Lender review

Independent Bank review: what Michigan borrowers should know

By MML Editorial Team Updated July 16, 2026 8 min read

Independent Bank is a Michigan community bank with roots back to 1864 and roughly 57 branches across the Lower Peninsula, giving buyers something increasingly rare: a full-service depository that underwrites, closes, and often services its own mortgages in-state. Its portfolio and construction lending add flexibility for files that don't fit the agency box.

4.1 / 5.0

Best for: michigan buyers wanting a 150-year community bank with in-house servicing

Best fit: buyers tired of loans sold twice before the first payment

Headquarters: Grand Rapids, MI
Founded: 1864
NMLS: #454790
Min. credit score: 620
Min. down payment: 3%
MSHDA MI Home Loan: Approved lender

What works

150-plus-year Michigan community bank, ~57 branches
In-house underwriting and servicing keep it local
Portfolio and construction options for non-standard files

What to watch

Branch network is Lower-Peninsula focused
Rates and fees are quoted, not posted online
Bank-pace process versus nimble online lenders

The full picture on Independent Bank

Independent Bank traces its charter to 1864, and that longevity shapes how the Grand Rapids institution behaves. For Michigan buyers it offers something increasingly rare: a full-service depository that underwrites, closes, and often services its own mortgages in-state.

A community bank you can walk into

Roughly 57 branches dot the Lower Peninsula, so a buyer in Ionia or Bay City can sit down with someone who will actually be part of the closing.

Where it stops

The branch network is Lower-Peninsula focused, so Upper Peninsula buyers are out of luck, and rates come as a personalized quote rather than a posted figure.

Underwriting also moves at a deliberate bank pace, not the overnight tempo of the online-only crowd.

Loan programs at Independent Bank

Which core Michigan loan types Independent Bank offers, with the typical minimum down payment for each program. Program floors are industry standards — Independent Bank's own minimums or credit overlays may run higher.

Loan program	Offered	Typical min. down
Conventional	✓ Yes	3%
FHA	✓ Yes	3.5%
VA	✓ Yes	0%
USDA	✓ Yes	0%
Jumbo	✓ Yes	10–20%
Construction	✓ Yes	5–20%

Where Independent Bank's credit bar sits

Independent Bank's roughly 620 minimum sits in the good credit range. Below, that 620 floor is plotted against the four broad credit tiers and the 620 median for the 55 Michigan lenders we track.

	Independent Bank	Michigan median*
Editorial score	4.1 / 5	4.0 / 5
Min. credit score	620	620
Loan programs offered	6	5
Michigan-headquartered	Yes	—

*Median across the 55 Michigan lenders in our catalog.

Compare: MSU Federal Credit Union Genisys Credit Union Consumers Credit Union This week's Michigan rates

Independent Bank: frequently asked questions

What credit score do you need for a Independent Bank mortgage?

Independent Bank generally looks for a credit score around 620 on its most common loans. Its FHA loans can go lower — often to 580, or 500 with a larger down payment — while conventional and jumbo loans usually want higher scores. That 620 is a floor, not a promise: every lender layers on its own overlays, and approval still turns on your income, debts and the property.

Will Independent Bank sell my mortgage after closing?

Often not. Independent Bank is noted for keeping servicing in-house rather than selling it, so the company you send payments to is more likely to stay the same after closing — a real plus if servicing transfers frustrate you.

Independent and unpaid — Independent Bank did not pay for placement. How we score every lender (and where our rate data comes from) is set out in our editorial policy. Figures reflect public information as of 2026-07-16 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#454790). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.