Michigan Mortgage Guide
Complete Michigan mortgage guide with median home prices, property tax rates, denial rates, and down payment assistance programs for 2026.
In Michigan, the median home price is $257,499 and median household income is $69,183. The mortgage denial rate for home purchases is 12.93% according to 2025 HMDA data. 3 down payment assistance programs are available, including MI 10K DPA Loan (Up to $10,000 interest-free loan for down payment, closing costs, and prepaids; deferred until sale, refinance, or payoff.).
Michigan at a Glance
Median prices based on 2025 FHFA data. Income from 2024 Census ACS. Denial rates from 2025 HMDA data.
Mortgage Calculator for Michigan
Estimate your monthly payment with the interactive Michigan mortgage calculator. Includes property taxes, mortgage insurance, and down payment assistance programs.
Open Calculator →Mortgage Denial Rates in Michigan
In 2025 Home Mortgage Disclosure Act (HMDA) data for home purchases, Michigan logged 159,421 final-action applications. The mortgage denial rate was 12.93% and the originated share was 67.27%.
These figures show aggregated market outcomes, not an individual buyer's approval odds. Use these figures as context, not a prediction.
Down Payment Assistance Programs in Michigan
MI 10K DPA Loan
Michigan State Housing Development Authority (MSHDA)
Up to $10,000 interest-free loan for down payment, closing costs, and prepaids; deferred until sale, refinance, or payoff.
First-Generation DPA
MSHDA
Up to $25,000 deferred loan for first-generation homebuyers whose parents have not owned a home in the last three years.
MI Home Loan
MSHDA
Statewide mortgage program for first-time homebuyers with income and purchase price limits; can be paired with MI 10K DPA.
Michigan County Calculators
These calculators use local tax and benefit data for each county.
Denial: 12.35% · Tax: 1.80% · 1 DPA programs
Denial: 12.74% · Tax: 1.50% · 1 DPA programs
Denial: 13.92% · Tax: 1.70% · 1 DPA programs
Denial: 10.68% · Tax: 1.60% · 1 DPA programs
Denial: 13.53% · Tax: 1.60% · 1 DPA programs
Denial: 15.57% · Tax: 2.20% · 1 DPA programs
Michigan City Calculators
These calculators include local taxes, closing costs, and assistance programs for each city.
Michigan Mortgage FAQ
What is the median home price in Michigan?
The median home price in Michigan is approximately $257,000 as of 2025, based on FHFA housing price index data.
Does Michigan have down payment assistance programs?
Yes. Michigan offers MI 10K DPA (up to $10,000 interest-free), First-Generation DPA (up to $25,000 for first-generation buyers), and MI Home Loan for first-time buyers.
What is the mortgage denial rate in Michigan?
The statewide mortgage denial rate for home purchases in Michigan is 12.93% based on 2025 HMDA data, above the national average.
How do Michigan property taxes compare to other states?
Michigan has moderate to high property taxes, averaging around 1.32%, above the national average. The state offers a homestead property tax credit for qualifying homeowners.