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Purchasing
- Conventional Loans
Avoid paying upfront mortgage insurance, like you would with an FHA loan. Have the opportunity of avoiding Private Mortgage Insurance, by putting 20% down or paying your loan down to 80% loan-to-value. Must have a minimum credit score of 620. - FHA Loans
Insured by the Federal Housing Administration, FHA loans are great for low to moderate income borrowers. You may qualify to put down as little as 3.5%. You can be reassured that your home has been through an FHA inspection that checks for health and safety hazards. - VA Loans
With 100% financing, eligible veterans may not need to place a down payment on their new home. Depending on the Certificate of Eligibility, you may have to pay a funding out of pocket. Closing costs may not be financed into you loan amount.
Refinancing
- Rate/Term Refinance
Look into possibly lowering your monthly payment, by obtaining a lower rate and dropping your private mortgage insurance on a conventional loan. - Cash-Out Refinance
Cash out on the equity in your home. Unlike a home equity line of credit, with a cash out refinance, it’s all rolled into you mortgage lien, meaning there is no second lien on the home. A cash out refinance is great for home renovation projects or paying down debt. - FHA Streamline Refinance
Refinance your currently existing FHA loan with limited credit documentation and underwriting. The mortgage being refinanced must be current and delinquent. You also may not roll in your closing costs into your new loan amount.
First Time Homebuyer
Down Payment Assistance Program
The Michigan State Housing Development Authority (MSHDA) offers down payment assistance to people with no monthly payments.
They currently offer two down payment programs: $10,000 & $7,500 each having specific qualifications. The funds can be spent on closing costs, prepaid expenses homeowners insurance or property taxes) and the down payment itself. Borrowers are still required to provide at least 1% of the loan amount themselves.
The down payment assistance is repaid when the home is sold, the mortgage is refinanced or the home loan is paid off in full. It has a 0% interest rate.
Michigan home buyers that have not owned a home in the last three years can fit into the first time home buyer classification. That means that if they owned a home but lost prior to three years ago, they may be able to get a fresh start under these programs.
Mortgage 1 has been the #1 MSHDA lender for 8 years in a row
MSHDA Eligibility requirements:
- Available for credit scores as low as 640
- The minimum down payment is 3% and down payment assistance is available
- The home has to be your primary residence
- There are income limits that vary by location
- The overall debt-to-income ratio of 45% or less
- Borrowers must attend a homebuyer education course if you receive down payment assistance
- Borrowers have to contribute at least 1% of the loan amount.
- And More
About Rudy
With nearly twenty years of experience in residential mortgage lending, he first started out his career in 2002 as a real estate agent, graduating from Middleton, one of Michigan’s top real estate training schools. During his time spent in real estate, he also pursued his interest in the mortgage industry. A decision which his clients continue to benefit greatly from since Rudy has experienced understanding of the two primary fields involved in most to all residential real estate transactions! Rudy is also State and Federally fully licensed and required to take 6 hours of Con Ed annually. Rudy has a leg up on most other loan officers since he knows firsthand what it means to be both a realtor and lender. Solid approvals, reliable answers, consistent communication, and smooth closings, from start to finish, Rudy delivers as a proven, consummate professional. Rudy will also always make certain you fully know and understand the advantages and disadvantages of each loan option they consider.
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Once you are done filling out your application, you will be emailed a list of documentation that is needed in order to complete your approval. This documentation includes, but is not limited to, bank statements, W-2’s, Paystubs, Etc. You’ll receive a phone call going over your application and answering any questions you may have. Alternatively, if you do not want to apply online, you are more than welcome to have an application taken over the phone.