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Loan Programs

Fixed Rate Mortgages
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

 

Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.

 

Hybrid ARMs (3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM)
Hybrid ARM mortgages combine features of both fixed-rate and adjustable rate mortgages and are also known as fixed-period ARMs.

 

Conventional Loan
Another common type of financing, can be a fixed or adjustable rate. Offers flexible amounts of down payment. Escrow waivers and no mortgage insurance can be offered with enough down payment.

 

VA Loans
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.

 

FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

 

The Streamelined 203(k) Program
FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before closing. With this new product, homebuyers can pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

 

Rural Development Loan (USDA)
The Mortgage 1 Rural Housing program is dedicated to the preservation of rural communities. We partner with Rural Development, a division of the US Department of Agriculture, to help home buyers throughout the state realize the American dream of home ownership. This program, administered through the US Department of Agriculture, features 102% financing for qualified moderate-income families looking to purchase single-family homes. For borrowers with little or no cash, it's ideal since no down payment and no funds are needed for closing.

 

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.

 

Specialty Loan Products

 

Michigan State Housing Development Authority down payment assistance program

 

MSHDA Home Loan offers first time homebuyers up to $7500 in down payment assistance for qualified borrowers. Visit MSHDA's website for more information here.

MSHDA Home Loan Flex offers repeat homebuyers up to $7500 in down payment assistance for qualified borrowers. Visit MSHDA's website for more information here.

 

 

 

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.

 

 

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