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Fha Mortgage Refinance Rates In Michigan

Get a great interest rate with our Michigan FHA Mortgage Loan program. We have the best Fha Refinance Mortgage Rates In Michigan We can also refinance your current Michigan FHA Mortgage. Apply online or call one of our Michigan brokers toll free at 855-529-5222 . We can help.

You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time. The Fha Refinance Mortgage Rates In Michigan are also very attractive.

The Federal Housing Administration (FHA)was established to encourage home ownership throughout the country with the belief that home ownership increases the stability of a community. Prior to the creation of the FHA, large down payments were required to secure a mortgage loan. At present, a minimum of 3% investment is required by the borrower for the purchase of a home. As an incentive to investors who purchase loans, FHA insures the loan against default, should the borrower fail to repay. FHA guidelines also allow for greater flexibility with regards to credit history and qualifying ratios.

FHA is a part of the U.S. Department of Housing and Urban Development (HUD). One of the chief purposes of FHA is to help people obtain financing to buy their homes. Buying a home is the biggest single purchase that most people will make in their lifetimes. Most people borrow money through a mortgage loan to buy a home. Some people reduce the amount of money they borrow by making a large down payment on the loan to buy a home. People who do not have the money for a large down payment can use this program to get their loan.

you may qualify If you are:

  • Buying a home
  • Refinancing a mortgage for a home you already own
  • Making home improvements

FHA Michigan Home Loan programs will open up opportunities that conventional mortgages do not offer:

In fact, almost anyone who has a satisfactory credit record, enough cash to close the loan, and sufficient steady income to make monthly mortgage payments can be approved for this mortgage. There is no upper age limit and no certain income level required, although individual mortgage amounts are limited by law. Generally, homebuyers must live in the home in order to get this loan. The program is not open to investors.

  • Minimal Down Payment and Closing Costs

    • Down payment less than 3% of Sales Price
    • 100% Financing options available*
    • Gift for down payment and closing costs allowed.
    • No reserves or required.
    • Regulated closing costs.
    • Seller can credit up to 6% of sales price towards buyers costs.

    Easier Credit Qualifying Guidelines such as:

    • No minimum FACE score or credit score requirement.
    • Will allow a home purchase two years after a Bankruptcy.
    • Will allow a home purchase three years after a Foreclosure.

    Easier Debt Ratio & Job Requirement Guidelines such as:

    • Higher Debt Ratio's than other home loan programs.
    • Less than two years on the job is allowed.
    • Self-employed individuals O.K.

These advantages of this program has made it one of the best options for most first time home buyers as well as move-up home buyers.

As professionals in the lending industry, we've built our reputation on providing outstanding service to our clients. That means you can count on us to always look out for your best interests, and to keep you informed throughout every step of the lending process.

If you have any questions , please feel free to contact us at 855-529-5222


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