Lender review
Michigan First Credit Union review: what Michigan borrowers should know
Best for: metro detroit first-time buyers using mshda assistance
- Headquarters
- Lathrup Village, MI
- Founded
- 1926
- NMLS
- #493687
- Min. credit score
- 620
- Min. down payment
- 3%
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.
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 whose center of gravity is helping people cross the threshold into ownership rather than chasing the wealthiest borrowers with the thickest files.
MSHDA down-payment assistance is the headline. For a buyer in Southfield or Warren who has the income to carry a payment but not the lump sum for a down payment, pairing that state program with a member-owned lender's pricing can be the difference between renting another year and holding keys. Conventional and FHA loans anchor the offering underneath it.
Set expectations on breadth. The full spread of VA and USDA options isn't clearly published, so a veteran or a rural buyer should ask pointed questions early, and the branch network stays close to southeast Michigan. Its asset base is modest next to the state's largest cooperatives, which shows up more in menu depth than in day-to-day service.
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
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. The marker below sets 620 against the four credit tiers and the 620 catalog median.
| 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.
How Michigan First Credit Union's rates and offers compare
Before committing, pull a same-day quote from at least two competitors — pricing gaps of 0.25% are common for identical borrowers. Start with Honor Credit Union, University of Michigan Credit Union or ELGA Credit Union, then compare Loan Estimates line by line. For context on where pricing lands, check our Michigan rate table.
Michigan First Credit Union: frequently asked questions
What are Michigan First Credit Union's mortgage rates in Michigan?
Michigan First Credit Union doesn't post one rate — like every lender, its pricing turns on your credit score, down payment, loan size and the day you lock. Ask for a personalized quote to see the number you'd actually get. The reliable move: pull a written Loan Estimate from Michigan First Credit Union and set it beside this week's Michigan averages in our rate table, comparing on the same day.
Is Michigan First Credit Union a legitimate mortgage lender?
Yes. Michigan First Credit Union is a licensed mortgage lender registered under NMLS #493687 and lending since 1926. Anyone can verify that number, and the company's complaint record, at NMLS Consumer Access. In our independent scoring it lands at 3.9/5 for Michigan buyers, with no paid placement.
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. Individual overlays can push that higher, so 620 is the opening bid, not the final word.
Does Michigan First Credit Union offer FHA, VA and USDA loans?
Michigan First Credit Union offers FHA loan to Michigan borrowers. It does not currently offer VA and USDA — buyers who need those should compare a lender that does. Its complete Michigan lineup is Conventional, FHA, MSHDA.
Does Michigan First Credit Union lend in Michigan?
Yes — Michigan First Credit Union is headquartered in Lathrup Village, MI and is a Michigan-based lender, so Michigan purchases, refinances and state programs such as MSHDA down-payment assistance are everyday business rather than an afterthought.
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 2026-07-01 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#493687).