Your options with the Michigan FHA Home Loan Programs

Michigan FHA home loan programs can be a boon to potential home buys and borrowers who have put in a qualifying application for a loan. What future home buyers soon find out after looking is there are many Michigan FHA home loan programs that will help them out in a number of ways.

Michigan FHA Home Loan Programs include many types

If there is a way for you to buy a house, then there is a Michigan FHA home loan program for you. And it doesn’t matter if you’re looking at a new purchase, a refinance or an investment property.

Michigan FHA home loan programs exist for borrowers if they are looking at buying a single family home for their family; getting a multi-unit rental property; a condo or even a house that needs some fixing up.

Some of the most popular loan programs include:

The Home Mortgage Insurance Program – Section 203b

This is what you are looking for if you want to buy a family home, either new or existing and from one to four units. It may be used if the house is up to HUD standards. This is most popular of the Michigan FHA home loan programs used to buy single family homes in the state.

The Condominium Purchase Program – Section 234c

Looking to finance a condo? Then this is the program for you. This Michigan FHA home loan program helps people finance single condo units. The complex needs to be given the HUD OK, which requires that at least 51 percent of the units are owner-occupied. Given that, HUD will accept the Michigan FHA loan application for units. Under the program, though, condo fees are set apart from the mortgage in the FHA loan application.

The Home Rehabilitation Program – Section 203k

If you want to buy and fix up a home in need of work, then this part of the Michigan FHA home loan programs will assist you. In this program, the house that’s the subject of your Michigan FHA loan application must be at least a year old. The financing you get through the Michigan FHA loan programs will cover the cost of the home and the improvements. Also, the Michigan FHA loan application can also refinance already existing mortgages for the fix-up.

Terms of the Michigan FHA Loan Application

Like other mortgage programs, the terms of the Michigan FHA loan application can change depending on different information from and investment by the buyer – from the amount of down payment to the buy’s credit fitness. Terms which can change include the number of years for the Michigan FHA loan application, which range from 10 to 30-year terms to the interest rates. Interest rates can include fixed, graduated, equity-growth and adjustable rates.

Other changes in the terms can be made by lender fees, points paid and closing costs. The best way to look into this is by talking to lenders when looking for a Michigan FHA home loan with the best terms.

Michigan FHA Loan Application: Now what do you do?

If you want to tap into the Michigan FHA home loan programs, you have to give a loan application to a qualified FHA lender. Look for one at the FHA/HUD website or elsewhere on the internet. You want to find a provider of Michigan FHA home loan programs who will talk to you about your creditworthiness and what the best way is for you to have a good application. They should guide you through the journey in getting you the best Michigan FHA loan application terms and program which will work the best for you.

This article is provided by Access National Mortgage, based in Denver Colorado. Access National Mortgage provides progressive and superior financial solutions such as Alaska FHA home loan programs, Oregon VA home loan programs, debt consolidation loans, information about Washington FHA Refinance Benefits, and whole host of other mortgage product all across the United States.