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Michigan Conventional Loan...
Conventional home loans allow first time home buyers and current
home owners to purchase their new home with as little as 10% down payment and
allows the seller to pay up to 3% of the sale price towards your closing costs.
Compare
this loan to other loan options.
Features
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5% minimum down payment.
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Seller can pay up to 3% of the sale price towards your
closing costs.
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Monthly mortgage insurance (PMI).
Mortgage insurance is not required with 20% or larger down payments.
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Loan Limit is $417,000.
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No geographic restrictions.
General Requirements
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Credit score minimum of 620*
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No previous mortgage loan or late
rent payments in the past 12 months.
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No foreclosure in the past 5 years. Must have
re-established credit.
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No bankruptcies in the past 24 months. Must have
re-established credit accounts.
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All court ordered judgments,
delinquent liens and collections MUST be satisfied prior to closing.
APPLY ONLINE!
*Determined by automated underwriting
system. Additional charges apply to credit score less than 720. |
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