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Buying a home today is much easier than in the past as most applications are done on computer and then transmitted for automated approval. For most applicants I will have an approval in less than 30 minutes, and paperwork on your part has been greatly reduced. If you or your realtor requires a Pre-Approval letter for the seller it is faxed out the same day. Mortgage programs available for a conventional mortgage loan with a maxinum of $359,650 are listed below. This is a partial list to provide you with an idea as to what is available to meet your specific needs. Most conventional mortgages require a mininum middle credit score of 620, while some mortgage programs may require a middle credit score of 660 or above.
¤ ARM - 1 year, 3/1, 5/1, 7/1, 10/1. ¤ Balloon - 30/7 - provides a very low payment for 7 years. ¤ Interest only Mortgages - lower monthly payments. ¤ 100%, 103% & 107% mortgages available. ¤ Interest only Mortgages - lower monthly payments. ¤ Home Equity only loans up to 95%, with no mortgage insurance - very low payment. Programs are available to fit many standard and unique situations, many of these include:
¤ Recent or new relocation transfer to Michigan. ¤ Stated income - for those that have hard to verify income or are self employed. ¤ No income & no assets (NINA), proving job or assets is difficult. ¤ Most of the above programs are for residential or second/vacation home purchase. ¤ Most of the above programs are available for 1 to 4 unit investment properties. ¤ No Mortgage Insurance on most mortgages programs available.  |