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Michigan FHA Mortgage Loans 3.50% Down Payment

Michigan FHA Mortgage Loan

Michigan FHA Loan with Inter-Lake Mortgage Company, LLC
We offer Michigan FHA and VA loans that save our customers thousands of dollars with only 3.50% down payment. These loans give low to moderate income borrowers the chance to purchase a home at rates much lower than they would receive in a conventional mortgage product. This gives hard working families an affordable mortgage payment on the house of their dreams.

Michigan First-time home buyers
Michigan FHA Loan is a very popular route for the first time homebuyer to take. It is not a program reserved only for first time home buyers. You can buy your third or fourth home with an FHA loan. The only stipulation is that you may only have one loan at a time.

The Federal Housing Administration (FHA), a wholly owned government corporation, was established under the National Housing Act of 1934 to improve housing standards and conditions. It's goal was to provide an adequate home financing system through insurance of mortgages, and to stabilize the mortgage market.

Would you like to refinance your home quickly before rates shoot up? Simply fill out our quick online application. We can close your loan in as little as 10 days!

FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration – which is part of HUD – insures the loan, so your lender can offer you a better deal.

• Low down payments - 3.50% down payment
• Low closing costs
• Easy credit qualifying

What does FHA have for you?

Buying your first home?
Might be just what you need. Your down payment can be as low as 3% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Want a fixer-upper?
FHA has a loan that allows you to buy a home, fix it up, and include all the costs in one loan. Or, if you own a home that you want to re-model or repair, you can refinance what you owe and add the cost of repairs - all in one loan.

Financial help for seniors
Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

Want to make your home more energy efficient?
You can include the costs of energy improvements into an Energy-Efficient Mortgage.

How about manufactured housing and mobile homes?
Yes, financing for mobile homes and factory-built housing. We have two loan products – one for those who own the land that the home is on and another for mobile homes that are - or will be - located in mobile home parks.

FHA Streamlined Refinance is considered streamlined because it reduces the interest rate on your current home loan quickly and often without an appraisal. This loan product also cuts down on the amount of paperwork that must be completed saving you valuable time and money.

• NO - Appraisal
• NO Credit check
• NO Income verification

To qualify for a Streamlined Refinance you must currently have a FHA loan in good standing. When you refinance your mortgage, you can expect a lower monthly mortgage payment.

Things to remember about FHA loans:

• Any past bankruptcy must be at least 2 years old and the applicant must have had good credit for at least 2 consecutive years following the bankruptcy.
• Any history of foreclosure must be at least 3 years old and followed by at least 3 consecutive years of good credit.
• You must have had a stable income for at least 3 years and proof that you have paid all your bills.
• You must be able to make a 3.50% down payment, which is considerably lower than conventional loans.

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