Michigan Mortgage Guides 2026
This complete Michigan mortgage guide covers FHA loan limits statewide, MSHDA’s MI Home Loan and MI 10K DPA down payment assistance, USDA rural loans across Michigan, VA resources for Michigan’s veteran population, and a complete closing cost breakdown — all in one place.
Everything You Need for a Michigan Home Purchase
Six in-depth guides covering every aspect of getting a mortgage in Michigan — from loan program selection to what you’ll pay at closing.
Michigan Mortgage Guide
FHA loan limits, loan programs, MSHDA down payment assistance, property taxes, and the 2026 Michigan housing market overview covering Detroit, Grand Rapids, Ann Arbor, and beyond.
Read guide →Michigan First-Time Home Buyer Guide
MSHDA’s MI Home Loan and MI 10K DPA programs, the Mortgage Credit Certificate, homebuyer education requirements, and income and sales price limits explained.
Read guide →Michigan FHA Loan Requirements
2026 FHA limits for all 83 Michigan counties — credit score requirements, MIP, and how FHA competes in Michigan’s market.
Read guide →Michigan VA Loan Requirements
VA loan benefits for Michigan veterans — no down payment, no PMI, and how VA performs in Detroit, Grand Rapids, and communities near Michigan’s military installations.
Read guide →Michigan USDA Loans
USDA-eligible rural areas across Michigan outside the Detroit and Ann Arbor urban cores — income limits and eligibility explained.
Read guide →Michigan Closing Costs Guide
Michigan’s combined state and county real estate transfer tax, title company closings, and what buyers and sellers typically pay.
Read guide →Key Michigan Mortgage Guide Facts
FHA Loan Limits (2026)
- All 83 Michigan counties: $541,287 (national floor)
- Michigan has no HUD-designated high-cost counties for 2026
- Effective January 1, 2026 per HUD Mortgagee Letter 2025-23
- Confirm your county at HUD’s official lookup
Down Payment Assistance
- MI 10K DPA: up to $10,000 statewide — 0% interest, no monthly payments, deferred until sale, refinance, or payoff
- Must be combined with an MSHDA MI Home Loan through a participating lender
- Sales price limit $566,355 (statewide, after 6/1/2026); min credit score 640; homebuyer education required
- Current terms at michigan.gov/mshda
Property Taxes
- Est. effective rate 1.25% (Census ACS 2024)
- Proposal A caps annual taxable value increases at the lesser of 5% or inflation, until the property is sold (“uncapping”)
- Principal Residence Exemption (PRE) exempts owner-occupied homes from the 18-mill school operating tax
- Details at the Michigan Department of Treasury
Closing Costs
- Recording: $30 per document (MCL 600.2567)
- Combined state + county real estate transfer tax: $4.30 per $500 (≈0.86%) of sale price — paid by the seller under state law (MCL 207.502)
- No mortgage recording tax
- Who pays each title policy is negotiated in the purchase contract
Buying or Refinancing in Michigan?
Michigan has unique advantages — MSHDA’s MI 10K DPA, a Mortgage Credit Certificate for long-term tax savings, and a statewide transfer tax the seller pays. Our guides above break down all of it, and every figure links to the official source so you can verify current terms.
- ✓ Check MI 10K DPA eligibility and current terms at michigan.gov/mshda
- ✓ Confirm your county’s 2026 FHA limit with HUD’s lookup tool
- ✓ Compare FHA vs. conventional using our loan program guides
- ✓ Estimate your total cash to close with our closing cost guide
No obligation · Educational first
Talk to a Michigan Mortgage Advisor
Have questions about buying or refinancing in Michigan? A licensed mortgage advisor can walk you through your loan options, assistance programs and costs, with no obligation.
Speak to a Mortgage Advisor