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FHA
Michigan Home Loans
The Federal
Housing Administration 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 Michigan
Home Loans program opens up opportunities that conventional mortgages
do not offer:
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Minimal
Down Payment and Closing Costs
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Down
payment less than 3% of Sales Price
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100%
Financing options available*
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Gift
for down payment and closing costs allowed.
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No
reserves or required.
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FHA
regulated closing costs.
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Seller
can credit up to 6% of sales price towards buyers costs.
Easier Credit Qualifying Guidelines such as:
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No
minimum FACE score or credit score requirement.
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FHA
will allow a home purchase two years after a Bankruptcy.
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FHA
will allow a home purchase three years after a Foreclosure.
Easier Debt Ratio & Job Requirement Guidelines such
as:
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Higher
Debt Ratio's than other home loan programs.
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Less
than two years on the job is allowed.
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Self-employed
individuals O.K.
These advantages
of the FHA Michigan Home Loans has made it one of the best
options for most first time home buyers as well as move-up home
buyers.
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.
Thank you,
for your interest in Michigan FHA Home Loans.
If you have
any questions , please feel free to contact us at (734) 968-4712
today to speak
with a Michigan loan consultant or fill out our "Michigan
Home Loan Quick Quote" form. We have cut the middle man
and large corporate overhead to bring you the best possible Michigan
home loan rates and lowest fee.
Thank
you, for your interest in FHA
Michigan Home Loans.
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