FHA Loans

Michigan FHA loans allow first time home buyers and current homeowners to purchase their new home with only a 3.5% down payment and allows the seller to pay up to 6% of the sale price towards your closing costs keeping your out of pocket expenses low!  Michigan FHA mortgage loans are more flexible than conventional mortgage loans.  If you have had small bumps in your past credit history and are working with a smaller amount of money, an FHA mortgage loan may give you a lower payment and cash to close than a conventional mortgage. 

    • 3.5% down payment. Can be a gift from an family member or close friend.
    • Seller can pay up to 6% of the sale price towards your closing costs.
    • Moderate monthly mortgage insurance. Can be lower than conventional if your credit is less than perfect.
    • Michigan FHA Loan Limits apply.
    • No geographic restrictions.
    • Gifts from immediate family members to cover down payment and closing costs are acceptable.
    • Allows for up to a 4-unit property as long as one unit is “owner occupied”
    General Qualifying Requirements
    • Credit score minimum of 580 possible.  No scores are acceptable with a blank credit report (nothing good or bad). However, 3 non-traditional credit references will be required (rent, utilities, insurance, etc).
    • No foreclosure in the past 36 months.
    • No bankruptcies in the past 24 months. Must have rebuilt credit.
    • All court ordered judgments MUST be satisfied or have a satisfactory payment plan set up.
    • Condominiums must meet FHA approval standards.
    • No investment properties allowed.
    FHA Loans

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