Detroit is Michigan's most diverse housing market, with options from entry-level investment properties to Midtown lofts and riverfront condos. Clear2 finances every price point in Wayne County.
Detroit does not have one housing market. It has dozens, stacked by neighborhood, price tier, and buyer type. The city-wide median of $90,000 tells almost nothing useful to a buyer targeting Midtown lofts at $400K or an investor buying East Side duplexes at $60K. The loan program that works in Corktown is not the one that works in Greater Detroit's east side neighborhoods.
Clear2 finances every profile in Wayne County. First-time buyers use FHA to get into owner-occupied homes at accessible price points. Investors use DSCR loans to qualify on rental income without tax returns. Move-up buyers in Indian Village and Palmer Park use conventional financing. Buyers targeting premium units in Midtown and the Riverfront access jumbo loans through our wholesale lender network.
As an independent broker, we shop 50+ wholesale lenders to find rates and programs that retail banks cannot match. Wayne County is a core market for Clear2, and our loan officers handle Detroit financing every week across all price ranges.
Kyle Toma
Executive Mortgage Broker
NMLS #1983839
Kyle Toma is an experienced mortgage broker who has successfully closed hundreds of loans. He combines strong market knowledge with a highly motivated, client-focused approach to help borrowers find financing that fits their homeownership goals.
Detroit's price range — from under $100K to over $800K — means the right loan program varies dramatically by neighborhood and buyer profile. Clear2 covers all of them.
Qualify on rental income, not personal income. No tax returns required. DSCR is the most active investor financing tool in Detroit, particularly on the East and West sides where strong rent-to-price ratios attract cash-flow buyers.
3.5% down, credit flexibility starting at 580. A strong fit for first-time buyers entering owner-occupied homes in Palmer Park, Sherwood Forest, and East English Village, where prices are accessible on an FHA loan.
Michigan State Housing Development Authority programs provide down payment assistance and competitive rates for eligible first-time buyers. Available for qualifying Detroit purchases with income limits that apply by household size.
Down payments from 3%. No PMI at 20% down. The right fit for Midtown, Corktown, and Indian Village buyers in the $200K to $600K range where property condition and appraisal clarity support conventional underwriting.
$0 down for eligible veterans and active-duty service members. No PMI, competitive rates through our VA-approved wholesale lender network. Available for owner-occupied Detroit purchases.
12 to 24 months of bank statements instead of tax returns. Designed for Detroit's self-employed buyers and business owners who show strong deposits but whose tax returns understate actual income.
Access up to 90% CLTV with a revolving line of credit. Interest-only draw period, flexible repayment. Perfect for renovations, debt consolidation, or big expenses.
The city-wide median of $90,000 does not describe what buyers actually see in the field. Detroit's neighborhoods span seven price tiers and multiple buyer profiles. Here is what Clear2's loan officers see on the ground.
Detroit's highest-demand urban core. Condos, lofts, and historic homes draw strong appreciation and limited inventory. Conventional financing is standard; jumbo loans apply to premium units above the FHA limit. Buyers often compete directly with investors and relocating professionals.
Detroit's oldest neighborhood has drawn national attention and significant investment. Inventory is limited, homes move fast, and buyers frequently find themselves competing against all-cash or investor offers. Conventional and jumbo both active; pre-approval letters need to be in hand before touring.
Architecturally significant single-family homes with strong appreciation. Move-up and conventional buyers dominate here. Condition varies by block, so buyers working with Clear2 benefit from lender familiarity with Detroit appraisal patterns in this price band.
Grand historic homes that are often undervalued relative to their size and construction quality. Both move-in ready and renovation-needs inventory exists here. Conventional fits well across the price range; FHA works for buyers at the lower end who have solid credit and stable income.
Converted commercial buildings and new condo towers along the river. Owner-occupants and investors both active. Conventional applies to mid-range units; jumbo for premium riverfront units. DSCR financing is a strong fit for investors targeting rental income in this area.
Detroit's broader east and west side neighborhoods are the most active market for DSCR investors and cash buyers targeting rental properties. FHA is available for owner-occupants, though property condition must meet appraisal standards. Strong rent-to-price ratios make this a high-interest area for out-of-state investors as well.
Five-star reviews from Clear2 clients on Google.
"Donavin was straightforward and a breeze to work with. Communication was quick and easy. The whole process was seamless and he was available for guidance or questions. I would not hesitate to use Clear2 Mortgage in the future."
"Alex was absolutely amazing from the beginning. He was patient and thorough with all of our questions. He even followed up after the process was finalized to ensure everything was still good. I would recommend him to everyone!"
"The process was seamless and every question I had as a first-time home buyer was answered. My loan officer gave me his professional opinion based on my specific circumstances to personalize my loan."
What credit score do I need to buy a home in Detroit?
Most conventional loans require a minimum 620. FHA allows 580 with 3.5% down. DSCR loans for investors typically require 660 or better, though requirements vary by lender. Clear2 works with 50+ wholesale lenders and can often find options for scores outside those standard thresholds.
Can I use an FHA loan to buy in Detroit?
Yes, with one important qualifier: the property must meet FHA's minimum property standards. Many Detroit homes, particularly lower-priced properties on the east and west sides, have deferred maintenance that triggers FHA condition requirements. Homes in good condition in neighborhoods like Palmer Park or East English Village typically have no issue.
What is a DSCR loan and how does it work for Detroit investment properties?
A DSCR (Debt Service Coverage Ratio) loan qualifies you based on a property's rental income rather than your personal income. If the rent covers the mortgage payment at a ratio the lender requires (typically 1.0 to 1.25x), you can qualify without tax returns. DSCR is the most widely used investor financing tool for Detroit's east and west side rental markets, where gross yields often make the math work clearly.
What Detroit neighborhoods are best for first-time buyers?
Palmer Park, Sherwood Forest, and East English Village are the most accessible for first-time buyers using FHA. Homes in these areas are priced in the $150K to $400K range, generally in good enough condition to support FHA appraisals, and close to stable employment centers. The Greater Detroit east and west side neighborhoods offer lower prices but require careful property-condition review before committing to FHA financing.
Are Detroit home prices really as low as people say?
The city-wide median of around $90,000 is technically accurate, but it reflects a wide distribution. Entry-level investment properties on the east and west sides can be found well under $100K. Midtown lofts and Corktown homes regularly sell between $300K and $700K. Riverfront condos and premium new construction top $800K. The number that matters is the one specific to the neighborhood and property type you are targeting.
Does Clear2 finance Detroit properties?
Yes. Wayne County is a core market for Clear2 Mortgage. Our loan officers handle Detroit financing across all price tiers and buyer types, including investor DSCR loans, -assisted purchases, conventional financing in premium neighborhoods, and jumbo loans for riverfront and Midtown units. Reach us at (248) 970-0040, Monday through Friday, 9am to 6pm ET.
Can I get a HELOC in Detroit?
Yes. Clear2 offers HELOCs up to 90% combined loan-to-value (CLTV) in Michigan, including Detroit. You can draw on the line as needed during a 10-year draw period and make interest-only payments. It's a strong option for homeowners looking to fund renovations, consolidate high-interest debt, or cover major expenses without refinancing. See our full HELOC program details.
No obligation, no hard credit pull. Just a clear picture of what you qualify for from a team that finances Wayne County every day.
Clear2 Mortgage, LLC. NMLS #1911663. Licensed Mortgage Broker. 2600 W Big Beaver Rd, Suite 100, Troy, MI 48084. Equal Housing Lender. This is not a commitment to lend. All loans subject to credit approval, property appraisal, and underwriting guidelines. Rates and terms subject to change without notice.