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
Ferndale, MI · ZIP 48220
Home Loans in Ferndale, Michigan
Ferndale's walkable downtown and classic bungalows make it a favorite with first-time buyers. Tania Yatooma, a Swift Home Loans mortgage specialist with more than 10 years of mortgage experience, helps Ferndale buyers get in with as little as 3% to 3.5% down, combine their loan with Michigan down payment assistance, and finance repairs on older homes.
- FHA from 3.5% down
- Conventional from 3% down
- MSHDA down payment help
- Free pre-approval
Get Your Free Ferndale Quote
Tell Tania what you're planning. She'll reply personally, usually the same business day.
- Down payment
- From 3% conventional, 3.5% FHA
- Down payment help
- Up to $10,000 via MSHDA
- Older homes
- FHA 203(k) renovation loans
- Your mortgage specialist
- Tania Yatooma · 10+ yrs
Ferndale Home Loans
Buying Your First Home in Ferndale
Most of Ferndale's homes are brick and frame bungalows built in the first half of the 1900s, close to the Nine Mile and Woodward business district. They're often priced within reach of first-time buyers, and many have plenty of character along with some deferred maintenance.
That combination is a good match for low down payment loans, down payment assistance and renovation financing.
- Low down payment. Conventional from 3%, FHA from 3.5%, VA from $0 for eligible veterans.
- Gift funds welcome. Family can help with the down payment on many programs.
- MSHDA down payment assistance of up to $10,000 for eligible buyers.
- FHA 203(k) to buy an older home and finance repairs in the same loan.
- Two-unit homes can be bought with FHA when you live in one unit.
Mortgage Programs
Home Loan Options in Ferndale
Tania matches Ferndale 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 Ferndale 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 Ferndale?
Enter a purchase price to compare common down payment options. Compare how much you'd need for the most common Ferndale first-time buyer programs.
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.
First-Time Buyers
FHA vs. Conventional 3% Down vs. MSHDA Help
The three programs Ferndale first-time buyers ask about most. Tania will tell you which fits your credit, savings and income.
| FHA | Conventional 3% down | MSHDA MI 10K DPA | |
|---|---|---|---|
| Minimum down | 3.5% (580+ credit) | 3% for eligible buyers | Helps cover your down payment and closing costs |
| Credit | More flexible guidelines | Typically 620+ | Minimum score and income limits apply |
| Mortgage insurance | Upfront and annual MIP | PMI, can be removed with equity | Depends on the first mortgage |
| 2026 limit (1-unit) | $541,287 in Oakland County | $832,750 conforming | Sales price limits apply |
| Good fit for | Rebuilding or newer credit | Solid credit, less to put down | Buyers who need help with cash to close |
Guidelines summarized for general information and subject to change. MSHDA's MI 10K DPA is a zero-interest, deferred second loan used with an MSHDA first mortgage, repaid when you sell, refinance or pay off the first mortgage. Eligibility and funding vary.
Buying an older Ferndale bungalow? Check these first
- Sewer line. A camera inspection can catch root intrusion or cracked clay pipe before you close.
- Electrical. Older homes may have outdated wiring or panels that need updating.
- Roof, furnace and windows. Know their age so you can budget, or roll repairs into an FHA 203(k).
- Basement moisture. Look for signs of water and ask about past repairs.
Michigan Buyers & Homeowners
Good to Know in Ferndale
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 Ferndale 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 Ferndale
How much do I need to put down on a home in Ferndale, MI?
It depends on the loan. Eligible buyers can put 3% down with some conventional programs, 3.5% with FHA (580+ credit), or $0 with VA. On a $260,000 Ferndale home, 3% down is $7,800 and 3.5% down is $9,100, plus closing costs.
Can I get down payment assistance in Ferndale?
Possibly. MSHDA's MI 10K DPA offers up to $10,000 toward your down payment and closing costs as a zero-interest, deferred second loan. It's used with an MSHDA first mortgage, and credit, income and sales price limits apply.
What is the 2026 FHA loan limit in Ferndale?
For 2026, the FHA limit for a one-unit home in Oakland County, which includes Ferndale, is $541,287. Higher limits apply to two- to four-unit properties.
Can I buy a Ferndale home that needs work?
Yes. An FHA 203(k) loan lets you buy a home and finance repairs or updates in a single loan, based on the home's value after the work. Conventional renovation loans are another option.
Can I buy a two-unit home in Ferndale with an FHA loan?
Yes. FHA allows two- to four-unit homes with 3.5% down when you live in one of the units. Rental income from the other unit may help you qualify.
When can I remove mortgage insurance?
On a conventional loan, you can ask to cancel PMI when your balance reaches 80% of the home's original value, and it ends automatically at 78%. FHA mortgage insurance usually stays for the life of the loan when you put less than 10% down, though you can refinance into a conventional loan later.
How do I get pre-approved to buy in Ferndale?
Call Tania at 248-385-3986 or email tania.y@swifthomeloans.com. She will review your income, savings and credit, check for down payment assistance, and issue a pre-approval letter.
Nearby
Home Loans Near Ferndale
Tania helps buyers and homeowners across Oakland County, Macomb County and Southeast Michigan. See all loan programs and service areas.
- Royal Oak
- Birmingham
- Troy
- Southfield
- Bloomfield Hills
- West Bloomfield
- Rochester Hills
- Oakland County
- Pleasant Ridge
- Hazel Park
- Berkley
- Oak Park
- Huntington Woods
Ready to Buy Your First Home in Ferndale?
Find out how little you need to get started and whether you qualify for down payment help. Free pre-approval from a local mortgage specialist with 10+ years of experience.