Michigan Mortgage Resource Center
Whether you're a self-employed business owner in Detroit, a real estate investor in Grand Rapids, or a first-time buyer in Ann Arbor, finding the right mortgage in Michigan shouldn't be complicated.
Ultimate Mortgage Brokers serves borrowers across the state with mortgage programs designed for people who don't fit the traditional lending mold. From bank statement loans to DSCR investment financing, we match Michigan borrowers with the right program for their situation.
Michigan Mortgage Market Overview
Michigan's housing market offers strong value compared to national averages. The statewide median home price sits at approximately $267,500 to $271,700, reflecting a steady 3.4% to 4.9% year-over-year increase.
Key market indicators:
- Median home price: $267,500 to $271,700
- Year-over-year appreciation: 3.4% to 4.9%
- Average days on market: 49 days
- Sale-to-list ratio: 98%
- Housing supply: approximately 1.8 to 3 months (leaning toward seller's market)
This combination of affordable pricing and steady appreciation makes Michigan an attractive market for both homebuyers and investors.
Michigan Cities We Serve
Detroit Metro Area
Detroit continues its recovery with significant momentum. The city proper saw an 18.1% median price increase, bringing the city's median to around $94,500. Wayne, Oakland, and Macomb counties experienced over 10% appreciation in 2024 alone.
For self-employed borrowers: Detroit's strong small business community, particularly in the automotive supply chain, manufacturing, and emerging tech sectors, creates significant demand for bank statement and 1099 income mortgage programs.
For investors: Detroit offers some of the most affordable entry points in the Midwest for rental properties, fix-and-flip opportunities, and portfolio building.
Grand Rapids
Grand Rapids features a median listing price around $300,000 with strong corporate foundations and a vibrant downtown. The market is forecasted to see 3.2% growth.
For self-employed borrowers: Grand Rapids' growing freelance economy and small business sector make non-QM mortgage programs a natural fit.
For investors: Steady rental demand, strong appreciation, and a diversified economy make Grand Rapids attractive for buy-and-hold investors.
Ann Arbor
Ann Arbor commands higher prices driven by the University of Michigan's presence and a strong knowledge-economy workforce. The market is competitive but offers stability.
For investors: The university creates consistent rental demand year-round, making Ann Arbor properties strong candidates for DSCR financing.
Lansing and Kalamazoo
Both markets offer affordable entry points with growing demand. State government employment in Lansing and Western Michigan University in Kalamazoo provide stable economic anchors.
Loan Programs Available in Michigan
For Self-Employed Borrowers
- Bank Statement Loans: Use 12-24 months of bank statements instead of tax returns. Ideal for business owners whose write-offs reduce qualifying income.
- 1099 Income Mortgages: Qualify using your 1099 forms. Designed for independent contractors and freelancers.
- Asset Depletion Loans: Use your liquid assets to qualify. Perfect for high-net-worth individuals and retirees.
- No Income Verification Options: Alternative documentation programs with streamlined paperwork.
Complete guide to self-employed mortgages
For Real Estate Investors
- DSCR Loans: Qualify based on rental income, not personal income. No property count limits.
- Fix-and-Flip Financing: Short-term loans covering purchase and renovation costs.
- Bridge Loans: Temporary financing for acquisitions and transitions.
- Portfolio Loans: Flexible financing for large or unique property portfolios.
Complete guide to investment property financing
Additional Programs
- Conventional Mortgages: Traditional financing for qualified borrowers
- HELOC: Fast home equity access with 5-minute pre-approval
Michigan Lending Landscape
Michigan does not require a state-specific mortgage license beyond the federal NMLS requirements. Borrowers benefit from:
- No state income tax on retirement income (relevant for asset depletion borrowers)
- Competitive property tax rates that vary by county
- Strong consumer protection laws
- Active real estate market with steady appreciation
Why Choose Ultimate Mortgage Brokers in Michigan
- Local expertise: Our team knows the Michigan market, from Detroit's recovery to Grand Rapids' growth to Ann Arbor's competitive landscape.
- Self-employed specialists: We understand the unique challenges Michigan business owners face when applying for mortgages.
- Investor-friendly: We work with investors at every stage, from first rental to large portfolio.
- Fast processing: Streamlined applications with 30 to 45 day closing timelines.
