Home financing in Kalkaska County.

Kalkaska County's economy is built around seasonal tourism, oil and gas extraction, agriculture, small construction trades, and service-sector work. Many residents have income that looks irregular on paper — seasonal employment, self-employment as solo contractors, cash-based agricultural work, or a mix of part-time jobs. Lenders who understand this economy know how to document your income properly instead of simply rejecting you.

General qualifying factors lenders look at:

• Credit score: Most conventional lenders want 620+. FHA goes down to 580 (or even 500 with a larger down payment). Some CDFI and ITIN lenders use alternative credit history — on-time rent, utility, and phone payments count.

• Income documentation: W-2 employees are straightforward. Self-employed borrowers typically need two years of tax returns and a profit-and-loss statement. Seasonal workers may qualify using averaged income over 24 months.

• Debt-to-income ratio (DTI): Most programs want your total monthly debts (including the new mortgage) to be 43% or less of your gross monthly income.

• Down payment: Can range from 0% (USDA) to 3.5% (FHA) to 3–5% (conventional). MSHDA's MI Home Loan can provide up to $10,000 in down payment assistance as a second loan.

• Property type: Manufactured homes, rural lots with wells and septic systems, and properties with acreage all need lenders familiar with rural appraisals — not every lender handles these.

If you work as a solo contractor in construction or landscaping — common in Kalkaska County — look for lenders who specialize in self-employed borrowers. Bring two years of tax returns and a letter explaining your business.

Getting your paperwork organized before you talk to a lender saves time and stress. Here is a practical checklist for most home loan applications in Michigan:

Identification

• Government-issued photo ID (driver's license, passport, or consular ID card)

• Social Security number OR Individual Taxpayer Identification Number (ITIN)

Income

• Last two years of federal tax returns (all pages, all schedules)

• Last two years of W-2s or 1099s

• Most recent 30 days of pay stubs (if you are a W-2 employee)

• Profit-and-loss statement for the current year (if self-employed)

• Documentation of any additional income: rental income, Social Security, child support, seasonal work

Assets

• Last two to three months of bank statements (all pages, all accounts)

• Documentation of any gift funds for down payment (a signed gift letter is required)

Property

• Purchase agreement or accepted offer letter (once you have one)

• Property address and legal description

Housing History

• 12–24 months of rental payment history (landlord contact information or cancelled checks)

For ITIN borrowers: bring your ITIN letter from the IRS, your most recent tax returns filed with the ITIN, and 12 months of rental or utility payment history. Some lenders will also accept a credit reference letter from a bank in your home country.