The right loan can save you thousands and open doors you didn't know were available. You don't need to be an expert — that's what your lender and your agent are for — but a little knowledge goes a long way. Here are the options buyers ask about most.
Conventional loans
The most common option for buyers with solid credit. Put down as little as 3–5% (private mortgage insurance applies under 20% down), with flexible terms and competitive rates. Great for primary homes, second homes, and investment properties.
FHA loans
Backed by the Federal Housing Administration, FHA loans allow down payments as low as 3.5% and are more forgiving on credit — a popular path for first-time buyers.
VA loans
For eligible veterans, active-duty service members, and surviving spouses. VA loans often require no down payment and no monthly mortgage insurance — one of the strongest benefits available.
USDA loans
For qualifying buyers in designated rural and some suburban areas, USDA loans offer zero-down financing. Parts of the greater Metro Detroit region may qualify.
Jumbo loans
For homes priced above conforming loan limits — common in higher-end communities like Birmingham. Expect stricter credit and reserve requirements.
Which loan is right for you?
It depends on your credit, savings, service history, and goals. The best first step is a conversation with a trusted local lender — and Vence can connect you with professionals he trusts to get you pre-approved and ready to make strong offers.
- Talk to a lender and get pre-approved before you shop.
- Compare the full cost — rate, mortgage insurance, and closing costs — not just the monthly payment.
- Ask about down-payment assistance programs you may qualify for in Michigan.
Note: this is general information, not lending advice. Loan availability and terms vary by lender and by your individual situation.