2015 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:

2015 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
ALCONA 271,050 347,000 419,425 521,250
ALGER 271,050 347,000 419,425 521,250
ALLEGAN 271,050 347,000 419,425 521,250
ALPENA 271,050 347,000 419,425 521,250
ANTRIM 271,050 347,000 419,425 521,250
ARENAC 271,050 347,000 419,425 521,250
BARAGA 271,050 347,000 419,425 521,250
BARRY 271,050 347,000 419,425 521,250
BAY 271,050 347,000 419,425 521,250
BENZIE 271,050 347,000 419,425 521,250
BERRIEN 271,050 347,000 419,425 521,250
BRANCH 271,050 347,000 419,425 521,250
CALHOUN 271,050 347,000 419,425 521,250
CASS 271,050 347,000 419,425 521,250
CHARLEVOIX 271,050 347,000 419,425 521,250
CHEBOYGAN 271,050 347,000 419,425 521,250
CHIPPEWA 271,050 347,000 419,425 521,250
CLARE 271,050 347,000 419,425 521,250
CLINTON 271,050 347,000 419,425 521,250
CRAWFORD 271,050 347,000 419,425 521,250
DELTA 271,050 347,000 419,425 521,250
DICKINSON 271,050 347,000 419,425 521,250
EATON 271,050 347,000 419,425 521,250
EMMET 271,050 347,000 419,425 521,250
GENESEE 271,050 347,000 419,425 521,250
GLADWIN 271,050 347,000 419,425 521,250
GOGEBIC 271,050 347,000 419,425 521,250
GRAND TRAVERSE 271,050 347,000 419,425 521,250
GRATIOT 271,050 347,000 419,425 521,250
HILLSDALE 271,050 347,000 419,425 521,250
HOUGHTON 271,050 347,000 419,425 521,250
HURON 271,050 347,000 419,425 521,250
INGHAM 271,050 347,000 419,425 521,250
IONIA 271,050 347,000 419,425 521,250
IOSCO 271,050 347,000 419,425 521,250
IRON 271,050 347,000 419,425 521,250
ISABELLA 271,050 347,000 419,425 521,250
JACKSON 271,050 347,000 419,425 521,250
KALAMAZOO 271,050 347,000 419,425 521,250
KALKASKA 271,050 347,000 419,425 521,250
KENT 271,050 347,000 419,425 521,250
KEWEENAW 271,050 347,000 419,425 521,250
LAKE 271,050 347,000 419,425 521,250
LAPEER 271,050 347,000 419,425 521,250
LEELANAU 271,050 347,000 419,425 521,250
LENAWEE 271,050 347,000 419,425 521,250
LIVINGSTON 271,050 347,000 419,425 521,250
LUCE 271,050 347,000 419,425 521,250
MACKINAC 271,050 347,000 419,425 521,250
MACOMB 271,050 347,000 419,425 521,250
MANISTEE 271,050 347,000 419,425 521,250
MARQUETTE 271,050 347,000 419,425 521,250
MASON 271,050 347,000 419,425 521,250
MECOSTA 271,050 347,000 419,425 521,250
MENOMINEE 271,050 347,000 419,425 521,250
MIDLAND 271,050 347,000 419,425 521,250
MISSAUKEE 271,050 347,000 419,425 521,250
MONROE 271,050 347,000 419,425 521,250
MONTCALM 271,050 347,000 419,425 521,250
MONTMORENCY 271,050 347,000 419,425 521,250
MUSKEGON 271,050 347,000 419,425 521,250
NEWAYGO 271,050 347,000 419,425 521,250
OAKLAND 271,050 347,000 419,425 521,250
OCEANA 271,050 347,000 419,425 521,250
OGEMAW 271,050 347,000 419,425 521,250
ONTONAGON 271,050 347,000 419,425 521,250
OSCEOLA 271,050 347,000 419,425 521,250
OSCODA 271,050 347,000 419,425 521,250
OTSEGO 271,050 347,000 419,425 521,250
OTTAWA 271,050 347,000 419,425 521,250
PRESQUE ISLE 271,050 347,000 419,425 521,250
ROSCOMMON 271,050 347,000 419,425 521,250
SAGINAW 271,050 347,000 419,425 521,250
SANILAC 271,050 347,000 419,425 521,250
SCHOOLCRAFT 271,050 347,000 419,425 521,250
SHIAWASSEE 271,050 347,000 419,425 521,250
ST. CLAIR 271,050 347,000 419,425 521,250
ST. JOSEPH 271,050 347,000 419,425 521,250
TUSCOLA 271,050 347,000 419,425 521,250
VAN BUREN 271,050 347,000 419,425 521,250
WASHTENAW 271,050 347,000 419,425 521,250
WAYNE 271,050 347,000 419,425 521,250
WEXFORD 271,050 347,000 419,425 521,250