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State of Mortgages in the State of Michigan
Mortgage financing is definitely still available in the State of Michigan, as well as other parts of the country.
Since I concentrate on Michigan Mortgages I’d like to make the following comments.
The following financing is available: (refinance programs also)
- FHA Purchase with 3 1/2% downpayment.
- HUD homes purchase with $100 down when using FHA Financing.
- VA Funding 100% financing, no downpayment required for qualifying veterans and service people.
- Conventional Purchase with 5% down with approved mortgage insurance.
- No downpayment Guaranteed Rural Housing Loans providing modest housing for moderate income families in non-urban areas.
- Reverse Mortgages for both purchases and refinances.
- Programs are also available for Jumbo mortgages, over the FHA and conventional loan limits which vary by area.
- Limited non-conforming (outside of Fannie and Freddie guidelines) is also available under certain terms.
There may be additional programs available to qualified buyers and this list is not meant to be all-inclusive.
Down Payment Assistance
Although Down Payment Assistance programs are no longer available, gifts are still being used for downpayments on FHA purchases. The gift needs to be from a family member, or the buyer’s employing company.
Funds are also available from organizations like National Faith HomeBuyer’s
Program administered in Wayne County, Michigan by Faith Community Homebuyer’s Program. This is a loan for an existing home in the amount of $5000.00. Participants must contribute at least $1000 towards the purchase of the home. It is an interest free deferred loan that is due upon the sale of the property by the loan recipient.
Buyers are required to attend a homebuying workshop, given periodically. Contact me for updated details of this program which is available in 37 participating communities in Wayne County, Michigan.
Other counties in Michigan have similar programs. Contact me for details and resources.
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