$95,000
Median Home Price
$80,000
Avg. Loan Amount
639K
Population
15+
Licensed Lenders
Key Detroit Neighborhoods
Explore popular neighborhoods and their median home prices. Click on map markers for details.
Map Legend
Grosse Pointe
$425KAffluent lakefront suburb
Royal Oak
$325KTrendy, walkable downtown
Birmingham
$575KUpscale, excellent schools
Detroit Real Estate Market
Why Non-QM loans are popular in Detroit
Growing demand for flexible mortgage solutions in Detroit
Self-employed professionals benefit from bank statement loan programs
Real estate investors use DSCR loans for rental property financing
Non-QM loans available for borrowers with recent credit events
Frequently Asked Questions
Common questions about Non-QM loans in Detroit
What is the minimum credit score for Non-QM loans in Detroit?
Most Non-QM lenders serving Detroit require a minimum credit score of 620-660, though some programs accept scores as low as 580 with compensating factors like larger down payments.
Can I get a bank statement loan in Detroit, Michigan?
Yes, bank statement loans are available in Detroit. Self-employed borrowers can qualify using 12 or 24 months of personal or business bank statements instead of tax returns.
What are DSCR loan requirements in Detroit?
DSCR loans in Detroit typically require a debt service coverage ratio of 1.0 or higher, meaning the property's rental income must cover the mortgage payment. No personal income verification is needed.
How much can I borrow with a Non-QM loan in Detroit?
Non-QM loan amounts in Detroit typically range from $100,000 to $3 million or more. With a median home price of $95,000, many borrowers find Non-QM loans essential for their purchase.
What Non-QM programs are most popular in Detroit?
The most popular Non-QM programs in Detroit include bank statement loans for self-employed borrowers, DSCR loans for real estate investors, and asset depletion loans for high-net-worth individuals.