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Essential real estate and mortgage resources for Michigan home buyers, sellers, and realtors — all in one place.
Frequently Used
- Michigan Property Tax EstimatorEstimate property taxes for Michigan homes.
- Michigan Township LinesLook up Michigan township boundaries and correct property tax jurisdictions.
- BSA Public Record Property Tax Look UpSearch public property tax records in Michigan.
- Oakland County Property Tax Look UpLook up property tax records for Oakland County, Michigan.
To protect against artificial property value inflation, mortgage programs enforce strict percentage caps on how much a seller can contribute. These caps apply to either the total purchase price or the appraised value, whichever is lower.
| Loan Program | Max Seller Concession | Key Financing Requirements & Rules |
|---|---|---|
| Conventional | 3% - 9% | Varies by Down Payment / LTV on primary residences: 3% down to less than 10% = 3% max; 10% to 20% down = 6% max; ≥ 25% down = 9% max. |
| Investment | 2% | Investment properties are capped at a flat 2% regardless of down payment or LTV. This applies to non-owner-occupied 1–4 unit properties purchased as rentals or investment assets. |
| FHA | 6% | Flat 6% cap regardless of down payment. Contributions above 6% require a dollar-for-dollar reduction in purchase price. |
| VA | 4% | Covers non-allowable fees, prepaid items, and discount points. Concessions beyond 4% must reduce the loan amount. |
| USDA | 6% | Flat 6% cap. Seller contributions cannot exceed actual closing costs; excess must be applied to principal reduction. |
| Jumbo | 2–6% | Varies by lender and LTV. Most lenders cap at 2–3% for LTV ≥ 90%; up to 6% allowed at lower LTV ratios. |
Additional References
- CFPB Mortgage ToolsConsumer Financial Protection Bureau mortgage resources.
- HUD – Helping Americans Buy a HomeHUD resources for home buyers.
- Michigan Association of RealtorsProfessional resources for Michigan real estate agents.
- Credit Repair Service MyCreditGuy.comProfessional credit repair to help buyers qualify.
Maximum seller concessions by financing type. Caps apply to the lower of purchase price or appraised value.
| Financing Type | Max Concession | Requirements & Rules |
|---|---|---|
| Conventional | 3% - 9% | Varies by Down Payment / LTV on primary residences: 3% down to less than 10% = 3% max; 10% to 20% down = 6% max; ≥ 25% down = 9% max. |
| Investment | 2% | Investment properties are capped at a flat 2% regardless of down payment or LTV. This applies to non-owner-occupied 1–4 unit properties purchased as rentals or investment assets. |
| FHA | 6% | Flat 6% cap regardless of down payment. Contributions above 6% require a dollar-for-dollar reduction in purchase price. |
| VA | 4% | Covers non-allowable fees, prepaid items, and discount points. Concessions beyond 4% must reduce the loan amount. |
| USDA | 6% | Flat 6% cap. Seller contributions cannot exceed actual closing costs; excess must be applied to principal reduction. |
| Jumbo | 2–6% | Varies by lender and LTV. Most lenders cap at 2–3% for LTV ≥ 90%; up to 6% allowed at lower LTV ratios. |
Requirements & Rules
Varies by Down Payment / LTV on primary residences: 3% down to less than 10% = 3% max; 10% to 20% down = 6% max; ≥ 25% down = 9% max.
Requirements & Rules
Investment properties are capped at a flat 2% regardless of down payment or LTV. This applies to non-owner-occupied 1–4 unit properties purchased as rentals or investment assets.
Requirements & Rules
Flat 6% cap regardless of down payment. Contributions above 6% require a dollar-for-dollar reduction in purchase price.
Requirements & Rules
Covers non-allowable fees, prepaid items, and discount points. Concessions beyond 4% must reduce the loan amount.
Requirements & Rules
Flat 6% cap. Seller contributions cannot exceed actual closing costs; excess must be applied to principal reduction.
Requirements & Rules
Varies by lender and LTV. Most lenders cap at 2–3% for LTV ≥ 90%; up to 6% allowed at lower LTV ratios.