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Michigan FHA Loan Info For First Time Home Buyers
Michigan FHA loans are actually one of the best opportunities concerning the first time home buyer for a number of reasons. First, they grant versatile lender guidelines that permit buyers with limited credit ratings to qualify. This can be extremely important with regard to the first time borrower who may well have a limited credit rating aside from student loans and even a borrower who has had credit problems in the past.
One more huge advantage concerning the FHA loan is that it actually has a lower down payment requirement. Michigan first time home buyers can acquire a property utilizing an FHA loan for just 3.5 % down. This down payment may be a gift coming from a family member or even through the homeowners personal resources.
Some of the ultimate features regarding the FHA loan is undoubtedly that it provides a lower rate in comparison to conventional financing. Depending upon the market, the change in interest rate can be as much as one half percent and that could result in some substantial cost savings when it comes to the Michigan first time home buyer.
Overall, the FHA loan is really an excellent plan when it comes to the first time home buyer looking to buy throughout Michigan. The FHA home loan provides a good low rate and a low down payment for those people with limited credit. This eliminates most of the concerns experienced by Michigan first time home buyers when attempting to purchase a property.
You may also be curious about this… http://hud.gov
If you care forÂ more details on Michigan first time home buyer programs you’ll most likely enjoy this article about Michigan first time home buyer programs. The details revealed during that blog post will provide you additional information and possibly respond to more of your concerns. After reading these 2 blog posts, you should have a clear understanding of Michigan first time home buyer programs.
However, if you have additional concerns regarding Michigan first time home buyer programs, do not think twice about calling 248 674-6450 and we will do our best to address your questions right away.
Designed with ease of use and accuracy in mind
Most mortgage calculators force users to input unknown data like mortgage rates or mortgage insurance. Without the correct data these calculations become worthless. Our app populates this data for the user based on up to date mortgage rates and accurate mortgage insurance quotes based on loan product and credit score.
Buit-in convenience within the admin area
The app has a really cool admin area that allows you to securely scan and send important mortgage documents right from your phone. No need for a fax machine or a scanner when our app will do the job.
Install on your phone for easy access 24/7
Our mortgage app can be installed by simply entering your mobile number and opening a text. Once installed, you’ll have full access to the app and be able to perform unlimited mortgage calculations for any available mortgage product. This allows you to accurately compare different mortgage products on the go.
All mortgage calculations are saved
You can review any of your previous mortgage calculations from within the app. This makes it easier to compare different mortgage programs as well as other loan parameters. This can save you from running the same numbers over and over again.