If the loan fits… buy it!

Every borrower is different, so to fit your needs best, we have multiple loan options available to borrowers in Michigan

Rural Development (RD)
FHA
Conventional
  • 0% down payment option
  • Property must be in an eligible location
  • Do not have to be a 1st time homebuyer
  • Rates are similar to conventional rates
  • No manufactured homes, FHA approved condos only
  • Seller contribution allowed to 6% or more with special approval
  • Maximum income is 115% of median income in area

FHA

  • Lower credit scores allowed
  • Down payment can be a gift from a relative
  • 3.5% down payment
  • Mortgage Insurance: Upfront MIP of 1.75% added to the loan, monthly premium = loan amount x .85% / 12 mo. Mortgage insurance lasts for the life of the loan unless it is a 15 year term
  • Seller can contribute up to 6% of sales price towards closing costs & escrows
  • Non-occupying co-borrower allowed
  • Loan can be assumed (formal)
  • Chapter 7 bankruptcy discharged for 2 yrs w/ re-established credit and no lates
    3 years if home was included in BK
  • 5% down payment minimum on owner-occupied
  • Down payment can be 100% gift from a relative
  • Conventional financing is very credit score sensitive
  • PMI on loans with less than 20% down
  • PMI rates are also sensitive to credit score
  • Seller can contribute towards buyers closing costs and escrows
    If borrower is putting less than 10% down, max seller contribution is 3% of sales price, if borrower is putting 10% or more, max contribution is 6%
  • Maximum mortgage is $421,000
  • Before applying for a mortgage:
    4 years must pass after a short sale
    4 years must pass after a bankruptcy
    7 years must pass after a foreclosure
    (May be slight variance for extenuating
    circumstance)
Veterans (VA)
Refinancing
Homeready
  • 0% down option for qualified Veterans
  • VA funding fee of 2.15% can be financed into the mortgage
    VA funding fee is waived if Veteran is receiving service related disability
  • No mortgage insurance
  • 4% max on seller paid closing costs or prepaids
  • Owner occupied
  • Gift funds allowed
  • Maximum mortgage: $424,100 including funding fee
  • Lower your monthly payment
  • Shorten the term of your loan
  • Switch to a fixed-rate mortgage
  • To eliminate private mortgage
    insurance (PMI)
  • Get cash out of your home for
    large expenses
    e.g., college tuition, wedding, new car
  • Low down payment. Up to 97% financing for home purchase with many borrower flexibilities.
  • Product features designed to align with today’s buyer demographics and support sustainable homeownership
  • Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit properties).
  • Conventional home financing with cancellable monthly mortgage insurance.
    Reduced MI coverage requirement above 90% LTV supports competitive borrower payment.
  • Homeownership education class required to help buyers get ready to buy a home and be prepared for the responsibilities of homeownership.
    The required training offers an easy-to-use, online course provided by Framework.
RENOVATION LENDING
FHA 203K
HOMESTYLE
  • FHA 203k is one of the most diverse home improvement loan out there
  • You can borrow up to 96.5% of the appraised value after the improvements are done.
  • Two Month reserves required
  • Limited 203k
    Only 3.5% down payment required
  • Standard 203k
    Available for larger renovations
  • Use this loan for upgrades, remodels, and building of a new structure on a house you own or will own.
    Build your dream kitchen
    Create a personal spa bathroom
    Decking
    New floors
    Windows
    New appliances
    New roof
    New doors and trim
    Finish your basement
  • Conventional Loan product credit score sensitive
  • 10% minimum down payment for primary, single-family residences (10% for second homes)
  • Minimum 5% down payment
  • You can use gift funds for down payment & closing costs
  • 3% seller contribution allowed
  • Cosmetic and structural renovations allowed
  • Allowable improvements can include landscaping, appliances, swimming pools and more