Mortgage Information

What you need to know before you buy a home!

Buying a home is an exciting adventure.  Here are some different programs available to you.

FHA Loans

FHA insured mortages offer many unique benefits such as:

• Ease of qualification
• Low down payments
• Comptetitive interest rates
• Offers very generous maximum loan amounts
• No maximum income limits for FHA loans

Rural Housing Loans

A USDA home loan is a government insured loan created to hlep buyers with no down payment. A common misconception is that USDA loans are only for farmers. Many areas outside a major metropolitan city will qualify. 

More borrowers will be able to afford a single family residence including:

• Zero down payment
• Move-up homebuyers
• Low to moderate income borrowers
• Homebuyers in eligible rural areas

VA Loans

There are several reasons why a VA loan may be preferable to a standard loan. More importantly, if you qualify, you may obtain a VA loan even if you did not qualify for other loans.

• Offers zero down payment
• there is no mortgage insurance
• Closing cost can be lower than other forms of financing
• Seller can pay all closing cost

MSHDA Loan (Michigan State Housing Development Authority)

The MSHDA loan program offers different types of mortgage loans to help you become a homeowner.

• Offers fixed rate 30 year mortgages
• For single family homes
• Competitive interest rates
• Offeres very generous maximum income limits
• 1% down payment option

Get Pre-Approved

Talk to a loan officer to see how much home you can afford and get pre-approved before you start looking at homes. If you find a house, you can make an offer knowing exactly how much you can afford to pay each month.

The sellers will take you more seriously becasue they will know that you ahve been pre-approved. This could be especially helpful if you are one of the many buyers making an offer on the home.

What Documents To Bring

To apply for a loan, you will have to prove documentation of your financial situation. You will be requested to give a credit report and verify the information provided in your loan application. Be prepared to give:

• Social security numbers and date of birth for both you and any co-borrowers
• Copies of checking and savings account statements for the past two months
• Evidence of any other  assets such as bonds, stocks, or money saved in retirement programs (I.e 401k or 403b program)
• Recent paycheck stubs (30 days)
• W-2 withholding forms, and federal income tax retruns for the past two years to verify your income
• Residence history for the past two years
• Sales contract for the purchase of a new home (If you made an offer)
• Additional Information may be needed depending on your situation