FAQs

You may be able to qualify for a mortgage even if your credit is not perfect. Michigan First offers mortgage programs with different credit requirements, including FHA and Turning Point Home Loans, which may provide more flexible qualification options. Approval still depends on your complete financial profile, including your income, debts, credit history, down payment, and the mortgage program you choose.

Yes. Michigan First offers mortgage refinancing options that may help you change your interest rate, monthly payment or loan term, pay off your home sooner, or access available home equity. Whether refinancing is beneficial depends on your current mortgage, financial goals, closing costs, and the new loan terms for which you qualify.

Yes. Michigan First works with several down payment assistance programs that may help eligible homebuyers cover a down payment, closing costs, and certain other homebuying expenses. Program availability and requirements may depend on factors such as income, location, property type, and whether you are a first-time homebuyer.

Yes. Michigan First offers several mortgage options for first-time homebuyers, including conventional, FHA, VA, USDA, and MSHDA loans. Some programs offer low or no down payment options, more flexible qualification requirements, or assistance with down payment and closing costs. A Michigan First loan officer can help you compare the programs for which you may qualify.

To get preapproved, complete a mortgage application and provide information about your income, employment, assets, debts, and credit history. A lender will review that information to determine how much you may be eligible to borrow and provide a preapproval letter if you qualify. 

The amount you need for a down payment depends on the mortgage program, purchase price, and your qualifications. Some Michigan First mortgages require as little as 3% or 3.5% down, while eligible VA and USDA borrowers may qualify with no down payment. You should also plan for closing costs and other homebuying expenses unless an assistance program or seller contribution covers them.

A MSHDA loan is a mortgage offered through the Michigan State Housing Development Authority to help eligible Michigan homebuyers purchase a primary residence. Depending on the program, borrowers may receive assistance with their down payment, closing costs, or certain prepaid expenses. Eligibility may depend on credit score, household income, home price, property location, and whether the home will be owner-occupied.

Michigan First offers fixed-rate and adjustable-rate mortgages, along with FHA, VA, USDA, MSHDA, jumbo, bridge, construction, renovation, manufactured housing, DSCR, ITIN, and other specialized home loans. Available options depend on the property, how you plan to use it, and your financial qualifications.