Mortgage FAQ

Belong Lending is a Detroit-based, Black-owned mortgage brokerage co-founded by Jalen Scott, Antoinette Gassaway, and Demetris Holloway. The company helps individuals and families across Michigan and Texas purchase homes and refinance mortgages through a people-first, education-focused approach. Their tagline is “You Belong In A Home.” Belong Lending operates as a true mortgage broker, meaning they shop multiple wholesale lenders to find borrowers the most competitive rates – rather than offering only one lender’s products.

Belong Lending’s primary office is at 7436 Woodward Ave, Suite 205, Detroit, MI 48202. They serve all of Metro Detroit and statewide Michigan, and are also licensed in Texas, Ohio, & Florida.

You can reach Belong Lending by phone at (248) 325-8554, by email at info@belonglending.com, or through their website at belonglending.com. Their offices are open Monday through Friday, 8:00 AM to 5:00 PM.

Belong Lending is a mortgage broker, not a bank. As a broker, they work with multiple wholesale lenders and compare loan options on your behalf – which often means lower rates and more loan program choices than going directly to a single bank. This is especially valuable for borrowers who want to shop around without filling out multiple applications.

Belong Lending is co-owned and co-founded by three Detroit-based professionals: Jalen Scott, Antoinette Gassaway, and Demetris Holloway. The company is Black-owned and Black-led, with a mission rooted in closing the racial homeownership gap in Detroit.

The first step is getting pre-approved for a mortgage. A local mortgage broker like Belong Lending can review your income, credit, and savings to tell you exactly how much you can borrow. From there, you’d work with a real estate agent to find a
home, make an offer, and complete the closing process. Belong Lending guides first-time buyers through each step, including helping you find down payment assistance programs you may qualify for.

The credit score you need depends on the loan type. FHA loans typically require a minimum score of 580 (with 3.5% down) or 500 – 579 (with 10% down). Conventional loans generally require a 620 or higher. VA loans can be more flexible, with many lenders accepting 580+. The MSHDA MI Home Loan requires at least 640. Belong Lending works with a range of credit profiles and can advise you on which loan programs fit your situation.

Down payment requirements vary by loan type. FHA loans require as little as 3.5% down. Conventional loans can require 3 – 5% (though 20% avoids private mortgage insurance). VA loans and USDA loans require 0% down for eligible borrowers. Additionally, the City of Detroit’s Down Payment Assistance Program can provide up to $25,000 in grant funding to eligible buyers, which can cover your down payment entirely.

The Detroit Down Payment Assistance (DPA) Program provides qualifying families with up to $25,000 in grants to cover down payments, closing costs, prepaids, and interest rate buydowns. To qualify, you must have lived in Detroit for the past 12 months (or lost a home to tax foreclosure between 2010 – 2016), have a household income at or below 80% of the Area Median Income, and not have owned a home in the last 3 years. You’ll also need to complete a HUD-approved homebuyer education course and have a signed purchase agreement. Belong Lending can help you navigate this process.

Michigan offers several programs for first-time buyers. The MSHDA MI Home Loan is a 30-year fixed mortgage with competitive rates available statewide. The MI 10K DPA Loan provides up to $10,000 in down payment assistance. The Detroit DPA offers up to $25,000 in grants for Detroit residents. There is also the Mortgage Credit Certificate (MCC), which gives buyers a federal tax credit of 20% of annual mortgage interest. Belong Lending helps clients identify and access these programs.

MSHDA stands for the Michigan State Housing Development Authority. Their MI Home Loan program offers first-time homebuyers access to 30-year fixed rate mortgages at competitive rates, often combined with down payment assistance. To qualify, you typically need a minimum credit score of 640, a household income within MSHDA’s limits (varies by county and family size), and a purchase price at or below $544,233 (as of May 2025). You must also complete a homebuyer education course. Contact Belong Lending to find out if you qualify.

An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. It’s popular with first-time buyers because it allows lower credit scores and smaller down payments (as low as 3.5%). FHA loans are especially practical for Detroit buyers because home prices in many city neighborhoods are well within FHA loan limits. Belong Lending specializes in FHA loans and can walk you through the qualification process.

A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and surviving spouses. VA loans offer no down payment requirement, no private mortgage insurance, and competitive interest rates. As of 2026, the VA loan limit for Michigan is $832,750. Belong Lending is experienced with VA loan products and can help eligible Michigan veterans get pre-approved.

A 30-year mortgage spreads your payments over 30 years, resulting in lower monthly payments – but you pay more interest over time. A 15-year mortgage has higher monthly payments but a lower interest rate and you build equity much faster. Most first-time buyers in Detroit choose 30-year mortgages for the lower payment flexibility. Belong Lending can run the numbers for your specific situation to help you decide.

An ARM has an interest rate that is fixed for an initial period (commonly 5 or 7 years) and then adjusts periodically based on market rates. ARMs typically start with a lower rate than fixed-rate mortgages, which can be advantageous if you plan to sell or refinance before the rate adjusts. However, they carry the risk of higher payments if rates rise. Belong Lending can help you evaluate whether an ARM fits your homeownership timeline.

A conventional loan is a mortgage not insured by a government agency (as opposed to FHA, VA, or USDA loans). Conventional loans typically require a credit score of 620 or higher and a down payment of 3 – 20%. They can be a strong option for buyers with good credit who want to avoid FHA mortgage insurance premiums. Belong Lending offers conventional loan products through multiple wholesale lenders.

Pre-approval is a formal process where a lender reviews your income, assets, debts, and credit to determine how much you can borrow. A pre-approval letter strengthens your offer when making an offer on a home – sellers take pre-approved buyers more seriously. In Metro Detroit’s competitive market, having pre-approval can be the difference between winning and losing a home. Belong Lending offers fast, free pre-approval through their online application at belonglending.com.

The mortgage process typically takes 21 – 45 days from application to closing, though it varies by loan type and borrower preparedness. Belong Lending’s fast funding model is designed to close most loans in under 30 days. Being organized with your financial documents upfront – pay stubs, W-2s, tax returns, bank statements – is the single biggest factor in speeding up the process.

Most lenders require: two years of W-2s and federal tax returns; 30 days of recent pay stubs; 60 days of bank statements; photo ID; and documentation of any other income sources (rental income, Social Security, etc.). Self-employed borrowers typically need two years of business tax returns and a profit and loss statement. Belong Lending will tell you exactly what’s needed for your specific situation.

Closing costs are fees paid at the end of the home purchase transaction, typically ranging from 2 – 5% of the loan amount. They include lender fees, appraisal, title insurance, attorney fees, and prepaid items like homeowner’s insurance and property taxes. In some cases, sellers can contribute to closing costs – your Belong Lending loan officer can negotiate this into your offer strategy.

Your debt-to-income (DTI) ratio is the percentage of your gross monthly income that goes toward debt payments. Lenders generally prefer a DTI of 43% or lower, though FHA loans can allow up to 57% in some cases. Belong Lending’s team can help you understand your DTI and identify ways to improve it before applying, such as paying down debts or increasing income documentation.

Refinancing makes sense when you can lower your interest rate, reduce your monthly payment, shorten your loan term, or access equity. A general rule of thumb is that refinancing saves money if you can lower your rate by at least 0.75 – 1%. Belong Lending offers a free refinance rate check tool on their website so you can quickly see if refinancing makes sense for your situation.

A cash-out refinance replaces your existing mortgage with a larger loan, and you receive the difference in cash. For example, if your home is worth $200,000 and you owe $120,000, you might refinance into a $160,000 loan and receive $40,000 in cash. This money can be used for home improvements, debt consolidation, or other financial needs. Belong Lending offers cash-out refinance options for Detroit homeowners.

Detroit offers some of the most affordable home prices of any major city in the United States, with median home prices significantly lower than the national average. The city has experienced sustained revitalization, and homeownership rates have been climbing. With several down payment assistance programs available – including the City’s $25,000 DPA grant – many Detroit renters can become homeowners for less per month than they currently pay in rent. Belong Lending can help you run the numbers.

Detroit has a wide variety of neighborhoods at different price points. Popular neighborhoods for first-time buyers include Grandmont Rosedale, East English Village, Morningside, University District, and Bagley – all known for solid housing stock and community investment. Near downtown and midtown areas like Boston Edison and the Woodward Corridor attract more move-up buyers. Belong Lending’s team knows these neighborhoods well and can connect you with local realtors.

Belong Lending was founded specifically to address the racial homeownership gap in Detroit. Black applicants in Detroit are denied home purchase loans at twice the rate of white applicants, and Black-owned homes are valued on average 45% less than white-owned homes. Belong Lending provides culturally competent mortgage services, connects clients with down payment assistance programs, and offers homebuyer education workshops – all with a people-first approach that is often missing at large institutional lenders.

Yes. Belong Lending is committed to financial literacy and community education. The co-founders host first-time homebuyer workshops and partner with local realtors and community organizations to educate Detroiters on the mortgage and homebuying process. They also plan to expand their educational programming as they grow. Follow them on social media or call (248) 325-8554 to learn about upcoming events.

As a mortgage broker, Belong Lending has access to wholesale lenders – the same sources that fund retail banks’ loans, but at lower cost because there’s no bank markup. They compare rates from multiple wholesale lenders and present you with the best options. This is the key advantage of working with a broker vs. going directly to one bank.

Belong Lending offers free rate quotes and a free pre-approval process with no application fee. Like all mortgage brokers, they are compensated through lender-paid compensation on loans that close. Your Belong Lending loan officer will be fully transparent about all costs associated with your loan before you commit to anything.

Mortgage rates change daily based on economic indicators, the Federal Reserve’s actions, and your personal financial profile. As of early 2026, 30-year fixed rates have been in the 6 – 7% range nationally, though individual rates vary by credit score, loan type, and lender. Belong Lending shops multiple wholesale lenders to find the most competitive rate for your specific situation. Visit belonglending.com for a free personalized rate quote.