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
- Buying a
a mortgage for a home you already own
- Making home
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.
Down Payment and Closing Costs
payment less than 3% of Sales Price
Financing options available*
for down payment and closing costs allowed.
reserves or required.
can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
minimum FACE score or credit score requirement.
allow a home purchase two years after a Bankruptcy.
allow a home purchase three years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such
Debt Ratio's than other home loan programs.
than two years on the job is allowed.
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