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| FHA |
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Federal Housing Administration (FHA) is a government insured loan program. The basic FHA programs are designed to help lower down payments and ease requirements - generally for first-time homebuyers, college students or anyone needing a co-signer. There are limits on the maximum mortgage amount depending on the number of units and the county where the property is located. FHA loans are not available for non-owner occupied or second homes. |
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1/1 or 3/1 adjustable rates
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15 or 30 year fixed rates |
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| VA |
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The Department of Veteran Affairs (VA) offers loans to active Military Personnel, Veterans, National Guard and Reservists. VA offers specialized qualifications, no down payments, and seller paid costs for eligible applicants. To determine the amount of eligibility, a veteran must contact VA. These loans are for owner-occupied properties only |
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| • 15 and 30 year fixed rates
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| • 3/1 adjustable rate |
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| USDA Rural Development Guaranteed Mortgages |
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USDA Rural Development is a mortgage program secured by properties defined as being in "rural" areas. There are specific areas and maps available, as well as specific program guidelines. Standard guidelines are zero down payment, seller paid costs, and possible second mortgages. Only single-family primary residences are allowed. |
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| • 30 year Fixed Rates
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| • Adjustable Rates
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| • Income guidelines
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| Michigan Mortgage Credit (MCC) |
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MCC is a federal program designed to help low to moderate income families. MCC will reduce the amount of federal income tax you pay, thus giving you more available income to qualify for a mortgage. |
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| Equity Grants |
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Non-profit downpayment assistance programs that provide grants to families who can't otherwise afford a down payment. |
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