Compare Mortgages
Find your perfect mortgage
- Special programs for first-time buyers
- Low rates for well-qualified borrowers
- Fixed and adjustable rates available
Michigan Mortgage Loans
|
Fixed Rate
A conventional fixed rate mortgage for well qualified borrowers
|
5/6 Adjustable Rate
Lower starter rate for five years, after which rate adjusts to market every 6 months
|
MSHDA
Receive up to $10,000 down payment assistance from the State of Michigan
|
Home Possible
Mortgage program designed to reduce the barriers first-time buyers often face
|
|---|---|---|---|
| Minimum Down Payment Required | |||
|
5% |
20% |
1%* |
3% |
| Minimum Credit Score Required | |||
|
640 |
680 |
640 |
660 |
| Interest Rates | |||
|
Fixed |
Variable |
Fixed |
Fixed |
| 30-Year Term Available | |||
| 15-Year Term Available | |||
| Private Mortgage Insurance Costs | |||
|
Standard |
N/A |
Standard |
Low |
| Down Payment Assistance Available | |||
|
Up to $10,000 |
|||
| Home Buyers Education Class Required | |||
| Special Program Restrictions | |||
|
N/A |
N/A |
||
|
Fixed Rate
A conventional fixed rate mortgage for well qualified borrowers
|
|---|
| Minimum Down Payment Required |
|
5% |
| Minimum Credit Score Required |
|
640 |
| Interest Rates |
|
Fixed |
| 30-Year Term Available |
|
Yes |
| 15-Year Term Available |
|
Yes |
| Private Mortgage Insurance Costs |
|
Standard |
| Down Payment Assistance Available |
|
No |
| Home Buyers Education Class Required |
|
No |
| Special Program Restrictions |
|
N/A |
|
5/6 Adjustable Rate
Lower starter rate for five years, after which rate adjusts to market every 6 months
|
|---|
| Minimum Down Payment Required |
|
20% |
| Minimum Credit Score Required |
|
680 |
| Interest Rates |
|
Variable |
| 30-Year Term Available |
|
Yes |
| 15-Year Term Available |
|
No |
| Private Mortgage Insurance Costs |
|
N/A |
| Down Payment Assistance Available |
|
No |
| Home Buyers Education Class Required |
|
No |
| Special Program Restrictions |
|
N/A |
|
MSHDA
Receive up to $10,000 down payment assistance from the State of Michigan
|
|---|
| Minimum Down Payment Required |
|
1%* |
| Minimum Credit Score Required |
|
640 |
| Interest Rates |
|
Fixed |
| 30-Year Term Available |
|
Yes |
| 15-Year Term Available |
|
No |
| Private Mortgage Insurance Costs |
|
Standard |
| Down Payment Assistance Available |
|
Up to $10,000 |
| Home Buyers Education Class Required |
|
Yes |
| Special Program Restrictions |
|
Yes |
|
Home Possible
Mortgage program designed to reduce the barriers first-time buyers often face
|
|---|
| Minimum Down Payment Required |
|
3% |
| Minimum Credit Score Required |
|
660 |
| Interest Rates |
|
Fixed |
| 30-Year Term Available |
|
Yes |
| 15-Year Term Available |
|
Yes |
| Private Mortgage Insurance Costs |
|
Low |
| Down Payment Assistance Available |
|
No |
| Home Buyers Education Class Required |
|
Yes |
| Special Program Restrictions |
|
Yes |
*1% down-payment required from borrower's own funds. Down payment assistance can be used to meet actual 3% down payment required by lender.