Turning Point Home Loans

This program may be worth exploring if you are prepared to purchase a home but have had difficulty qualifying for conventional financing because of a past financial event or a property that does not meet traditional lending guidelines.

A Turning Point Home Loan may be an option for eligible buyers who:

• Have experienced a bankruptcy or foreclosure
• Have other documented credit challenges
• Do not qualify under conventional or FHA mortgage guidelines
• Want to purchase or refinance a primary or secondary residence
• Are considering an eligible non-warrantable condominium
• Can make a down payment of at least 10%, depending on their qualifications

A past financial challenge does not automatically qualify or disqualify you. Your complete financial circumstances will be reviewed as part of the mortgage application process.

Turning Point Home Loans are available with fixed or adjustable interest rates.

A fixed-rate mortgage maintains the same interest rate throughout the loan term, making principal and interest payments more predictable. An adjustable-rate mortgage generally begins with a fixed rate for an established period and may adjust afterward based on the terms of the loan.

Your Mortgage Loan Officer can help you compare the options and understand how each could affect your payment over time.

Mortgage qualification is about more than one event in your financial history. A Michigan First Mortgage Loan Officer can learn about your circumstances, explain the Turning Point program and help you determine whether it may fit your next step.