Compare Allegan, MI mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Allegan.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Allegan. Plus, shopping lenders is free and there is no obligation.
January 24, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Allegan. Understand how much you need to earn to afford a home in Allegan, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Allegan fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Allegan is right for you.
The median home value for Allegan, MI is $232,338
Based on current mortgage rates and a 10% down payment, you need to make $38,068 per year to buy the median priced home in Allegan
With this income, you could qualify for a $209,104 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Allegan is $882
The median household income for Allegan, MI is $71,638
Based on this income, you can afford a home valued at approximately $437,228
The home price you can afford to buy based on household income in Allegan is 188% of the median home value which means housing prices are average. Allegan ranks 66 out of 83 counties in Michigan and 1,976 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Allegan, MI is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Allegan below.
Conforming loan limits for Allegan, MI
FHA loan limits for Allegan, MI