Lender review
Mortgage 1 review: what Michigan borrowers should know
Mortgage 1 is a Sterling Heights-based retail lender that has grown a statewide Michigan branch network since 1994 while keeping first-time buyers at the center, marketing MSHDA down-payment assistance and USDA Rural Development loans heavily. It's a solid homegrown option for buyers who want a Michigan lender with offices they can actually walk into.
Best for: statewide michigan buyers wanting mshda and rural development help
- Headquarters
- Sterling Heights, MI
- Founded
- 1994
- NMLS
- #129386
- Min. credit score
- 620
- Min. down payment
- 3%
- MSHDA MI Home Loan
- Approved lender
What works
- Statewide Michigan branch network
- Heavy focus on MSHDA and Rural Development programs
- Full agency product menu for most buyers
What to watch
- Pricing is loan-officer-dependent, not published
- Also lends out of state, so less exclusively local
- Digital tools trail the big online lenders
The full picture on Mortgage 1
Since 1994, Mortgage 1 has grown from a single Sterling Heights office into a statewide Michigan branch network, and it's kept first-time buyers at the center of the pitch the whole way.
First-timer programs, statewide
Its marketing leans hard on the two levers that get cash-tight buyers into a Michigan home.
A couple of asterisks
Pricing depends on the loan officer rather than a posted rate, so shopping the number still pays off.
Mortgage 1 lends out of state too, which dilutes the purely-local feel, and its digital tools trail the big online players.
Loan programs at Mortgage 1
Which core Michigan loan types Mortgage 1 offers, with the typical minimum down payment for each program. Program floors are industry standards — Mortgage 1'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 | — No | — |
Where Mortgage 1's credit bar sits
Mortgage 1'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.
| Mortgage 1 | Michigan median* | |
|---|---|---|
| Editorial score | 4.0 / 5 | 4.0 / 5 |
| Min. credit score | 620 | 620 |
| Loan programs offered | 5 | 5 |
| Michigan-headquartered | Yes | — |
*Median across the 55 Michigan lenders in our catalog.
Compare: Success Mortgage Partners Independent Bank MSU Federal Credit Union This week's Michigan rates
Mortgage 1: frequently asked questions
What credit score do you need for a Mortgage 1 mortgage?
Mortgage 1 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 Mortgage 1 sell my mortgage after closing?
It may. Many lenders sell the servicing rights to a loan after closing, so ask Mortgage 1 directly whether it retains servicing or transfers it — your rate and terms won't change either way.
Independent and unpaid — Mortgage 1 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 (#129386). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.