If you come from the Great Lakes region, and have not applied for a home purchase scheme, then you may be missing on one of the most accessible products in the land. FHA mortgage Michigan is available to all applicants in the state, whether in Detroit or the rural regions along the shoreline of the biggest interior waterway in the country. More so, you can go for a payment period that suits your financial situation. We recommend you to select any of the following amortization schemes depending on your financial future: Opt for a Maturity Period of 30 Years This option on FHA mortgage MI has these attributes:
- Low, fixed interest rate that holds throughout the amortization period of 30 years.
- The rate does not appreciate irrespective of the market conditions, including recession.
We recommend this plan if you have a steady income or pension that will not change in the foreseeable future. You can even pay early and not attract any pre-payment penalty! The 15-Year Maturity Period This option of FHA mortgage Michigan is suitable for applicants who want to access a short-term product at an adjustable interest rate. The plan has these features:
- A variable-rate pattern where you can refinance to a lower rate than the existing interest rate when market forces change for the better.
- Ability to extend the term to a 30-year period under Streamline Refinance.
Our experts advice on taking this plan for FHA mortgage MI if your income may not remain steady in coming years. Who Can Apply for Funding Financing through this scheme is accessible to prospective homeowners who meet the following stipulations:
- You have a credit score of at least 620. If you do not have a credit report, we can help to assemble one for you from the three national bureaus that keep credit records.
- You aim to use the property, for which you are taking FHA mortgage MI, as your primary home.
- You do not have any outstanding debt with the government or credit card companies.
Do you meet the above expectations? If unsure, just call our team to get you through an easy pre-qualification stage! The Main Loan Characteristics Ahead of choosing the right financing plan, you may also take a look at the main features of FHA mortgage Michigan. These include:
- The scheme features a minimal Funding Fee which helps the Housing Department (HUD) to guarantee the loan.
- It also features an accessible down payment of 3.5%.
- It gives the applicant the ability to co-sign with a spouse or an outsider who can shoulder payment in case of a breach.
Thus, if you have always wanted to avail a home purchase product with such characteristics as the above, then FHA mortgage Michigan may be the one. Not only will you choose an amortization duration that suits your future financial situation but you can secure a seller concession of 6%. Get in touch with our ever-ready team today! Simply call [888] 202-4479