Michigan Fha Mortgage

A Fha Mortgage is a home loan that is insured by the Federal Housing Administation. Home owners are able to purchase a home with a small down payment as low as 3.5% of the purchase price. The government insures the lender against losses so banks are able to offer you the lowest interest rates. More and more first time home buyers are choosing Fha Mortgage programs to take advantage of the benefits of homeownership.

FHA mortgage types

One of the most flexible mortgage products available today are FHA Mortgages. As subprime loans fadded away, the govenment filled in by loosening the lending guidlines for FHA loans. To qualify for a FHA Mortgage you will need a 3.5% down payment on a purchase and a 600+ credit score. Our loan officers at Riverbank are experienced in mortgage lending services and offer the lowest FHA mortgage rates available.

What are the benefits of Fha Mortgage loans?

The Federal Housing Administration (FHA ) has fha mortgage limits up to $729,750
Low credit score borrowers are eligible
3.5% down payment with Down Payment Assistance programs available
Credit does matter - FHAloans can help establish positive credit
No early payoff penalties for your FHA Mortgage financing
FHA mortgage allow for sellers paid closing costs

Conventional Mortgage Programs

A Conventional Mortgage may be harder to qualify for than FHA mortgages but you may be able to avoid Mortgage Insurance. Conventional mortgages require a 3-5% down payment however to avoid mortgage insurance you will need 20% equity in your home. Our mortgage professionals will review both options to find your largest savings!

Refinance your FHA Mortgage

A Fha Mortgage is a great way to refinance up to 97.75% of the value of your home. Our FHA mortgage programs allow you to choose a cash out refinance to pay off debt or do home improvements. Do not wait to take advantage of your refinance savings by refinancing your mortgage today.