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Michigan FHA 203K Loan
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FHA 203K Loan (Repair Loan)...
FHA 203K home loans allow first time home buyers and current home
owners to purchase their new home with only a 3.5% down payment and allow you to
put money in escrow to do repairs to the property. Like normal FHA loans,
they allow the
seller to pay up to 6% of the sale price towards your closing costs keeping your
out of pocket expenses low!
Features
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3.5% down payment (sale price +
repair costs)
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Seller can pay up to 6% of the sale price towards your
closing costs.
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Up to $35,000 in repair costs
(streamlined 203K)
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Low monthly mortgage insurance (lower
than conventional) (PMI).
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Loan limits apply and
vary by county.
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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 late payment in the past 24 months.
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No foreclosure in the past 36 months. Must have
rebuilt credit.
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No bankruptcies in the past 24 months. Must have
rebuilt credit.
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All court ordered judgments MUST be satisfied or have a
satisfactory payment history.
APPLY
NOW!
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