We specialize in Michigan home loans for purchase and refinance mortgages. Whether you are buying your first home in Grand Rapids, moving up to a larger house in Ann Arbor, or refinancing a mortgage anywhere in Michigan, Riverbank Finance has a loan program built to fit your goals. As an experienced Michigan mortgage lender, we offer a wide range of home loan options with competitive rates, low down payments, and fast closings.
3% Down Conventional Home Loans: Now available with as little as a 3% down payment! Get Your Rate Quote
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Answer a few quick questions and a licensed Michigan loan officer will follow up with your personalized quote — no obligation.
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Michigan Home Loan Options
There is no single “best” mortgage. The right Michigan home loan depends on your credit profile, savings, military status, and the home you want to buy. Here are the most popular programs we offer:
Michigan Conventional Home Loans
Conventional loans are the most common mortgage in Michigan, ideal for borrowers with solid credit. Down payments start at just 3%, and once you reach 20% equity, private mortgage insurance drops off, keeping your long-term monthly payment low. Ask about our 1% down conventional mortgage for qualifying buyers.
Michigan FHA Home Loans
Backed by the Federal Housing Administration, FHA loans allow down payments as low as 3.5% and are more forgiving of lower credit scores and past credit events. They are a popular choice for first-time homebuyers and borrowers rebuilding credit.
Michigan VA Home Loans
Veterans, active-duty service members, and eligible surviving spouses can buy a home in Michigan with no down payment and no monthly mortgage insurance. VA loans routinely offer some of the lowest rates available.
Michigan USDA Rural Development Loans
USDA loans offer 100% financing for homes in eligible rural and suburban areas, which covers a surprising amount of Michigan outside the major metro cores. Income limits apply, but no down payment is required.
Michigan Jumbo Home Loans
Buying above the conforming loan limit? Our Michigan jumbo mortgage programs finance luxury and high-value homes up to $5 million with as little as 10% down.
Michigan Vacation & Second Home Loans
Finance a cottage on the lakeshore or a second home up north with as little as 10% down. Second home loans use conventional financing with rates close to primary-residence pricing.
For more information on Michigan home loan options, call us at 800-555-2098 or apply online today!
Compare Michigan Home Loan Programs
| Program | Min. Down | Credit Score | Best For |
|---|---|---|---|
| Conventional | 1–3% | 620+ | Buyers with good credit who want low long-term costs |
| FHA | 3.5% | 580+ | First-time buyers and borrowers with lower credit |
| VA | 0% | 580+ | Veterans, active military, and surviving spouses |
| USDA | 0% | 640+ | Buyers in eligible rural and suburban areas |
| Jumbo | 10% | 680+ | Home purchases above the conforming loan limit |
Requirements vary by loan program and your overall financial profile. A licensed loan officer can compare your options side by side and show you the real monthly payment for each program.
First-Time Homebuyer Loans in Michigan
Buying your first home in Michigan is more affordable than many buyers expect. Between first-time homebuyer programs, low down payment conventional and FHA loans, and zero-down loan options, many first-time buyers get into a home with little money out of pocket. Even buyers working through credit challenges have options. See our guide to buying a home with bad credit.
Refinancing Your Michigan Home Loan
Already own a home? Refinancing your Michigan mortgage can lower your rate, shorten your term, remove mortgage insurance, or turn home equity into cash. Popular refinance options include:
- Cash-Out Refinance: Tap your home’s equity to consolidate debt, fund home improvements, or cover major expenses.
- FHA Streamline Refinance: Lower the rate on an existing FHA loan with reduced documentation, often with no appraisal.
- 15-Year Fixed Refinance: Pay off your home faster and save thousands in interest.
- Home Equity Loan / HELOC: Access equity without touching the low rate on your first mortgage.
Check today’s Michigan mortgage rates to see if refinancing makes sense for you.
How to Get Pre-Approved for a Michigan Home Loan
Why Choose Riverbank Finance for Your Michigan Home Loan?
Riverbank Finance LLC is a locally owned Michigan mortgage company based in Grand Rapids, serving homebuyers across the entire state. Because we work with a wide range of loan programs and investors, we shop your loan for competitive rates rather than fitting you into a one-size-fits-all product. Our licensed loan officers know Michigan’s markets. From Detroit and Lansing to Traverse City and the lakeshore. We handle your loan locally from application to closing.
Michigan Home Loan FAQs
What credit score do I need to buy a house in Michigan?
Most conventional loans require a credit score of 620 or higher, while FHA loans allow scores as low as 580 with a 3.5% down payment. VA loans are also flexible on credit. If your score is lower, we can review options for buying a home with bad credit or help you build a plan to qualify.
How much down payment do I need for a Michigan home loan?
It depends on the program. VA and USDA loans require no down payment for eligible borrowers, conventional loans start at 1–3% down, and FHA loans require 3.5% down. Down payment assistance may also be available for qualifying first-time buyers.
What is the best home loan for first-time buyers in Michigan?
Many first-time buyers choose an FHA loan for its flexible credit requirements or a 3% down conventional loan for its lower mortgage insurance costs. The best fit depends on your credit score, savings, and monthly budget. A loan officer can compare both side by side for you.
Can I get a home loan in Michigan with bad credit?
Yes. FHA loans are designed for borrowers with lower credit scores or past credit events such as bankruptcy or foreclosure, subject to waiting periods. We review your full profile, not just your score, to find a program that works.
How long does it take to close on a home loan in Michigan?
Most Michigan purchase loans close in about 30 days from an accepted offer, and refinances often close faster. Getting pre-approved before you shop and returning documents promptly are the best ways to keep your closing on schedule.
Should I refinance my Michigan mortgage?
Refinancing can make sense if you can lower your interest rate, remove mortgage insurance, shorten your loan term, or need to access home equity. We can run a break-even analysis showing exactly how long it takes for your savings to cover closing costs.
Is there a maximum loan amount for Michigan home loans?
Conventional loans follow the conforming loan limit, which is set annually by the FHFA. For purchases above that limit, our Michigan jumbo mortgage programs finance up to $5 million with as little as 10% down.
Still have questions? See all frequently asked mortgage questions or call a mortgage expert at 1-800-555-2098.
Contact Us
Ready to buy or refinance a home in Michigan? Call us at 800-555-2098 or apply online today! Our team of licensed Michigan loan officers will help you compare programs, lock a competitive rate, and close on time.
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