The Best Mortgage Lenders in Detroit, MI
Compare verified mortgage lenders serving Detroit, Michigan. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Detroit
Featured Mortgage Lenders
Michigan First Credit Union Mortgage Department
Michigan First Credit Union
Michigan First Credit Union stands as one of Detroit's most trusted mortgage lenders with deep community roots spanning nearly a century. Their mortgage team consistently receives exceptional ratings for personalized service, competitive rates, and guidance through complex loan scenarios. As a member-owned institution, they prioritize customer satisfaction over profits, offering comprehensive mortgage solutions with local underwriting and decision-making. Their extensive experience with Detroit-area real estate and strong relationships with local real estate professionals make them a top choice for homebuyers throughout Metro Detroit.
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Paramount Bank Mortgage Division
Paramount Bank
Paramount Bank has built an outstanding reputation as a premier mortgage lender serving the Detroit metropolitan area with exceptional customer service and competitive loan products. Their mortgage specialists are praised for their responsiveness, expertise with complex transactions, and ability to close loans efficiently. The bank's local presence allows for personalized service and deep understanding of Detroit's unique housing market. With nearly three decades of mortgage lending experience, they offer sophisticated financial solutions while maintaining the personal touch of a community bank, making them particularly strong for jumbo loans and investment properties.
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Union Home Mortgage Corp.
Union Home Mortgage
Union Home Mortgage brings decades of mortgage expertise to Detroit homebuyers with a strong regional presence and national capabilities. Their team of local loan officers receives consistent praise for their deep market knowledge, transparent communication, and ability to navigate challenging loan scenarios. The company excels at providing customized mortgage solutions with competitive rates and flexible terms. Their extensive experience with all loan types, particularly government-backed FHA and VA loans, combined with their commitment to community involvement in Metro Detroit, makes them a top-tier choice for buyers seeking reliable, professional mortgage services.
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Frequently Asked Questions
Common questions about mortgage lending in Detroit, MI
Are there any special mortgage programs available for buying a home in Detroit?
Yes, Detroit offers several local programs to assist homebuyers. The Detroit Home Mortgage program helps with both purchase and renovation costs, while the MI Home Loan program offers competitive rates and down payment assistance statewide. Additionally, the city's Land Bank Authority provides special financing options for purchasing city-owned properties.
What are typical down payment requirements for Detroit homes given the city's lower property values?
While Detroit's median home prices are lower than national averages, most lenders still require 3-5% down for conventional loans. However, many Detroit buyers qualify for FHA loans with 3.5% down, and some local programs like the Detroit Home Mortgage can reduce this requirement further, making homeownership more accessible.
How does Detroit's property tax system affect mortgage qualification?
Detroit has higher property tax rates than many Michigan suburbs, which lenders factor into your debt-to-income ratio. However, the city offers several tax relief programs including the Homeowner's Property Tax Assistance Program (HPTAP) and poverty tax exemptions that can significantly reduce this burden for qualifying homeowners.
Are there special considerations for getting a mortgage on a renovated vs. non-renovated home in Detroit?
Yes, this is crucial in Detroit's varied housing market. For non-renovated homes, you'll likely need a renovation loan like the FHA 203(k) or Detroit Home Mortgage. For recently renovated properties, standard financing applies but ensure the renovation was permitted and meets current building codes, as this affects appraisal values.
What first-time homebuyer programs are specifically available for Detroit residents?
Detroit offers several first-time buyer initiatives including the Detroit Home Mortgage program, which provides up to $75,000 in gap financing for renovations. The Michigan State Housing Development Authority (MSHDA) offers down payment assistance up to $10,000, and the City of Detroit also provides matching funds for savings through individual development accounts.
Why Choose a Mortgage Lender in Detroit?
Local Market Knowledge
Lenders who understand Detroit's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Michigan.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Detroit and get competitive rates on your home loan.