Fixed-Rate Mortgages
Make homeownership more achievable with down payments as low as 3.5% and relaxed credit requirements. Whether you're a first-time buyer or recovering from financial setbacks, this loan provides flexible options, including both fixed and adjustable rates.
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Adjustable-Rate Mortgages
With a Michigan First VA Loan, veterans and active-duty service members can purchase a home with no down payment. This loan offers flexible options like no PMI, competitive rates, and both fixed or adjustable terms, making homeownership easier for those who've served.
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FHA Loans
Make homeownership more achievable with down payments as low as 3.5% and relaxed credit requirements. Whether you're a first-time buyer or recovering from financial setbacks, this loan provides flexible options, including both fixed and adjustable rates.
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VA Loans
With a Michigan First VA Loan, veterans and active-duty service members can purchase a home with no down payment. This loan offers flexible options like no PMI, competitive rates, and both fixed or adjustable terms, making homeownership easier for those who've served.
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USDA Rural Loans
Explore spacious living with a Michigan First USDA Guaranteed Rural Housing Loan, designed for those seeking homes outside the city. This loan requires low or no down payment and can be used for purchasing, renovating, or repairing a residence in eligible rural areas.
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Turning Point Home Loans
We believe that everyone deserves a chance at homeownership, even in tough times. Our Turning Point Home Loans are designed for those who have faced financial challenges but are determined to find their place. With down payments as low as 10% and no PMI, we’re here to help you turn your dream of owning a home into a reality.
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Jumbo Loans
Whether you’re expanding your family or dreaming of a vacation getaway, our Jumbo Loans provide the financing you need for homes beyond the ordinary. With loan amounts up to $2 million and down payments as low as 10%, we’re here to help you make your dream home a reality with flexible options that suit your lifestyle.
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Bridge Loans
Our Bridge Loans are designed to give you peace of mind, allowing you to secure your new home even if your current one hasn’t sold yet. With competitive rates and low closing costs, this temporary loan helps keep your finances on track while you transition to your next chapter.
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Purchase Money Second Loans
We understand that coming up with a 20% down payment can be challenging. Our Purchase Money Second Loans allow you to increase your down payment and avoid costly Private Mortgage Insurance (PMI). By closing this second loan alongside your first mortgage, you can enjoy competitive rates and a maximum total loan-to-value ratio of 95%, making homeownership more affordable.
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Construction Draw Loans
Our construction loans simplify the process by allowing you to combine your construction and permanent mortgage into a single loan, saving you time and money with just one closing. Enjoy interest-only payments during construction, and whether you're purchasing a new lot or building on your existing land, we can help you utilize your land value for equity.
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Downpayment Assistance Programs
Michigan First Mortgage partners with many programs and lenders to offer Down Payment Assistance (DPA) to potential homebuyers. Speak with your loan officer today to determine what programs you may qualify for.- HomeBoost provides qualified families may receive up to $25,000 that can be used for a down payment, closing cost assistance, and counseling fees.
- The Detroit Down Payment Assistance (DPA) provides qualified families grants up to $25,000 for down payments, pre-paid including interest rate buy down, closing costs, and principal reduction when purchasing a home using a purchase mortgage or a purchase renovation mortgage*.
- Michigan State Housing Development Authority (MSHDA) loans come with cash that can be put towards a down payment, closing costs or some types of insurance.
The grants are available to homebuyers who have not held an interest in a property for the last three years. All grant recipients must have household incomes of less than 300% of the National Poverty Level issued annually by the Department of Health and Human Services. The purchased home must be the principal resident for three years after the grant is awarded or the grant must be repaid.
