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
Novi, MI · ZIP 48374, 48375 & 48377
Home Loans in Novi, Michigan
Novi has a steady supply of newly built homes alongside established neighborhoods. Tania Yatooma, a Swift Home Loans mortgage specialist with more than 10 years of mortgage experience, helps Novi buyers finance a new build from a builder or a resale home, and compare any builder incentive against her own offer.
- New & resale homes
- Builder incentive comparisons
- Conventional, FHA, VA & jumbo
- Free pre-approval
Get Your Free Novi Quote
Tell Tania what you're planning. She'll reply personally, usually the same business day.
- ZIP codes
- 48374, 48375 & 48377
- New construction
- Purchase from a builder
- 2026 conforming limit
- $832,750 (1-unit)
- Your mortgage specialist
- Tania Yatooma · 10+ yrs
Novi Home Loans
Buying a Home in Novi
Novi combines newer subdivisions and condos with established neighborhoods, easy access to I-96 and I-275, and shopping around Twelve Oaks. Most of the city is served by Novi Community Schools, with some areas in the Walled Lake and Northville districts.
If you're buying a newly built home, the timeline and the paperwork are a little different. Tania helps you plan for both.
- New construction purchases from a builder, with a regular mortgage at completion.
- Extended rate locks when your home won't be finished for a while.
- A fair comparison between a builder's incentive and Tania's offer.
- Jumbo loans for larger homes above $832,750.
- Refinance and home equity options for current homeowners.
Mortgage Programs
Home Loan Options in Novi
Tania matches Novi 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 Novi 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 Novi?
Enter a purchase price to compare common down payment options. See how different down payments change your loan amount on a Novi home.
Lowest typical down payment
Send This to Tania
$0
| Option | Down | Loan |
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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.
New Construction
Buying a Newly Built Home in Novi
When a builder is completing the home, you'll still use a regular purchase mortgage, but the timing and costs need a little more planning.
Builder incentives
- Builders often offer credits for using their preferred lender
- You can still compare: look at the rate, fees and credit together, not the credit alone
- Send Tania the builder's offer and she'll put the numbers side by side
Rate locks & timing
- Standard locks often run 30 to 60 days
- If the home won't be done for months, ask about an extended lock and its cost
- Keep your credit and job steady until closing
Taxes & final steps
- Your first tax bills may reflect only the land or a partly built home, so budget for the full assessment
- Closing usually follows the final inspection and certificate of occupancy
- Do a final walk-through before you sign
Michigan Buyers & Homeowners
Good to Know in Novi
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 Novi 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 Novi
Do I have to use the builder's lender to buy a new home in Novi?
No. Builders often offer incentives for using their preferred lender, but you can choose your own. Compare the total offer, including rate, fees and credits, before you decide.
How do rate locks work on a new construction home?
A rate lock holds your interest rate for a set period, often 30 to 60 days. If your home won't be finished in that time, an extended lock may be available for an added cost. Tania can help you decide when to lock.
Why might my property taxes go up after my first year in a new home?
Michigan assesses property as of December 31. If the home was unfinished then, your first bills may be based on the land or a partly built home. Once the finished home is assessed, taxes can rise, so budget for the full amount.
Do I need a construction loan to buy a new home from a builder?
Usually not. When a builder owns the land and builds the home, you typically buy it with a regular purchase mortgage that closes when the home is complete.
Do I need a jumbo loan in Novi?
Only if your loan amount is above the 2026 conforming limit of $832,750 for a one-unit home in Oakland County. A larger down payment can sometimes keep you under the limit.
What schools serve Novi?
Most of Novi is served by Novi Community Schools, with some areas in the Walled Lake and Northville school districts. Check the district for any address you're considering.
How do I get pre-approved in Novi?
Call Tania at 248-385-3986 or email tania.y@swifthomeloans.com. She'll review your income, assets and credit and issue a pre-approval letter you can give to a builder or seller.
Nearby
Home Loans Near Novi
Tania helps buyers and homeowners across Oakland County, Macomb County and Southeast Michigan. See all loan programs and service areas.
- Farmington Hills
- West Bloomfield
- Franklin
- Bloomfield Hills
- Troy
- Birmingham
- Oakland County
- Northville
- Wixom
- Commerce Township
- South Lyon
Ready to Buy in Novi?
Get a free pre-approval and a side-by-side look at any builder offer, from a local mortgage specialist with 10+ years of experience.