Detroit Michigan
Mortgage Lender.
Detroit's housing market is not one market. It is dozens of neighborhood markets stacked on top of each other -- from revitalized Corktown and Midtown trading at $220,000 to $250,000, to investment corridors where properties change hands well below $50,000, to Wayne County suburbs where the median runs close to $200,000. Kirby and Angie are licensed statewide in Michigan and serve Detroit area buyers wherever the transaction takes them -- including the growing number of Detroit residents making the move to Northern Michigan.
Kirby and Angie are licensed statewide in Michigan and serve Detroit and Wayne County buyers with FHA, conventional, VA, investment property, and DSCR loans. Detroit's city-wide median runs approximately $78,000 to $95,000, while revitalized neighborhoods like Corktown ($250K) and Midtown ($220K) trade significantly higher. Wayne County overall shows a median around $197,000. FHA is highly relevant at Detroit's price point. Detroit is also a significant origin market for buyers relocating to Northern Michigan, where K&A's primary expertise lies.
Detroit is not one market -- it is many.
Understanding Detroit real estate requires a hard reset on how you think about median prices. The city-wide median -- around $78,000 to $95,000 depending on the data source -- reflects the full spectrum of Detroit's housing stock, which includes a large inventory of distressed, vacant, and minimally valued properties that significantly pull the median down. Those aggregate numbers do not describe what is happening in Detroit's revitalized neighborhoods, which are active, appreciating, and serving a growing population of buyers who want urban character at prices that remain accessible compared to comparable neighborhoods in other major cities.
Corktown -- Detroit's oldest neighborhood, anchored by Ford's Michigan Central Station redevelopment -- has a median around $250,000, up approximately 5% year-over-year. Midtown, adjacent to Wayne State University and the Detroit Institute of Arts, runs around $220,000. Indian Village, Boston-Edison, and the University District have preserved historic housing stock with active buyer demand. Meanwhile, Detroit proper saw an 18.1% increase in median sale price in 2024, bringing the MLS-reported city median to $94,500 -- the highest recorded appreciation rate of any major market in Michigan that year. Pending sales in late 2024 reached their highest levels since 2021.
FHA Loans -- The Primary Tool for Detroit Buyers
FHA is the most relevant conventional mortgage program for many Detroit buyers given the city's price point, the flexibility on credit history, and the low 3.5% down payment. At a $95,000 median, the down payment barrier is lower in absolute dollar terms than almost any other Michigan market -- which is why the primary obstacle for many Detroit buyers is credit qualification rather than savings accumulation. FHA's ability to work with credit scores as low as 580 and its more forgiving history requirements make it the entry point for a significant share of primary residence buyers in the city.
Property condition is an important consideration in Detroit. FHA has minimum property condition requirements -- functioning mechanical systems, no significant structural issues, operable windows and doors. Properties that need substantial work may require an FHA 203(k) renovation loan rather than a standard purchase loan, or a conventional purchase with planned renovation financing. We assess condition considerations when you bring us a property address.
Investment Property Lending in Detroit's Market
Detroit's combination of low entry prices and strong rental demand -- with more than half of city residents renting rather than owning -- has made it one of the most active investment property markets in Michigan. Conventional investment property loans are available with 15% down for single-family rentals. DSCR loans qualify based on the property's rental income rather than personal income -- particularly useful for self-employed investors or those with multiple properties. Detroit's rental market strength means DSCR projections on well-located properties can be compelling. Due diligence on property condition, rental ordinance compliance, and neighborhood trajectory is critical before any Detroit investment purchase.
Detroit to Northern Michigan -- A Real Relocation Pattern
Northern Michigan is consistently cited as one of the top out-of-metro destinations for Detroit area homebuyers in migration data. The combination of remote work flexibility, Northern Michigan lifestyle, and the contrast between Detroit's urban pace and Northern Michigan's rural character drives a consistent relocation flow. Kirby and Angie's primary offices and deepest expertise are in Northern Michigan. For Detroit residents considering that move -- or purchasing Northern Michigan property as a second home while remaining in the metro -- this is the central part of our business.
- FHA with 3.5% down and flexible credit for Detroit primary residence buyers
- Conventional loans for buyers with stronger credit and some down payment
- VA zero-down for eligible veterans throughout Wayne County
- Conventional investment property loans with 15-25% down
- DSCR loans qualifying on rental income for Detroit investors
- MSHDA MI 10K DPA where zip code qualifies
- Northern Michigan purchase loans for Detroit residents buying up north
Detroit neighborhood prices vary enormously.
The city-wide median does not tell the story. Here is a more granular look at neighborhood-level pricing.
Prices are approximate and vary significantly within neighborhoods. Data sourced from multiple 2024-2025 sources. Market conditions change -- verify current pricing with local agent.
Detroit residents are moving to Northern Michigan.
Northern Michigan is consistently one of the top out-of-metro destinations for Detroit area homebuyers. Traverse City, Petoskey, Cadillac, and the broader Northern Michigan region attract Detroit residents seeking outdoor lifestyle, remote work flexibility, and a pace of life that urban Michigan does not offer. Kirby and Angie are based in Northern Michigan -- our primary offices are in Traverse City and Manton. For Detroit residents making this move, we know both ends of the transaction.
Programs for Detroit and Wayne County buyers.
Detroit's price point and neighborhood diversity create specific financing needs. Here is what matters most for buyers in this market.
FHA Loans
The primary entry program for Detroit primary residence buyers. 3.5% down, credit scores as low as 580, and flexible qualification on credit history. At Detroit's price point, FHA makes homeownership achievable for buyers with limited savings but stable income. Property condition requirements apply.
Learn More →Conventional Loans
For Detroit buyers with stronger credit and some down payment, conventional offers the most flexibility. Also the primary tool for Wayne County suburban purchases and investment properties throughout the metro.
Learn More →VA Loans
Zero down, no mortgage insurance for eligible veterans throughout Wayne County. Detroit and Metro Detroit have a significant veteran population. VA is almost always the strongest program for those who qualify.
Learn More →DSCR Investment Loans
Detroit's strong rental market and low entry prices make it an active investment market. DSCR loans qualify based on the property's rental income -- no W-2 or tax returns required. Careful due diligence on condition and rental compliance required.
Learn More →MSHDA Down Payment Assistance
Up to $10,000 in down payment and closing cost assistance where zip code qualifies. At Detroit's price point this can cover a very significant share of upfront costs. We verify zip code eligibility on every application.
Learn More →Northern Michigan Purchase Loans
Detroit to Northern Michigan is one of Michigan's strongest relocation flows. Whether primary move, second home, or investment property up north, our primary offices and expertise are there. USDA, conventional, jumbo, construction -- we handle all of it.
See All Programs →Detroit mortgage questions answered.
Buying in Detroit or making the move north?
Licensed statewide in Michigan. FHA, conventional, VA, investment, DSCR -- or the Northern Michigan purchase you have been thinking about. We handle all of it.
Kirby and Angie Mortgage Loan Team | Union Home Mortgage | NMLS #2229229 | Angie Anderson NMLS #1999286 | Kirby Slocum NMLS #680817 | Licensed in Michigan, Ohio, and Indiana | Equal Housing Lender. All loans subject to credit approval and underwriting review. FHA property condition requirements apply -- properties must meet minimum habitability standards. Investment property loans subject to additional qualification requirements. Market data sourced from Redfin, Rocket Homes, SoFi, The Luxury Playbook, and Norada Real Estate 2024-2025 data. Neighborhood prices are approximate and subject to change. Information for educational purposes only and does not constitute a loan commitment.
