Mortgage Loans in Michigan

Whether you want to live in the great city of Detroit or the suburbs of Kalamazoo, our team can help you get pre-approved for a loan in as little as 24 hours. We serve the following areas:

Applying for and obtaining a home loan in Michigan works similarly to how it does in any other state. The process mostly depends on your lender.

Many people choose to get pre-approved for a Michigan mortgage first to determine what they can afford before they begin their house-hunting journey. However, a pre-approval is not required for obtaining a loan.

Once you’ve worked with a realtor or found a house on your own, you’ll need to start the mortgage loan process. All you have to do is fill out our simple online mortgage application, where we’ll gather the information that allows us to determine whether or not you qualify and can be approved for a home loan. After you’ve been approved, you can put down an offer on the house you want.

After the offer has been accepted and you’ve closed on the home, you will begin paying back the loan immediately in monthly installments. The total amount you’ll pay each month is determined by the type of loan you were approved for and the interest rate determined by your lender.

Requirements for obtaining a home loan will depend on the requirements set by each mortgage lender in Michigan. General requirements set by mortgage companies in Michigan may include:

A minimum credit score

The minimum credit score you need to qualify for a home loan in Michigan is determined by the lender and the type of loan. We recommend doing your research to find out if your credit score qualifies you for a loan before applying. However, generally speaking, the higher your credit score, the better.

Income verification

All mortgage lenders in Michigan will verify your income to ensure that you’re able to make the monthly payments. When you apply for a mortgage loan in Michigan, an underwriter may verify your income in a number of ways. They may ask for pay stubs, bank statements, or tax returns, typically going back at least two years.

Debt-to-income (DTI) ratio

Mortgage companies in Michigan need to make sure you’re not in too much debt to be able to pay back your loans. Almost everyone has debts, from car notes to student loans, so it’s important that the lender finds out your DTI ratio to determine how much money you have going out each month versus how much income you’re making each month.

Generally speaking, your DTI ratio to qualify for a loan should be at or below 43%

Down payment

The down payment required depends on several factors including the type of loan you’re applying for, your lender’s preferences, and your financial situation. For example, an FHA loan may only require a 3.5% minimum down payment, while conventional loans may require 5-20% down. In most cases, lenders will allow you to put less than 20% down, but you’ll have to have Michigan mortgage insurance PMI, which will increase the total amount you pay monthly. Griffin Funding offers flexible underwriting terms to our borrowers to help them achieve their dreams of homeownership.

We offer competitive rates with each of our Idaho home loan options. Our loan officers can help you find the right mortgage program for your unique situation. Our programs include: 

All of our loan programs offer competitive interest rates. They include:

• DSCR Loans: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan.
  
• Bank Statement Loans: For Michigan home buyers who are professionally contractors, or self-employed, a bank statement loan may be the best option for getting a mortgage. Instead of using W2’s and tax documents to determine creditworthiness, a bank statement loan looks at your bank statements to determine what you can qualify for.
• Asset-Based Loans: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing.
  
• Home Equity Loans: Michigan homeowners who have built up equity in their home, and need access to cash, could benefit from a HELOAN. As a second loan, you can get access to the cash you need, while also leaving your low first mortgage loan rate at its historic low.
• FHA Loans for First-Time Home Buyers: Ideal for first-time homebuyers who can’t afford a 20% down payment, the FHA Loan in Michigan allows for down payments as low as 3.5%.
  
• VA Home Loans: VA loans provide benefits to veterans, surviving spouses, and active-duty service members, including the option to put 0% down.
• USDA Loans: These loans are designed to help low-to-moderate income buyers qualify for homes in approved rural areas. A USDA loan requires a minimum of a 640 credit score and helps buyers purchase with little to no money down.
• Investment Property Loans: Investment property loans can help you purchase a home to rent out for additional income or flip for a profit.
  
• ITIN Loans: For Foreign Nationals looking to purchase homes, or investment properties in Michigan, we can help with an ITIN loan, which does not require a Social Security Number.

We provide a flexible and streamlined underwriting process that can help you get into a home faster and easier.

Michigan home loan rates and fees vary depending on the lender. Some fees associated with your mortgage loan include:

Factors such as the economy, inflation, and unemployment rate cause mortgage rates to fluctuate regularly. However, when it comes to yours specific interest rate on your home loan, it’s usually determined by:

Live in the suburbs, near the beach, or in the city. All of these options are available to you in Michigan when you work with Griffin Funding to obtain a home loan.

Between looking for a house, managing your finances, and closing once you’ve found a house, you don’t need one more task that’s complicated and stressful. Our home loan process is as simple as starting your online application or calling to talk to one of our loan officers about our offerings.

Begin the application online or request a free home loan quote today!