Conventional
3% down
Most popular for buyers with 5%+ down and 620+ FICO
Mortgage Rates in Detroit, MI
Current mortgage rates in Detroit for conventional, FHA, VA and jumbo loans. Wayne County expertise, Detroit Down Payment Assistance, MSHDA programs and fast closings across metro Detroit.
No credit impact to see your personalized rates. Pre-qualification is a soft pull.
Why Detroit buyers choose TouchPoint
- Local expertise across the metro
- Same-day pre-qualification
- Closings in 18–25 days, not 45
- NMLS-licensed loan officer available when you need one
- 24/7 AI assistant (Ava) for any question, no pressure
Loan programs available in Detroit
FHA
3.5% down
Best for first-time buyers, lower credit scores OK
VA
0% down
Eligible veterans, active-duty and surviving spouses
Jumbo
to $1M+
Higher-value homes in Birmingham, Royal Oak, Bloomfield Hills
MSHDA
Up to $10K
Michigan State Housing Development Authority loans
Detroit DPA
Up to $25K
Detroit-specific down payment assistance for income-eligible buyers
Detroit market snapshot
| Median home price | $180,000 |
|---|---|
| Property tax rate | ~3.0% effective (Wayne County) |
| Transfer tax | ~$0.10 per $500 of value |
| Typical days on market | 28 days |
Market data is approximate and based on recent county-level trends. Actual figures vary by neighborhood and property type. TouchPoint does not guarantee any specific rate or term.
Areas we serve in and around Detroit
Birmingham, Royal Oak, Bloomfield Hills, Troy, Dearborn, Grosse Pointe, Corktown, Midtown, Brush Park, Downtown Detroit
Frequently asked questions about mortgages in Detroit
What credit score do I need to buy a house in Detroit?
Conventional loans typically require 620+, FHA loans accept 580+ with 3.5% down (or 500-579 with 10% down). VA loans have no official minimum but most lenders want 580-620. TouchPoint works with borrowers across the full credit spectrum.
How much are property taxes in Detroit / Wayne County?
Wayne County has among the highest effective property tax rates in the U.S., around 3.0% of assessed value annually. The city of Detroit itself assesses at roughly 50% of market value, so a $200K home pays ~$3,000/year. Michigan's homestead property tax credit can lower this for owner-occupiers.
Does Detroit offer down payment assistance?
Yes. The Detroit Down Payment Assistance Program offers up to $25,000 in assistance for income-qualified buyers purchasing in the city of Detroit. Combined with MSHDA loans and the federal Mortgage Credit Certificate, Detroit is one of the more accessible markets in the country for first-time buyers.
How long does it take to close on a Detroit home?
Most purchases close in 18-25 days with TouchPoint. Wayne County recording can occasionally add 2-3 days during high-volume periods. Refis typically close in 14-21 days.
Ready to see your Detroit mortgage options?
Pre-qualify in about 60 seconds. No credit impact, no commitment, no pressure.
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