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

FHA
Veterans (VA)
Rural Development (RD)

FHA

  • Lower credit scores allowed
  • Down payment can be a gift from acceptable sources
  • 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
  • 0% down option for qualified Veterans
  • VA funding fee of 2.15% can be financed into the mortgage
    VA funding fee may be waived if Veteran is receiving service related disability
  • No mortgage insurance
  • Seller paid closing costs are allowed
  • Owner occupied
  • Gift funds allowed
  • Maximum mortgage: $453,100 including funding fee
  • 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%
  • Maximum income is 115% of median income in area
NON- WARRANTABLE CONDO
JUMBO
Conventional
  • Established Condominium only
  • All units, common elements, and facilities within the project phase must be complete (Additional phasing is not considered in review)
  • At least 60% of the total units must be sold or under contract
  • Pending sales may be included to meet the 60% presale requirements
  • This is an evolving product. To learn more about the Non-Warrantable Condominium Loan, please contact us.
  • This loan exceeds the maximum loan amounts established by Fannie Mae and Freddie Mac conventional loan limits
  • Rates on jumbo loans are typically higher than conforming loans
  • Typically used to buy more expensive homes and high-end custom construction homes
  • This is an evolving product. To learn more about the Jumbo Loan, please contact us.
  • 3% down payment minimum on owner-occupied
  • Down payment can be 100% gift from a relative or employer
  • 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 $453,100
  • 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)
Homeready
Refinancing
  • 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
  • Down payment can be a gift from acceptable sources and 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.
  • 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
  • COMING SOON

RENOVATION & NEW CONSTRUCTION

NEW CONSTRUCTION (RD)
FHA 203K
HOMESTYLE
  • A construction-to-permanent loan combines the features of a new construction loan with the benefits of a long-term mortgage
  • Construction begins as soon as the loan closes
  • No Down Payment Option (100% Financing)
  • Construction loan is made directly to you
  • Nine-month construction period
  • Income limits apply to rural area designations
  • To qualify, proposed home must be in an USDA RD eligible area. For more information on this contact us today.
  • This is an evolving product. To learn more about the New Construction (RD) Loan, please contact us.
  • FHA 203k is one of the most diverse home improvement loan out there
  • You can borrow up to 96.5% of the appraised value (that is value of the home + renovations)
  • 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