Price
ALCONA NON-METRO 275,665 352,950 426,625 530,150 70,000
ALGER NON-METRO 275,665 352,950 426,625 530,150 116,000
ALLEGAN HOLLAND, MI 275,665 352,950 426,625 530,150 138,000
ALPENA ALPENA, MI 275,665 352,950 426,625 530,150 61,000
ANTRIM NON-METRO 275,665 352,950 426,625 530,150 77,000
ARENAC NON-METRO 275,665 352,950 426,625 530,150 53,000
BARAGA NON-METRO 275,665 352,950 426,625 530,150 58,000
BARRY GRAND RAPIDS-WYOMING, MI 275,665 352,950 426,625 530,150 168,000
BAY BAY CITY, MI 275,665 352,950 426,625 530,150 80,000
BENZIE TRAVERSE CITY, MI 275,665 352,950 426,625 530,150 186,000
BERRIEN NILES-BENTON HARBOR, MI 275,665 352,950 426,625 530,150 125,000
BRANCH COLDWATER, MI 275,665 352,950 426,625 530,150 83,000
CALHOUN BATTLE CREEK, MI 275,665 352,950 426,625 530,150 91,000
CASS SOUTH BEND-MISHAWAKA, IN-MI 275,665 352,950 426,625 530,150 130,000
CHARLEVOIX NON-METRO 275,665 352,950 426,625 530,150 156,000
CHEBOYGAN NON-METRO 275,665 352,950 426,625 530,150 98,000
CHIPPEWA SAULT STE. MARIE, MI 275,665 352,950 426,625 530,150 97,000
CLARE NON-METRO 275,665 352,950 426,625 530,150 72,000
CLINTON LANSING-EAST LANSING, MI 275,665 352,950 426,625 530,150 150,000
CRAWFORD NON-METRO 275,665 352,950 426,625 530,150 98,000
DELTA ESCANABA, MI 275,665 352,950 426,625 530,150 96,000
DICKINSON IRON MOUNTAIN, MI-WI 275,665 352,950 426,625 530,150 96,000
EATON LANSING-EAST LANSING, MI 275,665 352,950 426,625 530,150 150,000
EMMET NON-METRO 275,665 352,950 426,625 530,150 163,000
GENESEE FLINT, MI 275,665 352,950 426,625 530,150 100,000
GLADWIN NON-METRO 275,665 352,950 426,625 530,150 70,000
GOGEBIC NON-METRO 275,665 352,950 426,625 530,150 64,000
GRAND TRAVERSE TRAVERSE CITY, MI 275,665 352,950 426,625 530,150 186,000
GRATIOT ALMA, MI 275,665 352,950 426,625 530,150 75,000
HILLSDALE HILLSDALE, MI 275,665 352,950 426,625 530,150 90,000
HOUGHTON HOUGHTON, MI 275,665 352,950 426,625 530,150 78,000
HURON NON-METRO 275,665 352,950 426,625 530,150 106,000
INGHAM LANSING-EAST LANSING, MI 275,665 352,950 426,625 530,150 150,000
IONIA IONIA, MI 275,665 352,950 426,625 530,150 100,000
IOSCO NON-METRO 275,665 352,950 426,625 530,150 68,000
IRON NON-METRO 275,665 352,950 426,625 530,150 84,000
ISABELLA MOUNT PLEASANT, MI 275,665 352,950 426,625 530,150 146,000
JACKSON JACKSON, MI 275,665 352,950 426,625 530,150 100,000
KALAMAZOO KALAMAZOO-PORTAGE, MI 275,665 352,950 426,625 530,150 132,000
KALKASKA TRAVERSE CITY, MI 275,665 352,950 426,625 530,150 186,000
KENT GRAND RAPIDS-WYOMING, MI 275,665 352,950 426,625 530,150 168,000
KEWEENAW HOUGHTON, MI 275,665 352,950 426,625 530,150 78,000
LAKE NON-METRO 275,665 352,950 426,625 530,150 71,000
LAPEER DETROIT-WARREN-DEARBORN, MI 275,665 352,950 426,625 530,150 200,000
LEELANAU TRAVERSE CITY, MI 275,665 352,950 426,625 530,150 186,000
LENAWEE ADRIAN, MI 275,665 352,950 426,625 530,150 116,000
LIVINGSTON DETROIT-WARREN-DEARBORN, MI 275,665 352,950 426,625 530,150 200,000
LUCE NON-METRO 275,665 352,950 426,625 530,150 77,000
MACKINAC NON-METRO 275,665 352,950 426,625 530,150 132,000
MACOMB DETROIT-WARREN-DEARBORN, MI 275,665 352,950 426,625 530,150 200,000
MANISTEE NON-METRO 275,665 352,950 426,625 530,150 111,000
MARQUETTE MARQUETTE, MI 275,665 352,950 426,625 530,150 118,000
MASON LUDINGTON, MI 275,665 352,950 426,625 530,150 90,000
MECOSTA BIG RAPIDS, MI 275,665 352,950 426,625 530,150 107,000
MENOMINEE MARINETTE, WI-MI 275,665 352,950 426,625 530,150 65,000
MIDLAND MIDLAND, MI 275,665 352,950 426,625 530,150 119,000
MISSAUKEE CADILLAC, MI 275,665 352,950 426,625 530,150 90,000
MONROE MONROE, MI 275,665 352,950 426,625 530,150 135,000
MONTCALM GRAND RAPIDS-WYOMING, MI 275,665 352,950 426,625 530,150 168,000
MONTMORENCY NON-METRO 275,665 352,950 426,625 530,150 105,000
MUSKEGON MUSKEGON, MI 275,665 352,950 426,625 530,150 95,000
NEWAYGO NON-METRO 275,665 352,950 426,625 530,150 88,000
OAKLAND DETROIT-WARREN-DEARBORN, MI 275,665 352,950 426,625 530,150 200,000
OCEANA NON-METRO 275,665 352,950 426,625 530,150 74,000
OGEMAW NON-METRO 275,665 352,950 426,625 530,150 43,000
ONTONAGON NON-METRO 275,665 352,950 426,625 530,150 40,000
OSCEOLA NON-METRO 275,665 352,950 426,625 530,150 96,000
OSCODA NON-METRO 275,665 352,950 426,625 530,150 50,000
OTSEGO NON-METRO 275,665 352,950 426,625 530,150 94,000
OTTAWA GRAND RAPIDS-WYOMING, MI 275,665 352,950 426,625 530,150 168,000
PRESQUE ISLE NON-METRO 275,665 352,950 426,625 530,150 94,000
ROSCOMMON NON-METRO 275,665 352,950 426,625 530,150 66,000
SAGINAW SAGINAW, MI 275,665 352,950 426,625 530,150 85,000
SANILAC NON-METRO 275,665 352,950 426,625 530,150 83,000
SCHOOLCRAFT NON-METRO 275,665 352,950 426,625 530,150 94,000
SHIAWASSEE OWOSSO, MI 275,665 352,950 426,625 530,150 90,000
ST. CLAIR DETROIT-WARREN-DEARBORN, MI 275,665 352,950 426,625 530,150 200,000
ST. JOSEPH STURGIS, MI 275,665 352,950 426,625 530,150 90,000
TUSCOLA NON-METRO 275,665 352,950 426,625 530,150 74,000
VAN BUREN KALAMAZOO-PORTAGE, MI 275,665 352,950 426,625 530,150 132,000
WASHTENAW ANN ARBOR, MI 275,665 352,950 426,625 530,150 223,000
WAYNE DETROIT-WARREN-DEARBORN, MI 275,665 352,950 426,625 530,150 200,000
WEXFORD CADILLAC, MI 275,665 352,950 426,625 530,150 90,000