Michigan

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Michigan mortgage options still include down payments as low as zero.  Yes, mortgages are more difficult to obtain than they were 4 years ago, but there are still options available for Michigan home buyers.  The most commonly used Michigan mortgages today are Michigan FHA loans and Michigan Rural Housing loans.  FHA requires a 3.5% down payment compared to the required 10% down payment for conventional mortgages.  Michigan Rural Housing still allows for zero down and is the only zero down option available unless you are a veteran (in which case you can qualify for a me Loan).

The Michigan Rural Housing loan is a favorite of mine if you do not have a large down payment, because it also does not have any monthly mortgage insurance (PMI), making the payment more affordable.  The next best thing in my opinion if you do not have a large down payment would be a Michigan FHA mortgage loans , because it only requires the 3.5% down payment and has a low amount of monthly mortgage insurance once again making the payment more affordable.

These loans also have more flexible credit guidelines than conventional, still allowing a minimum credit score of only 620.  But keep in mind, getting a loan approved today with past credit blemishes is no picnic.  You will have to provide letters explaining any collections, bankruptcies, foreclosures or even late payments in the past 24 months.  Make sure you are working with an experienced mortgage loan officer and an experienced company so you can feel confident that your transaction will closes.

Please visit our website at http://www.FastResultsMortgage.com for more information regarding Michigan FHA loans and Michigan Rural Housing loans.

We have specialized in FHA and Rural Housing home loans since our inception. We have over 30 years of combined mortgage loan experience and have partnerships with National and local leading mortgage lenders to ensure that you get the very best loan options and loan rates.