Loan Options

Loan Options2020-01-12T17:32:43-05:00

Ready to set out on the journey of buying or refinancing a Michigan home? You can count on us to locate the Michigan mortgage loan program that’s perfect for you. Loans options include conventional, FHA, Rural Housing and VA. We have a team of professionals who are ready to walk you through this important financial commitment.

Get started by choosing an option below….

Michigan FHA Loan

FHA

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy, low to moderate income families who do not meet requirements for conventional loans.

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Conventional Mortgage Loan

Conventional

One of the advantages of a conventional loan is that the borrower can avoid paying the upfront mortgage insurance and possibly the monthly mortgage insurance that government loans require. If a borrower makes a down payment of less than 20 percent on a conventional loan, the rates of mortgage insurance vary according to credit scores, debt-to-income ratio, the type of mortgage insurance a borrower chooses, as well as the loan-to-value ratio.  Down payments can be as low as 3% for first time home buyers and 5% if you have owned a home in the past 3 years.

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VA Government Loan

VA Home Loan

VA guaranteed loans are made by Mortgage One, a VA Automatic Lender, and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

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Rural Development

Rural Development USDA

The Mortgage 1 Rural Housing program is dedicated to the preservation of rural communities. We partner with Rural Development, a division of the US Department of Agriculture, to help home buyers throughout the state realize the American dream of home ownership. This program, administered through the US Department of Agriculture, features ZERO down payment for qualified moderate-income families looking to purchase single-family homes. For borrowers with little or no cash, it’s ideal since no down payment and no funds are needed for closing.

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Got a Question?

Please don’t hesitate to contact us with any questions you have about the available loans or application process.

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