Metro Detroit home financing
Know what you can own before you fall for a house.
The buyers who win in this market walk in pre-approved, with a number in writing and a lender who answers the phone. We will introduce you to lenders we have actually closed with, explain the options in plain English, and you choose. No pressure, no obligation, and you are free to use anyone you like.
How financing goes with us
Five steps, in the right order
- Get pre-approved firstBefore the Saturday tours, not after. It tells you what you can actually own and it makes your offer count when there are three on the table.
- Compare two or three lendersRate, fees, and responsiveness. The cheapest quote that cannot close on time costs you the house.
- Keep your finances stillNo new debt, no job changes, no big unexplained deposits while you shop. The pre-approval only holds if the picture it was built on does.
- Tour with a number in handWe search the price range you are approved for, so every home you walk through is one you could actually own.
- Lock, appraise, closeOnce you are under contract, the lender orders the appraisal and the clock starts. We stay on top of both sides so the closing date holds.
Already have a pre-approval? Good. Send it over with your listing alerts and we will search the range you are approved for.
The options, without the jargon
Four ways most Metro Detroit buyers finance a home
Conventional
The standard loan for buyers with solid credit. As little as 3 percent down for qualified first-time buyers; put 20 percent down and you skip mortgage insurance.
FHA
3.5 percent down with more flexible credit requirements. A common starting point for first-time buyers, with mortgage insurance built into the payment.
VA
For eligible veterans, active-duty service members and some surviving spouses. Zero down, no mortgage insurance, and competitive rates. One of the best benefits in lending if you have earned it.
Michigan programs
MSHDA down payment assistance and local city or employer programs can cover part of your down payment and closing costs if you qualify. Ask, because the rules change and most buyers never do.
Rates, limits and program rules change through the year. A lender will confirm what applies to you today; this page is here to make that conversation shorter.
Questions we get
Straight answers about financing
What is the difference between pre-qualified and pre-approved?
Pre-qualified is a conversation. Pre-approved is a lender pulling your credit, checking your income and assets, and putting a number in writing. Sellers and listing agents only take the second one seriously, and in a multiple-offer situation it is often the difference between winning and not being considered.
Do I really need 20 percent down?
No. Conventional loans go as low as 3 percent down for qualified buyers, FHA is 3.5 percent, and VA and USDA loans can be zero down for eligible buyers. Twenty percent avoids mortgage insurance, which is a cost worth understanding, but it is not the price of admission.
Does getting pre-approved hurt my credit?
One mortgage inquiry has a small, temporary effect. Multiple mortgage inquiries inside a short shopping window are treated as one by the scoring models, so you can compare two or three lenders without being penalized for it.
How long is a pre-approval good for?
Most lenders issue them for 60 to 90 days and will refresh it if your search runs longer. Keep your finances steady while you shop: no new car, no new credit cards, no large unexplained deposits, and do not change jobs without talking to your lender first.
Are there programs for first-time buyers in Michigan?
Yes. The Michigan State Housing Development Authority (MSHDA) offers down payment assistance for eligible buyers, and some cities and employers run their own programs. Eligibility rules and amounts change, so ask your lender what you qualify for today rather than relying on last year's numbers.
Do I have to use a lender you recommend?
No. We will introduce you to lenders we have closed with and whose loans actually get to the closing table on time, because that is what protects your deal. You are free to use anyone you like. Our advice is to compare the rate, the fees and how fast they answer the phone.
I own a home now. Should I sell first or buy first?
It depends on your equity, your cash, and how the two closings can line up. A lender can tell you whether you qualify carrying two payments for a short stretch, and we plan the dates backward from there so it is one plan instead of two agents guessing. Tell us both halves up front.
Start with the number, then start with the search.
Pre-approval first. It is the one step that makes every other step easier.