- Home > Blog > FHA Loan Requirements in Michigan: What You Qualify for in 2025
- |
- Written by Eddie
FHA Loan Requirements in Michigan: What You Qualify for in 2025
An FHA loan is a great option for Michigan home buyers who need more flexible down payment and credit terms. Whether you’re a first-time buyer or looking for an affordable home loan, understanding FHA loan requirements in 2025 can help you determine if you qualify.
Minimum FHA Loan Requirements in Michigan
- Credit Score
580 minimum score is required for a 3.5% down payment. Purchasers with a 500–579 score may qualify but require 10% down. - Down Payment
3.5% of home price at a minimum if your credit score is 580 or higher. - Debt-to-Income Ratio (DTI)
Most lenders prefer a DTI of less than 43%, but some will go up to 50% with compensating factors. - Steady Employment & Income
Lenders require proof of at least two years of stable employment or income history. - Primary Residence Requirement
FHA loans are solely for primary residences and not for vacation homes or investment properties. - Mortgage Insurance Premium (MIP)
FHA loans require upfront and monthly mortgage insurance, which adds to monthly costs but protects lenders.
(research based information- values are dependable on differing variables)
How to Get Pre-Approved for an FHA Loan
- Check Your Credit Score
Get your credit report and improve your score if required. - Calculate Your Budget
Use an FHA loan calculator to estimate your monthly payment. - Gather Financial Documents
Pay stubs, tax returns, and bank statements are required for approval. - Find an FHA-Approved Lender
Utilize a Michigan lender that has a specialty in FHA loans.
See What You Qualify For
Discover the Perfect Home with See Open Homes
Once you’re pre-approved, step two is to find your dream home. View Open Homes makes home hunting easy by giving you direct access to open houses without agent commissions or scheduling headaches. Start searching today with SeeOpenHomes.com!
Go see Open Homes!
