Call us: 810-695-5400

Grand Oak Mortgage | Grand Blanc | Michigan

Michigan First Time Home Buyer Programs

  • $225,000 VA Loan Purchase 0% Down In Lapeer- No Money Due At Closing

    USDA Rural Development ZERO Down Programs

    • For borrowers with 580 or > credit scores
    • 6% seller concessions allowed
    • 100% first 30 year fixed rate mortgage (2% Funding Fee financed)
    • Monthly Private Mortgage Insurance (PMI) required at .50% of loan amount
    • Program does have income and geographic limitations and requirements
  • FHA 3.5% Down Program

    • For borrowers with 620 or > credit scores
    • Alternative Credit is accepted if you have limited credit depth
    • 6% seller concessions allowed
    • NO cash reserves required
    • Gifts Funds are available to be used for down payment
    • Maximum loan amount $271,050
  • FHA 203k Rehabilitation Program

    • For borrowers with 640 or > credit scores
    • 6% seller concessions allowed
    • Program allows for rehabilitation funds to be added to Purchase Price for repairs
    • Allows for $5,000 - $35,000 in repairs. Must work with licensed contractor
    • Maximum loan amount $271,050.
  • Fannie Mae Home Path Program

    • Program available for properties held by Fannie Mae
    • Low down payment and flexible mortgage terms
    • NO Appraisal required
    • NO Monthly Private Mortgage Insurance (PMI)
    • Can qualify with less then perfect credit
  • Fannie Mae/Freddie Mac Conventional

    • For borrowers with 620 or > credit scores
    • Fixed Rate (15, 20 & 30 year), Adjustable Rates (3/1, 5/1 & 7/1)
    • 3% seller concessions allowed
    • 5% Down payment is required
    • Monthly Private Mortgage Insurance decreases with more money down