Yes: in Michigan, mortgage loan officers need a state license issued by the Michigan Department of Insurance and Financial Services (DIFS). You can check a name yourself on NMLS Consumer Access.
Mortgage loan officers in Michigan: what buyers ask
What first-time buyer programs does Michigan offer?
In Michigan, the City of Detroit's Down Payment Assistance Program offers up to $25,000 for down payment, prepaids and closing costs to households below 80% of area median income ($83,850 for a household of four). The Michigan State Housing Development Authority (MSHDA) runs the state's homebuyer education network.
What does an FHA loan require?
FHA loans need 3.5% down with a 580 credit score. Upfront mortgage insurance is 1.75% and the annual premium is 0.55% at 96.5% LTV.
Check a mortgage loan officer yourself
- License required · Michigan Department of Insurance and Financial Services (DIFS)
- Titles you will see: Mortgage loan originator
- Check a name yourself: NMLS Consumer Access (we could not open this search page ourselves)
The 10 sectors of Detroit
Claytown · Warrendale · Bagley · Springwells · Brightmoor · Warren Ave Community · Franklin Park · Central Southwest · Barton-McFarland · Crary/St Marys