Michigan FHA Home Loans
Low Down Payments + Easier Qualification = Your Next Home!
The FHA home loan is just about the easiest loan to qualify for when buying or refinancing a home. It’s insured by the Federal government and offers relaxed underwriting guidelines allowing more people to qualify.
FHA for Home Buyers
- Credit scores as low as 580.
- 3.5% down buys you a home – can include gifts.
- Seller can pay most of your closing costs – up to 6% of the purchase price.
- Fixed rate loan terms of 15 and 30 years.
- Adjustable Rate terms of 3 and 5 years.
If you already have a FHA loan you may qualify for a Streamline Refinance saving you time and money!
FHA for Refinancing
- Refinance up to 97.75% for non-FHA existing loans.
- Take up to 80% cash out of your home for any reason.
FHA Streamline Refinancing skips the appraisal and income verification process! Whether you’re buying a home or refinancing your existing one, FHA has some terrific loan features.
FHA Loan Uses
FHA loans are used for a primary residence only and are HUD insured.
- Purchase / Refinance (rate and term AND cash out)
- 203K Renovation Loans
- Fixed Rate & Adjustable-Rate options available
- 30 and 15 year terms available