Mortgage Loans | Home Loan Rates | Financing | Michigan First

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Find the right home loan that fits your needs.

Popular

Fixed-Rate Mortgages

Best for a fixed payment and consistency

10, 20, or 30 year loans
Down payment as low as 5%
Monthly mortgage payment remains the same

Adjustable-Rate Mortgages

Best for a short-term investment

Lower initial rate
Lower Initial payment
Rates may increase or decrease

FHA Loans

Best for lower down payment options

Down payment as low as 3.5%
Lower credit score requirement
Seller concessions up to 6%

VA Loans

Best for active duty or veteran military members

Zero downpayment
No PMI
Loans backed by US Department of Veterans Affairs

USDA Loans

Best for a purchase in outlying, rural areas

Zero downpayment
Lower PMI
Eligibility is based on combined income and location

Turning Point Home Loans

Best for more flexible qualifications

Down payment as low as 10%
No PMI
For primary or secondary homes

Jumbo Loans

Best for house for larger purchase prices

Loan amounts as high as $2,000,000
Down payment as low as 10%
Available for Primary or Vacation homes

Bridge Loans

Best when simultaneously selling and buying a property

Short-term loan
Use existing home to secure loan
Funds can be used for down payment

Construction Draw Loans

Best for building from the ground up

Construction loan and mortgage loan combined
Interest rate locked before construction starts
Interest-only payment during construction

Renovation Loans

Best for extensive repairs or upgrades to a home

Down payment as low as 3%
Repair minimums as low as $5,000

Manufactured Housing Loans

Best for a factory-built home on a permanent site

Primary or secondary financing
Available for single or double wide

DSCR Loans

Best for investment properties

Qualify without relying on personal income
Loan is based on potential value of property

ITIN Loans

Best for purchasing without a social security number

Average credit rating
Single family homes, townhouses, condominiums and PUD
Available to individuals without a TIN

Popular

MSHDA Loans

Best for first-time homebuyers looking for mortgage assistance

Requires a minimum credit score of 640
Mortgage assistance up to $7,500
Single-family and owner-occupied