Lender review
Michigan First Credit Union review: what Michigan borrowers should know
Serving metro Detroit since 1926, Michigan First runs a dedicated Michigan First Mortgage division built around first-time and lower-income buyers, with MSHDA down-payment-assistance loans front and center. For southeast Michigan buyers who need help getting into a first home, its member-owned model and MSHDA focus are the appeal.
Best for: metro detroit first-time buyers using mshda assistance
Best fit: southeast Michigan first-timers short on a down payment
- Headquarters
- Lathrup Village, MI
- Founded
- 1926
- NMLS
- #493687
- Min. credit score
- 620
- Min. down payment
- 3%
- MSHDA MI Home Loan
- Approved lender
What works
- Strong first-time-buyer and MSHDA down-payment focus
- Long history serving metro Detroit since 1926
- Dedicated in-house mortgage division
What to watch
- Full FHA/VA/USDA menu is not clearly published
- Footprint concentrated in metro Detroit
- Smaller asset base than the largest Michigan CUs
The full picture on Michigan First Credit Union
Lathrup Village is the address, but the mission points squarely at metro Detroit's first-time buyers. Founded in 1926, Michigan First runs a dedicated mortgage division built around helping people cross into ownership.
Assistance-first lending
MSHDA down-payment assistance is the headline. Conventional and FHA loans anchor the offering underneath it.
Breadth to check first
The full spread of VA and USDA options isn't clearly published, so a veteran or rural buyer should ask pointed questions early.
The branch network stays close to southeast Michigan, and its asset base is modest next to the state's largest cooperatives.
Loan programs at Michigan First Credit Union
Which core Michigan loan types Michigan First Credit Union offers, with the typical minimum down payment for each program. Program floors are industry standards — Michigan First Credit Union's own minimums or credit overlays may run higher.
| Loan program | Offered | Typical min. down |
|---|---|---|
| Conventional | ✓ Yes | 3% |
| FHA | ✓ Yes | 3.5% |
| VA | — No | — |
| USDA | — No | — |
| Jumbo | — No | — |
| Construction | — No | — |
Also offers: MSHDA.
Where Michigan First Credit Union's credit bar sits
Michigan First Credit Union'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.
| Michigan First Credit Union | Michigan median* | |
|---|---|---|
| Editorial score | 3.9 / 5 | 4.0 / 5 |
| Min. credit score | 620 | 620 |
| Loan programs offered | 3 | 5 |
| Michigan-headquartered | Yes | — |
*Median across the 55 Michigan lenders in our catalog.
Compare: Honor Credit Union University of Michigan Credit Union ELGA Credit Union This week's Michigan rates
Michigan First Credit Union: frequently asked questions
What credit score do you need for a Michigan First Credit Union mortgage?
Michigan First Credit Union 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 Michigan First Credit Union sell my mortgage after closing?
Often not. Michigan First Credit Union 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 — Michigan First Credit Union 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 (#493687). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.