- The FHA limits the amount of money it will lend based upon the county where the home is located. As of 2011, most Michigan counties limit the loan amount on single-family residences to $271,050. Berrien County allows loans up to $298,750. The FHA allows loans in Kalamazoo County up to $286,250. Homes in the Detroit metro area and in the Warren-Troy and Farmington Hills metro area of Monroe County may receive an FHA loan up to $297,500. Homes in Ann Arbor may be financed up to $345,000 with an FHA mortgage.
- Homeowners may also purchase a two-, three-, or four-unit dwelling using FHA financing. As of 2011, the FHA limits most two-family homes to a maximum financing of $347,000. Home buyers may borrow up to $419,425 on three-unit homes and $521,250 on four-unit homes in most of Michigan. Multifamily property loan limits in Berrien County are $382,450, $462,300 and $574,500 (for two, three or four units, respectively). Multifamily home buyers in Kalamazoo may borrow up to $366,450, $442,950 and $550,450. Loan limits in the Troy-Farmington Hills metro area are $380,850, $460,350 and $572,100; in Ann Arbor, they are $441,650, $533,850 and $663,450.
- The FHA offers many different loan programs in the state of Michigan. Standard FHA financing enables borrowers to purchase a home with only 3.5 percent down payment. The FHA also offers refinance programs including rate and term refinances, cash-out refinances, special streamlined refinance programs for current FHA mortgage holders and reverse mortgages for Michigan residents age 62 and older.
- The FHA encourages homeowners to seek the help of a HUD-approved counseling agency or the Michigan State Housing Development Authority. HUD trains and certifies these nonprofit housing agencies. They provide low-cost housing counseling, foreclosure counseling and many other services, which help homeowners in Michigan find and stay in their homes.
- Advertisement -
- Advertisement -