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First-time home buyer programs in Cadillac, MI

Quick answer

First-time buyers in Cadillac, MI can use 3%-down conventional loans (up to the $832,750 Wexford County conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 1 verified city, county or statewide assistance program. On the $117,500 median home, 3% down is about $3,525 and the estimated payment is $1,038/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $50,512; value-to-income ratio 2.33. Cadillac ranks 88 by home value and 98 by population among 102 places in our MI dataset.

What does a first-time buyer loan cost on a typical Cadillac home?

ItemCadillac
Median home value (Census ACS)$117,500
Michigan median home value$217,600
Down payment (3%)$3,525
Loan amount$113,975
Estimated monthly payment (PITI + MI)$1,038
Income needed (28% / 36%)$45,000 / $35,000
Wexford County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Michigan's 1.28% effective property tax rate (Census ACS), $1,110/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Cadillac?

Cadillac is in Wexford County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $541,287.

The Cadillac median home value of $117,500 is 46% below the Michigan median, and within what the county limit supports.

Which down payment assistance programs can Cadillac buyers use?

First-time buyer loans in nearby cities

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First-time buyer loan FAQs for Cadillac

On the $117,500 median: 3% conventional ≈ $3,525, 3.5% FHA ≈ $4,113, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Wexford County become jumbo loans.

At the $117,500 median value (below the Michigan median of $217,600), the estimated payment of $1,038/month at 7.18% needs about $45,000 a year under the 28% housing guideline, or $35,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 1 statewide programs are verified for this city (1 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.