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

Veterans (VA)

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

Rural Development (RD)

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

CONDO

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.

JUMBO

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.

Conventional

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

Homeready

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.

Refinancing

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

CONDO

COMING SOON

RENOVATION & NEW CONSTRUCTION

NEW CONSTRUCTION (RD)

FHA 203K

HOMESTYLE

NEW CONSTRUCTION

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.

FHA 203K

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

HOMESTYLE

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

LOAN OPTIONS|MEET THE CREW| CONTACT US