What is an FHA Loan? Requirements, How to Get One and Best Lenders
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2024 FHA Loan Limits in Michigan

Updated on:
Content was accurate at the time of publication.

If you are looking to buy a home in Michigan but you don’t have much money saved for a down payment, a loan backed by the Federal Housing Administration (FHA) could be your best shot. Homebuyers can qualify for FHA loans with down payments as low as 3.5%, and you don’t need good credit to qualify.

In 2024, the FHA loan limit is $498,257 to buy a single-family home in Michigan. That’s $26,227 higher than the 2023 borrowing maximum.

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ALCONA$498,257$637,950$771,125$958,350$120,000
ALGER$498,257$637,950$771,125$958,350$141,000
ALLEGAN$498,257$637,950$771,125$958,350$237,000
ALPENA$498,257$637,950$771,125$958,350$120,000
ANTRIM$498,257$637,950$771,125$958,350$150,000
ARENAC$498,257$637,950$771,125$958,350$90,000
BARAGA$498,257$637,950$771,125$958,350$90,000
BARRY$498,257$637,950$771,125$958,350$210,000
BAY$498,257$637,950$771,125$958,350$125,000
BENZIE$498,257$637,950$771,125$958,350$335,000
BERRIEN$498,257$637,950$771,125$958,350$182,000
BRANCH$498,257$637,950$771,125$958,350$150,000
CALHOUN$498,257$637,950$771,125$958,350$145,000
CASS$498,257$637,950$771,125$958,350$189,000
CHARLEVOIX$498,257$637,950$771,125$958,350$280,000
CHEBOYGAN$498,257$637,950$771,125$958,350$266,000
CHIPPEWA$498,257$637,950$771,125$958,350$88,000
CLARE$498,257$637,950$771,125$958,350$95,000
CLINTON$498,257$637,950$771,125$958,350$226,000
CRAWFORD$498,257$637,950$771,125$958,350$110,000
DELTA$498,257$637,950$771,125$958,350$100,000
DICKINSON$498,257$637,950$771,125$958,350$110,000
EATON$498,257$637,950$771,125$958,350$226,000
EMMET$498,257$637,950$771,125$958,350$210,000
GENESEE$498,257$637,950$771,125$958,350$155,000
GLADWIN$498,257$637,950$771,125$958,350$124,000
GOGEBIC$498,257$637,950$771,125$958,350$113,000
GRAND TRAVERSE$498,257$637,950$771,125$958,350$335,000
GRATIOT$498,257$637,950$771,125$958,350$121,000
HILLSDALE$498,257$637,950$771,125$958,350$140,000
HOUGHTON$498,257$637,950$771,125$958,350$119,000
HURON$498,257$637,950$771,125$958,350$196,000
INGHAM$498,257$637,950$771,125$958,350$226,000
IONIA$498,257$637,950$771,125$958,350$320,000
IOSCO$498,257$637,950$771,125$958,350$129,000
IRON$498,257$637,950$771,125$958,350$75,000
ISABELLA$498,257$637,950$771,125$958,350$145,000
JACKSON$498,257$637,950$771,125$958,350$150,000
KALAMAZOO$498,257$637,950$771,125$958,350$214,000
KALKASKA$498,257$637,950$771,125$958,350$335,000
KENT$498,257$637,950$771,125$958,350$320,000
KEWEENAW$498,257$637,950$771,125$958,350$119,000
LAKE$498,257$637,950$771,125$958,350$207,000
LAPEER$498,257$637,950$771,125$958,350$325,000
LEELANAU$498,257$637,950$771,125$958,350$335,000
LENAWEE$498,257$637,950$771,125$958,350$171,000
LIVINGSTON$498,257$637,950$771,125$958,350$325,000
LUCE$498,257$637,950$771,125$958,350$73,000
MACKINAC$498,257$637,950$771,125$958,350$224,000
MACOMB$498,257$637,950$771,125$958,350$325,000
MANISTEE$498,257$637,950$771,125$958,350$140,000
MARQUETTE$498,257$637,950$771,125$958,350$183,000
MASON$498,257$637,950$771,125$958,350$150,000
MECOSTA$498,257$637,950$771,125$958,350$150,000
MENOMINEE$498,257$637,950$771,125$958,350$115,000
MIDLAND$498,257$637,950$771,125$958,350$174,000
MISSAUKEE$498,257$637,950$771,125$958,350$239,000
MONROE$498,257$637,950$771,125$958,350$200,000
MONTCALM$498,257$637,950$771,125$958,350$320,000
MONTMORENCY$498,257$637,950$771,125$958,350$110,000
MUSKEGON$498,257$637,950$771,125$958,350$165,000
NEWAYGO$498,257$637,950$771,125$958,350$141,000
OAKLAND$498,257$637,950$771,125$958,350$325,000
OCEANA$498,257$637,950$771,125$958,350$110,000
OGEMAW$498,257$637,950$771,125$958,350$84,000
ONTONAGON$498,257$637,950$771,125$958,350$72,000
OSCEOLA$498,257$637,950$771,125$958,350$162,000
OSCODA$498,257$637,950$771,125$958,350$78,000
OTSEGO$498,257$637,950$771,125$958,350$278,000
OTTAWA$498,257$637,950$771,125$958,350$320,000
PRESQUE ISLE$498,257$637,950$771,125$958,350$105,000
ROSCOMMON$498,257$637,950$771,125$958,350$140,000
SAGINAW$498,257$637,950$771,125$958,350$126,000
SANILAC$498,257$637,950$771,125$958,350$145,000
SCHOOLCRAFT$498,257$637,950$771,125$958,350$184,000
SHIAWASSEE$498,257$637,950$771,125$958,350$226,000
ST. CLAIR$498,257$637,950$771,125$958,350$325,000
ST. JOSEPH$498,257$637,950$771,125$958,350$153,000
TUSCOLA$498,257$637,950$771,125$958,350$135,000
VAN BUREN$498,257$637,950$771,125$958,350$162,000
WASHTENAW$498,257$637,950$771,125$958,350$353,000
WAYNE$498,257$637,950$771,125$958,350$325,000
WEXFORD$498,257$637,950$771,125$958,350$239,000

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Every year the FHA determines if they’ll increase loan limits for each county or Metropolitan Statistical Area (MSA) based on changes in the sale prices of homes in the area.

The FHA also uses information from the Federal Housing Finance Agency (FHFA) to set its national ceiling (or maximum loan amount) and floor (the smallest max amount). The FHA floor is set at 65% of the national conforming loan limit and the ceiling is set at 150%. For 2024, the national floor and ceiling for single-unit properties are $498,257 and $1,149,825, respectively.

The FHA announces this information each November and the changes go into effect on the first day of the following year.

To get an FHA loan, you’ll have to go through a private lender who offers FHA-backed mortgages. Each lender may have unique fees and steps in their application process, but you’ll have to meet these requirements to qualify for an FHA-backed loan regardless of the lender:

 Credit scores: Minimum credit scores of 500.

 Down payment: Minimum of either 3.5% of the loan amount (for credit scores above 579) or 10% (for scores between 500 and 579).

 Debt-to-income ratio (DTI): Monthly debt payments can’t exceed 43% of your gross monthly income.

 Federal debt: No federal liens or overdue federal debt.

 Lender fees: Ability to pay the lender’s closing costs and fees.

 Mortgage insurance: Ability to pay an upfront FHA mortgage insurance premium of 1.75% of the loan amount and an annual premium of 0.15% to 0.75%.

 Residence: The home will be your primary residence.

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Buying a multifamily property with an FHA loan

FHA loans aren’t just for people who want to buy single-family homes. You can also take out an FHA-backed loan to build, rehabilitate or buy a multifamily property with up to four units, and with a down payment as low as 3.5%.

Number of unitsLow-cost FHA loan limit
Two$637,950
Three$771,125
Four$958,350

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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