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2022 FHA Loan Limits in Michigan
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Mortgages with backing from the Federal Housing Administration (FHA) feature less stringent requirements than conventional mortgages, and could help you afford a home in Michigan. The Michigan FHA loan limit for 2022 is $420,680.
Michigan FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| ALCONA | $420,680 | $538,650 | $651,050 | $809,150 | $100,000 |
| ALGER | $420,680 | $538,650 | $651,050 | $809,150 | $115,000 |
| ALLEGAN | $420,680 | $538,650 | $651,050 | $809,150 | $190,000 |
| ALPENA | $420,680 | $538,650 | $651,050 | $809,150 | $88,000 |
| ANTRIM | $420,680 | $538,650 | $651,050 | $809,150 | $154,000 |
| ARENAC | $420,680 | $538,650 | $651,050 | $809,150 | $74,000 |
| BARAGA | $420,680 | $538,650 | $651,050 | $809,150 | $87,000 |
| BARRY | $420,680 | $538,650 | $651,050 | $809,150 | $175,000 |
| BAY | $420,680 | $538,650 | $651,050 | $809,150 | $100,000 |
| BENZIE | $420,680 | $538,650 | $651,050 | $809,150 | $290,000 |
| BERRIEN | $420,680 | $538,650 | $651,050 | $809,150 | $160,000 |
| BRANCH | $420,680 | $538,650 | $651,050 | $809,150 | $126,000 |
| CALHOUN | $420,680 | $538,650 | $651,050 | $809,150 | $130,000 |
| CASS | $420,680 | $538,650 | $651,050 | $809,150 | $162,000 |
| CHARLEVOIX | $420,680 | $538,650 | $651,050 | $809,150 | $215,000 |
| CHEBOYGAN | $420,680 | $538,650 | $651,050 | $809,150 | $166,000 |
| CHIPPEWA | $420,680 | $538,650 | $651,050 | $809,150 | $88,000 |
| CLARE | $420,680 | $538,650 | $651,050 | $809,150 | $73,000 |
| CLINTON | $420,680 | $538,650 | $651,050 | $809,150 | $191,000 |
| CRAWFORD | $420,680 | $538,650 | $651,050 | $809,150 | $95,000 |
| DELTA | $420,680 | $538,650 | $651,050 | $809,150 | $90,000 |
| DICKINSON | $420,680 | $538,650 | $651,050 | $809,150 | $89,000 |
| EATON | $420,680 | $538,650 | $651,050 | $809,150 | $191,000 |
| EMMET | $420,680 | $538,650 | $651,050 | $809,150 | $177,000 |
| GENESEE | $420,680 | $538,650 | $651,050 | $809,150 | $145,000 |
| GLADWIN | $420,680 | $538,650 | $651,050 | $809,150 | $110,000 |
| GOGEBIC | $420,680 | $538,650 | $651,050 | $809,150 | $85,000 |
| GRAND TRAVERSE | $420,680 | $538,650 | $651,050 | $809,150 | $290,000 |
| GRATIOT | $420,680 | $538,650 | $651,050 | $809,150 | $95,000 |
| HILLSDALE | $420,680 | $538,650 | $651,050 | $809,150 | $127,000 |
| HOUGHTON | $420,680 | $538,650 | $651,050 | $809,150 | $90,000 |
| HURON | $420,680 | $538,650 | $651,050 | $809,150 | $114,000 |
| INGHAM | $420,680 | $538,650 | $651,050 | $809,150 | $191,000 |
| IONIA | $420,680 | $538,650 | $651,050 | $809,150 | $250,000 |
| IOSCO | $420,680 | $538,650 | $651,050 | $809,150 | $97,000 |
| IRON | $420,680 | $538,650 | $651,050 | $809,150 | $74,000 |
| ISABELLA | $420,680 | $538,650 | $651,050 | $809,150 | $130,000 |
| JACKSON | $420,680 | $538,650 | $651,050 | $809,150 | $142,000 |
| KALAMAZOO | $420,680 | $538,650 | $651,050 | $809,150 | $183,000 |
| KALKASKA | $420,680 | $538,650 | $651,050 | $809,150 | $290,000 |
| KENT | $420,680 | $538,650 | $651,050 | $809,150 | $250,000 |
| KEWEENAW | $420,680 | $538,650 | $651,050 | $809,150 | $90,000 |
| LAKE | $420,680 | $538,650 | $651,050 | $809,150 | $62,000 |
| LAPEER | $420,680 | $538,650 | $651,050 | $809,150 | $280,000 |
| LEELANAU | $420,680 | $538,650 | $651,050 | $809,150 | $290,000 |
| LENAWEE | $420,680 | $538,650 | $651,050 | $809,150 | $152,000 |
| LIVINGSTON | $420,680 | $538,650 | $651,050 | $809,150 | $280,000 |
| LUCE | $420,680 | $538,650 | $651,050 | $809,150 | $60,000 |
| MACKINAC | $420,680 | $538,650 | $651,050 | $809,150 | $131,000 |
| MACOMB | $420,680 | $538,650 | $651,050 | $809,150 | $280,000 |
| MANISTEE | $420,680 | $538,650 | $651,050 | $809,150 | $120,000 |
| MARQUETTE | $420,680 | $538,650 | $651,050 | $809,150 | $153,000 |
| MASON | $420,680 | $538,650 | $651,050 | $809,150 | $131,000 |
| MECOSTA | $420,680 | $538,650 | $651,050 | $809,150 | $130,000 |
| MENOMINEE | $420,680 | $538,650 | $651,050 | $809,150 | $94,000 |
| MIDLAND | $420,680 | $538,650 | $651,050 | $809,150 | $145,000 |
| MISSAUKEE | $420,680 | $538,650 | $651,050 | $809,150 | $165,000 |
| MONROE | $420,680 | $538,650 | $651,050 | $809,150 | $175,000 |
| MONTCALM | $420,680 | $538,650 | $651,050 | $809,150 | $250,000 |
| MONTMORENCY | $420,680 | $538,650 | $651,050 | $809,150 | $80,000 |
| MUSKEGON | $420,680 | $538,650 | $651,050 | $809,150 | $141,000 |
| NEWAYGO | $420,680 | $538,650 | $651,050 | $809,150 | $125,000 |
| OAKLAND | $420,680 | $538,650 | $651,050 | $809,150 | $280,000 |
| OCEANA | $420,680 | $538,650 | $651,050 | $809,150 | $91,000 |
| OGEMAW | $420,680 | $538,650 | $651,050 | $809,150 | $82,000 |
| ONTONAGON | $420,680 | $538,650 | $651,050 | $809,150 | $87,000 |
| OSCEOLA | $420,680 | $538,650 | $651,050 | $809,150 | $133,000 |
| OSCODA | $420,680 | $538,650 | $651,050 | $809,150 | $75,000 |
| OTSEGO | $420,680 | $538,650 | $651,050 | $809,150 | $170,000 |
| OTTAWA | $420,680 | $538,650 | $651,050 | $809,150 | $250,000 |
| PRESQUE ISLE | $420,680 | $538,650 | $651,050 | $809,150 | $85,000 |
| ROSCOMMON | $420,680 | $538,650 | $651,050 | $809,150 | $107,000 |
| SAGINAW | $420,680 | $538,650 | $651,050 | $809,150 | $111,000 |
| SANILAC | $420,680 | $538,650 | $651,050 | $809,150 | $127,000 |
| SCHOOLCRAFT | $420,680 | $538,650 | $651,050 | $809,150 | $139,000 |
| SHIAWASSEE | $420,680 | $538,650 | $651,050 | $809,150 | $191,000 |
| ST. CLAIR | $420,680 | $538,650 | $651,050 | $809,150 | $280,000 |
| ST. JOSEPH | $420,680 | $538,650 | $651,050 | $809,150 | $135,000 |
| TUSCOLA | $420,680 | $538,650 | $651,050 | $809,150 | $118,000 |
| VAN BUREN | $420,680 | $538,650 | $651,050 | $809,150 | $150,000 |
| WASHTENAW | $420,680 | $538,650 | $651,050 | $809,150 | $295,000 |
| WAYNE | $420,680 | $538,650 | $651,050 | $809,150 | $280,000 |
| WEXFORD | $420,680 | $538,650 | $651,050 | $809,150 | $165,000 |
How are FHA loan limits determined?
The U.S. Department of Housing and Urban Development (HUD) establishes FHA loan limits based on the limits for conventional mortgages, also called conforming loan limits.
The lower FHA limit, the FHA “floor,” applies to most of the country and is calculated as 65% of the conforming loan limit. The FHA “ceiling” is 150% of the conforming loan limit and applies only to high-cost areas.
Both types of loan limits are, at their crux, based on the average home sales price over the last year. For 2022, both loan limits and home prices increased by 18%.
How to qualify for an FHA loan in Michigan
FHA loan applicants should meet the following criteria to qualify for a mortgage in Michigan:
- A mortgage amount less than the FHA loan limit: If the house you want to buy is more expensive than the local FHA loan limit allows, you could make a larger down payment to cover the difference.
- A minimum 3.5% down payment: You may qualify for an FHA loan with a down payment as small as 3.5%, depending on your credit score.
- A minimum 500 credit score: If you have a credit score of at least 580, your down payment can be as low as 3.5%. Homebuyers with scores between 500 and 579 may still qualify with a 10% down payment.
- A debt-to-income (DTI) ratio of 43% or less: Your DTI ratio represents how much you spend on debt payments compared with how much you earn. FHA loans typically require a maximum 43% DTI. Some lenders may offer exceptions, however.
- FHA home appraisal: You must get an FHA home appraisal in order to qualify for an FHA loan.
- Mortgage insurance: You must have two types of mortgage insurance for an FHA mortgage: The annual mortgage insurance premium (MIP), which ranges from 0.45% to 1.05% of your mortgage amount, is divided by 12 and then added to your monthly mortgage payments, and the upfront mortgage insurance premium (UFMIP), which costs 1.75% of your loan amount and is typically rolled into your mortgage.
Buying a multifamily property with an FHA loan
FHA loans allow buyers to purchase multifamily homes with up to four separate living spaces. As long as you’re living in one of the units, you won’t need an investment property mortgage. The same FHA loan limits and requirements apply for multifamily properties, like getting an FHA home appraisal and having a minimum 3.5% down payment.
FHA lenders in Michigan
Here are five highly rated mortgage lenders that operate in Michigan. Click on their names to read a full review.
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Bank of America | 8 / 10 | Not disclosed |
| Fairway Independent Mortgage | 8 / 10 | 600 |
| BMO Harris Bank | 8 / 10 | 580 |
| Zillow Home Loans | 8 / 10 | 580 |
| BNC National Bank | 7 / 10 | Not disclosed |