Mortgage 1, Inc., a Michigan Mortgage Lender


  Your Home Town Michigan Mortgage Lender

                                                                           (810) 373-2150

Michigan FHA Loans

Michigan FHA loans allow first time home buyers and current home owners to purchase their new home with only a 3.5%* down payment and allows the seller to pay up to 6% of the sale price towards your closing costs keeping your out of pocket expenses low!  FHA loans are more flexible than conventional mortgage loans.  If you have had small bumps in your past credit history and are working with a smaller amount of money, an FHA loan may be for you.

Features

  • 3.5%* down payment.  Can be a gift from an immediate family member.

  • Seller can pay up to 6% of the sale price towards your closing costs.

  • Monthly mortgage insurance.

  • Loan limits apply and vary by county.

  • No geographic restrictions.

 

General Requirements

  • Credit score minimum of 580*.

  • No previous mortgage loan late payment in the past 12 months.

  • No foreclosure in the past 36 months.  Must have rebuilt credit.

  • No bankruptcies in the past 24 months.  Must have rebuilt credit.

  • All court ordered judgments MUST be satisfied or have a satisfactory payment history.

 

*Credit scores less than 640 may require higher down payments and may not allow gifts.  Contact us for details.