Top 5 FHA Lenders in Michigan 2019
Home Buyers looking for the best lenders in Michigan have a lot of shopping around to do. Michigan is home to almost 10 million people, and with today’s mortgage rates as low as they are, the housing market is ready for serious home buyers. Home values here increased by an incredible 9.0% percent between December 2017 and December 2018, and are estimated to rise another 7.6% in the next year. So, while Michigan’s rate of housing growth might be predicted to slow down a tiny bit in the next 12 months, it’s still considered an extremely hot housing market by the experts.
The current trend of rising home values makes it the prime time for home buyers on the market for a mortgage loan to do everything they can to keep their housing costs as low as possible. Getting a great mortgage would probably be the best place to start. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in Michigan and how they can help you on your quest to home ownership.
2019 Michigan FHA Lender Best Picks
Best for First Time Home Buyers: Riverbank Finance
Best Online Experience: Guaranteed Rate
Best Local Lender: AmeriFirst Mortgage
Best Face-to-Face Experience: Michigan Mortgage Solutions
Best Overall Performance: Quicken Loans
#1 Michigan FHA Lender: Riverbank Finance
Riverbank Finance is a locally owned lender based in Grand Rapids, Michigan, which makes it ideal for borrowers who want to shop locally. In fact, their website advertises the fact that you can easily talk to the two owners and members of their friendly staff-- not just some nameless call center employee.
While Riverbank Finance may be great for those who like an in-person touch, it might not be best for those who want to take care of everything online or with a mobile app. Most of Riverbank’s application process is done on the phone or in person, and isn’t quite as high tech as some of its competitors.
#2 Michigan FHA Lender: Quicken Loans
Quicken Loans is on a lot of our top FHA lender lists-- and for a good reason. In January 2018, Quicken Loans became the largest retail mortgage lender in the United States, which is just the latest step in its efforts to dominate the mortgage industry. Quicken Loans is gaining traction for a variety of reasons-- but mainly for its user-friendly online mortgage application platform, which allows borrowers to enter all the appropriate information and documentation in just minutes.
The major drawback of Quicken Loans (at least for some customers) is the fact that Quicken is a very digital company. This means that, in many cases, it can be difficult, near impossible, for borrowers to meet with a mortgage broker in person. However, Quicken Loans has call centers full of representatives, so as long as you’re okay speaking with someone online or over the phone, you should be absolutely fine.
#3 Michigan FHA Lender: Michigan Mortgage Solutions
Michigan Mortgage Solutions is a small mortgage lender and brokerage based in Pontiac, Michigan-- but despite its small size, it’s garnered impressive reviews. Michigan Mortgage Solutions prides itself on in-person service for both FHA and conventional loan borrowers and is a great choice if you prefer to deal with a real, live person.
On the other hand, being such a small shop, Michigan Mortgage Solutions doesn’t have much in the way of an online application, so it might not be a good choice for those who prefer to do everything digitally.
#4 Michigan FHA Lender: AmeriFirst Mortgage
AmeriFirst Mortgage is one of the largest lending franchises in the nation, with over 150 licensed loan consultants across the country. Despite being a large company, however, AmeriFirst was actually started in Michigan back in 1983, which means that if you choose AmeriFirst, you’ll still be shopping locally.
In addition to specializing in FHA home financing, AmeriFirst Mortgage is the largest USDA rural housing lender in the state of Michigan, and one of the fastest growing private companies in the United States, both which add a reputational boost to this emerging Michigan-based lender.
#5 Michigan FHA Lender: Guaranteed Rate
Guaranteed Rate is currently the 6th largest mortgage lender in the U.S., with 317 locations and nearly 3,500 employees. While it does business in all 50 states, it’s particularly popular in Michigan. Like Quicken Loans, Guaranteed Rate is particularly well known for its fast and easy online mortgage application and super-low rates. In general, however, Guaranteed Rate is more focused on having in-person locations when compared to Quicken Loans, which makes it ideal for borrowers who prefer a personal touch.
Shop Around Before You Get a Michigan FHA Loan
Our picks for the best FHA lenders in Michigan may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. As a home buyer, regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!