![]() FHA loans are great home loan solution for borrowers just out of school, newly married, or with inflexible incomes. ![]() PMI is required for USDA loans (due to the fact that no down payment is required) but is available at a low rate.įHA loans are another type of government-backed home loan, sponsored by the Federal Housing Administration. USDA loans don’t require a down payment, and have flexible credit score guidelines, which makes them a possibility for many home seekers who feel like they have limited options. USDA loans are available to borrowers with low to moderate level incomes and are interested in a home in a rural area of the United States. USDA loans are government loans backed by the United States Department of Agriculture. ![]() If the down payment you have to offer is less than 20%, you’ll likely need to purchase PMI (private mortgage insurance). The down payment requirement is what allows the interest rate to come at a lower rate. If you’re interested in a conventional loan, be prepared to offer a 20% down payment. Also known as “Fannie Mae” and “Freddie Mac” loans, conventional loans are typically available at the lowest interest rates due to their loan standards. Which Mortgages are Available Through Homesite Mortgage?Ĭonventional loans are our most traditional and popular loan. We put special attention into each loan application we receive and personally work with applicants to help them qualify for the home loan that’s best suited for their situation. Take advantage of Homesite Mortgage’s Michigan mortgage rates through one of the many available home loan options.
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