Michigan FHA Loans
from Locked-IN Lending, LLCFHA loans are a federal loan program designed specifically for lower income Americans. At Locked-IN Lending, LLC, we offer our clients FHA mortgages in Michigan for home loans that require lower down payments and closing costs. These type of loans help borrowers who may not qualify for traditional mortgages can qualify under Federal Housing Authority (FHA) guidelines. Typically, these loans are a popular choice for borrowers with less-than-perfect credit as they are one of the easiest mortgages to qualify for. These loans are often used by first-time homebuyers.
Not all mortgage brokers in Michigan offer FHA loans. Locked-IN Lending, LLC is different from other brokers in many ways, including the fact that we do offer our customers the ability to obtain a FHA loan mortgage. Whether you’re buying a home in Macomb County or Oakland County, we can help you buy it. We will find you the lowest down payment, lowest rate, or lowest mortgage payment available.
FHA loans offer relaxed credit requirements, lower down payments, and much easier to qualify for than standard mortgages. These loans can be used to purchase a new home, refinance an existing mortgage, or with renovation projects. During refinance options, FHA loans can help borrowers receive cash back for debt consolidation or home repairs through a cash-out refinance.
FHA loans in Michigan charge an up-front premium of 1.75%-2.25% of the loan amount along with a monthly premium of .05% of the loan amount annually. All FHA loans also require a mortgage insurance premium (PMI) regardless of the amount of down payment. The property must be owner occupied and the lender is required to obtain an appraisal of property from an FHA-approved appraiser.
FHA Loan Features
- Typically easier to qualify for than standard mortgages
- Flexible qualification requirements
- For individuals with low to moderate incomes
- Credit scores as low as 600
- Lower down payments (as low as 3.5%)
- Available in fixed rate and adjustable rate mortgages (ARM)
- No pre-payment penalty
- Down payments may be gifted
- Seller paid closing costs (up to 6% of purchase price)
- Non-occupying co-borrowers are allowed
Get the right mortgage for you Locked-IN today.