Fixed-Rate Mortgages
A rate and principal-and-interest payment that never change for the life of the loan.
- 15, 20 and 30-year terms
- Predictable monthly budget
- Purchase or refinance
Berkley, MI · ZIP 48072
Home Loans in Berkley, Michigan
Berkley's bungalows, Cape Cods and walkable Twelve Mile downtown draw a lot of first and second-time buyers. Tania Yatooma, a Swift Home Loans mortgage specialist with more than 10 years of mortgage experience, helps you figure out exactly how much cash you'll need to close, and how to bring that number down.
- From 3% down
- Seller concessions explained
- Down payment help guidance
- Free pre-approval
Get Your Free Berkley Quote
Tell Tania what you're planning. She'll reply personally, usually the same business day.
- ZIP code
- 48072
- Down payment
- From 3% conventional, 3.5% FHA
- Seller help
- Concessions toward closing costs
- Your mortgage specialist
- Tania Yatooma · 10+ yrs
Berkley Home Loans
Buying a Home in Berkley
Berkley sits between Royal Oak, Ferndale and Huntington Woods, with neat blocks of 1920s–1950s bungalows and Cape Cods, a busy Twelve Mile downtown and Berkley Schools. Homes here move quickly, so buyers do best with their numbers worked out before they shop.
For most buyers the real question isn't the down payment alone, it's the total cash to close. Tania breaks that down so there are no surprises.
- Low down payment. Conventional from 3%, FHA from 3.5%, VA from $0 for eligible veterans.
- Seller concessions can help cover closing costs, within program limits.
- Gift funds from family are allowed on many programs.
- Renovation loans to add a bathroom, dormer or updated kitchen.
- Refinance and home equity options for current homeowners.
Mortgage Programs
Home Loan Options in Berkley
Tania matches Berkley buyers and homeowners with the program that fits their budget, timeline and goals.
FHA Loans
Government-insured loans popular with first-time buyers.
- Down payments from 3.5%
- Flexible credit guidelines
- 2026 limit $541,287 (1-unit)
VA Loans
A benefit earned by eligible veterans, active-duty service members and surviving spouses.
- Often $0 down payment
- No monthly mortgage insurance
- VA streamline refinance (IRRRL)
Jumbo Loans
Financing for homes where the loan is above the $832,750 conforming limit.
- Loan amounts above conforming limits
- Fixed and adjustable options
- Primary, second and investment homes
Renovation (Rehab) Loans
Buy or refinance a home and roll the cost of repairs and upgrades into one loan.
- FHA 203(k) and conventional renovation
- Kitchens, baths, roofs, additions
- Based on after-improvement value
Low Down Payment
You may need far less than 20% down. Programs start at 0–3% for qualified buyers.
- Conventional 3% down options
- FHA and VA programs
- Down payment assistance guidance
USDA Loans
Zero-down financing in eligible rural areas. Addresses in Berkley generally don't qualify, but Tania can check homes farther out.
- No down payment required
- Income and location limits apply
- Eligibility checked by address
Home Equity & Refinance
Lower your rate or payment, or put your equity to work while keeping your first mortgage.
- Rate-and-term refinance
- Cash-out refinance
- Home equity loans
Down Payment Estimator
How Much Do You Need to Put Down in Berkley?
Enter a purchase price to compare common down payment options. This covers the down payment. See below for the rest of your cash to close.
Lowest typical down payment
Send This to Tania
$0
| Option | Down | Loan |
|---|
Estimate only, not a loan offer. Excludes closing costs, prepaids, financed fees and mortgage insurance. Program availability depends on credit, income, property and lender guidelines; 3% down is for eligible buyers.
Cash to Close
What It Really Takes to Close on a Berkley Home
Your cash to close is your down payment plus closing costs and prepaid items, minus any credits. Seller concessions are one of the best ways to bring it down, and each program caps them.
| Down payment from | Max seller concessions* | |
|---|---|---|
| Conventional | 3% for eligible buyers | 3% with under 10% down, 6% with 10–25% down, 9% with more than 25% down |
| FHA | 3.5% (580+ credit) | 6% of the price |
| VA | $0 for eligible veterans | 4% in concessions, plus normal closing costs |
| USDA | $0 in eligible areas | 6% of the price |
*Primary residence; limits summarized for general information and subject to change. Concessions can't exceed your actual closing costs and prepaids. Berkley addresses generally aren't USDA-eligible.
The parts of cash to close
- Down payment. From $0 to 20% or more depending on the program.
- Closing costs. Lender, title, appraisal and recording fees.
- Prepaids and escrow. Homeowners insurance, property taxes and prepaid interest set aside at closing.
- Credits. Seller concessions, lender credits and down payment assistance can offset what you bring.
Michigan Buyers & Homeowners
Good to Know in Berkley
Taxes reset when you buy
In Michigan, taxable value uncaps when a home is sold, so budget on the new value, not the seller's tax bill.
File your PRE
A Principal Residence Exemption (Form 2368) exempts your home from up to 18 mills of school operating taxes.
Refinancing doesn't uncap
A refinance isn't a transfer of ownership, so it doesn't reset your property taxes.
Pre-approval first
A full pre-approval tells you your price range and makes your offer stronger with Berkley sellers.
Your path to closing
- 10-minute callShare your goals, budget and timeline.
- Pre-approval or options reviewTania reviews income, assets and credit and recommends a program.
- Offer or applicationShop with confidence, or start your refinance.
- Appraisal, approval & closingTania keeps your file moving and you updated.
FAQ
Home Loan Questions from Berkley
How much cash do I need to buy a home in Berkley, MI?
It depends on the price, the loan program and any credits. For example, on a $325,000 Berkley home, 3% down is $9,750 and 3.5% FHA down is $11,375. Closing costs and prepaids come on top of that, and seller concessions or down payment assistance can reduce what you bring. Tania will give you a written estimate.
Can the seller pay my closing costs?
Yes, within limits. FHA and USDA allow up to 6% of the price, VA allows 4% in concessions plus normal closing costs, and conventional loans allow 3% to 9% depending on your down payment. Concessions can't be more than your actual costs.
Can family help with my down payment?
Yes. Most programs, including FHA and conventional, allow gift funds from family with a signed gift letter and documentation of the transfer.
Can I get down payment assistance in Berkley?
Possibly. MSHDA's MI 10K DPA offers up to $10,000 as a zero-interest, deferred second loan with an MSHDA first mortgage. Credit, income and sales price limits apply.
Can I finance an addition or a second bathroom?
Yes. A renovation loan such as an FHA 203(k) or conventional renovation loan can finance improvements with your purchase, based on the home's value after the work.
What is the 2026 FHA loan limit in Berkley?
For 2026, the FHA limit for a one-unit home in Oakland County, which includes Berkley, is $541,287.
How do I get pre-approved in Berkley?
Call Tania at 248-385-3986 or email tania.y@swifthomeloans.com. She'll review your income, savings and credit and give you a pre-approval letter and a cash-to-close estimate.
Nearby
Home Loans Near Berkley
Tania helps buyers and homeowners across Oakland County, Macomb County and Southeast Michigan. See all loan programs and service areas.
- Royal Oak
- Ferndale
- Huntington Woods
- Clawson
- Birmingham
- Southfield
- Oakland County
- Oak Park
- Pleasant Ridge
Ready to Buy in Berkley?
Get a free pre-approval and a clear cash-to-close estimate from a local mortgage specialist with 10+ years of experience.