Michigan Home Loans | FHA, VA, Conventional & More | Home Loans By Tera
Michigan Home Loans

Michigan's Independent Mortgage Broker — Real Options, Real Guidance

Whether you're buying your first home in Metro Detroit, upgrading in Grand Rapids, or refinancing anywhere in Michigan — I shop 90+ lenders to find the right loan for you.

Start Your Pre-Qualification Takes 2–3 minutes · No commitment required
Explore Loan Programs
Licensed Statewide in Michigan 90+ Wholesale Lenders FHA, VA, Conventional & More Down Payment Assistance Available Reverse Mortgages Available
Michigan Loan Options

A Loan Program for Every Michigan Borrower

As a wholesale mortgage broker, I have access to programs through 90+ lenders — so you get real options, competitive rates, and a strategy built for your situation.

Home Purchase

FHA Loans

Government-backed loans with flexible credit requirements — a top choice for first-time Michigan home buyers.

As little as 3.5% down payment Flexible credit score requirements Down payment assistance eligible Available statewide in Michigan
Home Purchase

VA Loans

Exclusive to eligible veterans and active military — one of the best mortgage benefits available to Michigan veterans.

Zero down payment required No private mortgage insurance Competitive interest rates Available statewide in Michigan
Home Purchase

Conventional Loans

Flexible programs for buyers with solid credit — great for primary homes, second homes, and investment properties.

As little as 3% down No upfront mortgage insurance PMI removable at 20% equity Primary, second home & investment
Home Purchase

Down Payment Assistance

Michigan home buyers may qualify for grants and forgivable programs that reduce or eliminate the need for a down payment.

Grant and forgivable loan programs Stackable with FHA & conventional First-time and repeat buyer programs Multiple program options available
Refinance

Rate & Term Refinance

Lower your interest rate, reduce your monthly payment, or shorten your loan term on your Michigan home.

FHA, VA & conventional options Streamline refinance available Reduce payment or build equity faster Available statewide in Michigan
Refinance

Cash-Out Refinance

Tap into your Michigan home's equity to fund renovations, consolidate debt, or invest in additional real estate.

Access your built-up equity FHA & conventional options Debt consolidation eligible Home improvement financing
Specialty

Reverse Mortgages (HECM)

Michigan homeowners 62+ may convert home equity into funds — without giving up ownership of their home.

No monthly mortgage payment required Stay in your home as long as you choose FHA-insured HECM programs available Lump sum, line of credit, or monthly payments
Specialty

Construction & Renovation Loans

Finance a new build or major renovation across Michigan with programs that roll costs into your mortgage.

FHA 203(k) renovation loans Conventional renovation programs New construction financing One-time close options
Specialty

HELOC

A Home Equity Line of Credit gives you flexible access to your Michigan home's equity — use it when you need it.

Revolving line of credit Interest only during draw period Use for renovations, emergencies, or investment Competitive rates
Investor

DSCR Investor Loans

Qualify based on rental income — not personal income. Michigan investment properties with flexible guidelines.

No income verification required No tax returns or W-2s needed Short-term rentals eligible LLC closing available
Non-QM

Non-QM & Bank Statement Loans

Self-employed Michigan borrowers who can't qualify with traditional income documentation have real options here.

12–24 month bank statement programs 1099 income accepted No tax return required Flexible underwriting guidelines
Jumbo

Jumbo Loans

Purchasing a higher-priced Michigan home above conventional loan limits? Competitive jumbo financing available.

Loan amounts above conforming limits Primary, second home & investment Competitive wholesale rates Various down payment options
Get Your Numbers Takes 2–3 minutes · Helps us give you accurate options
Affordability Estimator

How Much Home Can You Afford in Michigan?

Get a quick estimate based on your income, debts, and down payment. These are ballpark numbers — your actual qualification depends on credit, loan type, and lender guidelines.

Your Financial Picture

$

Before taxes. Include all income sources.

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Car payments, student loans, credit cards, etc.

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Estimated Max Purchase Price

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Enter your details to see your estimate

Estimates are for educational purposes only. Actual qualification depends on verified income, credit profile, debts, and lender guidelines. Not a commitment to lend. NMLS #2115126.

Why Home Loans By Tera

A Michigan Mortgage Broker Who Works for You — Not a Bank

As an independent wholesale mortgage broker, I'm not tied to one lender or one product. I shop your loan across 90+ lenders to find the right fit for your credit, income, and goals.

90+ Wholesale Lenders

More lenders means more options and more competitive rates than going directly to a single bank.

Direct Access, Start to Close

You work with me personally throughout the entire process — no call centers, no handoffs.

Education-First Approach

You'll understand every option, cost, and trade-off before signing anything. No surprises.

Local Michigan Knowledge

From Southeast Michigan to the Upper Peninsula, I understand Michigan's housing market and lending landscape.

Michigan Lending at a Glance

Serving home buyers, refinance clients, and investors across the entire state of Michigan.

90+Wholesale Lenders
3.5%Min FHA Down Payment
$0Down for VA Eligible
62+Reverse Mortgage Age
Get Your Free Pre-Qualification Takes 2–3 minutes · No commitment required
Michigan Service Area

Serving Home Buyers & Homeowners Across Michigan

Licensed throughout the state of Michigan — from Metro Detroit to the Thumb, I help borrowers in every corner of the mitten.

Michigan state — Home Loans By Tera serves all of Michigan
Detroit
Grand Rapids
Ann Arbor
Lansing
Troy
Wixom
Novi
Farmington Hills
Sterling Heights
Pontiac
Flint
Kalamazoo
Traverse City
Dearborn
Livonia
Midland
Bay City
Saginaw
Royal Oak
Warren

Don't see your city? I'm licensed statewide — reach out and let's talk.

How It Works

Getting a Michigan Home Loan Is Simpler Than You Think

Here's what the process looks like from start to closing day.

1

Start Your Pre-Qualification

Share basic info about your income, credit, and goals. No commitment, no hard credit pull.

2

Review Your Loan Options Together

We'll go over programs, estimated payments, and strategy so you move forward with confidence.

3

Get Pre-Approved & Find Your Home

Armed with a pre-approval letter, you can make strong offers. Sellers and agents take pre-approved buyers seriously.

4

Lock Your Rate & Submit Your Application

Once you're under contract, we complete the full application and lock in your interest rate.

5

Close & Get Your Keys

Sign your final documents, funds transfer, and you're officially a Michigan homeowner. Congratulations!

Start Your Pre-Qualification → Takes 2–3 minutes · No commitment required
Common Questions

Michigan Home Loan FAQs

It depends on the loan type. FHA loans typically allow credit scores as low as 580 with 3.5% down. Conventional loans generally require a 620 or higher, and VA loans have flexible requirements for eligible veterans. I work with borrowers across a wide range of credit profiles.
Yes — there are multiple programs available for Michigan home buyers that can help cover part or all of your down payment. Some are grants (never repaid), others are forgivable loans. Eligibility depends on income, purchase price, and property location. Ask me about current programs available in your area.
A bank can only offer its own loan products. As an independent wholesale mortgage broker, I have access to 90+ lenders — which means I shop your loan and find the most competitive rate and program for your specific situation.
Typical purchase loans close in 21–45 days depending on loan type, property, and how quickly documents are provided. I'll give you a realistic timeline at the start so you can plan accordingly.
Absolutely. Beyond traditional mortgage options, I have access to bank statement loan programs and other Non-QM products specifically designed for self-employed borrowers, 1099 earners, and business owners.
A reverse mortgage (HECM) allows homeowners 62 and older to convert a portion of their home equity into funds — without monthly mortgage payments. You retain ownership of the home as long as you live there and meet basic requirements.
Ready to Get Started?

Let's Find the Right Michigan Home Loan for You

Start with a quick pre-qualification — no commitment, no hard credit pull. Just clarity on your options so you can move forward with confidence.

Start Your Free Pre-Qualification Takes 2–3 minutes · Tera Sommer, NMLS #2115126 · Licensed in Michigan & Florida
No obligation FHA, VA, Conventional & More 90+ Wholesale Lenders Down Payment Assistance Available Reverse Mortgages Available

Home Loans By Tera — Tera Sommer, Mortgage Loan Officer | NMLS #2115126
Licensed in Michigan & Florida · Ease Mortgage NMLS #2273319
(810) 333-1698 · [email protected]

© 2025 Home Loans By Tera · Tera Sommer NMLS #2115126 · All Rights Reserved

NMLS Consumer Access

All loans subject to credit approval. Interest rates, programs, and terms subject to change without notice. Not all applicants will qualify. This is not an offer to lend. Equal Housing Opportunity Lender. Tera Sommer NMLS #2115126 · Ease Mortgage NMLS #2273319.