Which Michigan Home Loan Program is Right for You?
This month, we’re featuring five of our best loan programs to help you on your path to home ownership. Guild Mortgage Inlanta is here to get you the best mortgage deal and educate you on the different types of home loans available in Michigan. We highlight the distinctions and complexities so that you can make an informed decision. Check out these five popular programs to see which one is best for you!
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#1: FHA Loans
- No down payment
- Gift funds allowed
- Cash reserves not required
- Flexible credit history requirements
- Closing costs can be paid by seller
- Flexible debt-to-income ratios
- Streamline refinance available
#2: Jumbo Loans
- No mortgage insurance and regular mortgage insurance options
- As low as 10% down payment
- Purchase and Rate & Term Refinance
- Fixed and Adjustable Rates Available
- Single family residence, duplexes, town homes
- Cash-out option for single-unit primary residencies only*
- LTVs up to 90%
*Max cash-out is $250,000.
#3: Renovation Loans
HomeStyle
- Make renovations, repairs, or improvements totaling up to 50% of the as-completed value of property with first mortgage
- No minimum renovation amount
- Fixed and adjustable rate options
- Private mortgage insurance
FHA 203k
- Covers your purchase price and the cost of improvements
- Credit requirements vary yet can be more flexible than with conventional financing
- Low down payment
- Gift funds allowed
- Closing costs can be paid for by the seller
#4: USDA Loans
- No down payment required
- Closing costs can be financed into loan
- 30-year loan at a fixed rate
- Must buy home in USDA eligible area: town population under 20,000
- Flexible credit history requirements
- First-time home buyers eligible
#5: Veteran (VA) Loans
- No down payment
- No private mortgage insurance
- Cash reserves not required
- Closing costs and prepaid expenses can be paid by seller
- Streamline refinance available