Michigan FHA Loan Programs Allow More Flexibility And Low Rates!
- Are you looking for mortgage financing with less restrictive credit requirements?
- Are you limited in equity or down payment funds?
- Do you currently have an FHA loan and are you interested in saving money with an FHA Streamline refinance?
If the answer is yes to any of these questions, you’re going to want more information on FHA loans!
An FHA loan gives you a government-insured loan with flexible choices. You may like the security of a fixed rate or the affordability of an FHA 5-year ARM.
FHA Loans are the easiest way to qualify for a home purchase or refinancing. Fill out the form to the right or call 248-674-6450 today to get pre-qualified for a low rate FHA Loan today!
Why Should You Choose Michigan Mortgage Solutions For Your FHA Loan?
- We have an A+ rating with the Better Business Bureau
- We don’t charge any upfront “Good Faith” fees as we believe that we should show you good faith by not charging you for yours…lol!
- As a licensed mortgage broker since 1998, we actually have to do industry specific training and we’re required to carry state licensing for our company and our loan officers. This means that you’ll be speaking to a knowledgeable mortgage professional, not an untrained desk clerk or representative.
Michigan Mortgage Solutions will find you the best possible mortgage program for your specific needs.
- 30-Year FHA Loan: Rate is fixed. The payment on a $203,500, 30-year fixed rate loan at 3.75% and 96.5% loan-to-value (LTV) is $942.44 with No Points due at closing. Payment includes a one time upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.85% of the base loan amount. The 0.85% monthly MIP will be paid for the full term of the mortgage or until paid off. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply. The Annual Percentage Rate (APR) is 5.292%. Actual payments will vary based on your individual situation and current rates. Based on January 30th, 2020 rates.
- Some restrictions may apply.
- We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720.
- The lock period for your rate is 45 days.
- The loan to value (LTV) rate is 96.5%.
- For FHA loans payment includes a onetime upfront mortgage insurance premium (MIP) at 1.75% of the base loan amount and a monthly MIP calculated at 0.85% of the base loan amount. The 0.85% monthly MIP will be paid for the full term of the mortgage or until paid off.
- Michigan Mortgage Solutions provides a wide variety of mortgage options. Please remember that we don’t have all your information. Therefore, the results you see from this calculator may not reflect your actual situation. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (248) 674-6450 to talk to one of our mortgage consultants.