SERVICES
Purchase
Programs
- Conventional Loans
Avoid paying upfront mortgage insurance, like you would with an FHA loan. Have the opportunity of avoiding Private Mortgage Insurance, by putting 20% down or paying your loan down to 80% loan-to-value. Must have a minimum credit score of 620. - FHA Loans
Insured by the Federal Housing Administration, FHA loans are great for low to moderate income borrowers. You may qualify to put down as little as 3.5%. You can be reassured that your home has been through an FHA inspection that checks for health and safety hazards. - VA Loans
With 100% financing, eligible veterans may not need to place a down payment on their new home. Depending on the Certificate of Eligibility, you may have to pay a funding out of pocket. Closing costs may not be financed into you loan amount.
Refinance
Programs
- Rate/Term Refinance
Look into possibly lowering your monthly payment, by obtaining a lower rate and dropping your private mortgage insurance on a conventional loan. - Cash-Out Refinance
Cash out on the equity in your home. Unlike a home equity line of credit, with a cash out refinance, it’s all rolled into you mortgage lien, meaning there is no second lien on the home. A cash out refinance is great for home renovation projects or paying down debt - FHA Streamline Refinance
Refinance your currently existing FHA loan with limited credit documentation and underwriting. The mortgage being refinanced must be current and delinquent. You also may not roll in your closing costs into your new loan amount.
First-Time Homebuyer Down Payment Assistance Program
The Michigan State Housing Development Authority (MSHDA) offers down payment assistance to people with no monthly payments.
They currently offer a $10,000 down payment assistance program. The funds can be spent on closing costs, prepaid expenses homeowners insurance or property taxes) and the down payment itself. Borrowers are still required to provide at least 1% of the loan amount themselves.
The down payment assistance is repaid when the home is sold, the mortgage is refinanced or the home loan is paid off in full. It has a 0% interest rate.
Michigan home buyers that have not owned a home in the last three years can fit into the first time home buyer classification. That means that if they owned a home but lost prior to three years ago, they may be able to get a fresh start under these programs.
Mortgage 1 has been the #1 MSHDA lender for 8 years in a row
MSHDA Eligibility requirements;
- Available for credit scores as low as 640
- The minimum down payment is 3% and down payment assistance is available
- The home has to be your primary residence
- There are income limits that vary by location
- The overall debt-to-income ratio of 45% or less
- Borrowers must attend a homebuyer education course if you receive down payment assistance
- Borrowers have to contribute at least 1% of the loan amount.
- And More