3% DOWN PAYMENT OPTION
Can You Really Own a Home with 3% Down? The 3% down payment option is similar to existing conventional loan programs with much higher requirements and can help meet the needs of 1st-time home buyers in the following ways:
According to the National Association of Realtors, the average home price is around $250,000. The 3% down conventional loan is a great way to expand home buyers purchasing power.
Apply On-Line with Digital Mortgage in a SNAP >>
WHEN IS REFINANCING
THE RIGHT CHOICE?
There are many good reasons to refinance your home;
As an experienced Mortgage 1 professional I would be happy to review all your options to see what works best for you.
MSHDA DOWN PAYMENT ASSISTANCE
The Michigan State Housing Development Authority (MSHDA) offers down payment assistance to people with no monthly payments.
The down payment program offers assistance up to $7,500. (or 4% of the purchase price, whichever is less.) The funds can be spent on closing costs, prepaid expenses homeowners insurance or property taxes) and the down payment itself. Borrowers 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.
Mortgage 1 has been MSHDA’s #1 lender since 2014.
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.
MSHDA Eligibility requirements;
The best MSHDA team is Mortgage 1- we look forward to working with you.
Ready to apply? Try our digital mortgage called SNAP Mortgage now >>
About
Jenniffer Bott >>
Jenniffer Bott NMLS:1720026 | 45679 Village Blvd, Shelby Charter Twp, MI 48315
Mortgage 1 ("the Company") maintains policies and procedures designed to protect the integrity and security of consumer and customer information. Mortgage 1 Inc. is a national mortgage servicer and accepts payments from consumers. We are required to be licensed as a debt collection company. NMLS #129386. Thank you for considering Mortgage 1 for your mortgage financing needs. The Mortgage 1 Inc. website uses cookies, tracking pixels and related technologies that collects personal information. Cookies are small data files that are served by our platform and stored on your device. Our site uses cookies dropped by us for a variety of purposes including to operate and personalize the website. Also, cookies may also be used to track how you use the site to target ads to you on other websites.
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Want More Info?
10 First Time Home Buyer Tips Buying a home can be one of the most exciting and rewarding things you ever do. How you experience the home buying process depends entirely on how well prepared you are and how knowledgeable your Lending professional is. here are 10 First Time Home Buyer Tips to get you started.
1. Get Pre-Approved
Pre-approved home buyers get preferential treatment when negotiating home purchases. Why? Because pre-approved buyers are financially qualified to purchase the home and are considered more serious than buyers who are pre-approved. Nothing feels worse than finding the ideal home in the perfect area and then not being able to get financing. A pre-approval will provide a reality check prior to considering a home that you cannot afford.
Apply online with Digital Mortgage in a SNAP >
See More Tips >
First TIme Home Buyer
Refinance
When Is Refinancing
The Right Choice?
There are many good reasons to refinance your home;
Eliminate PMI Payments
Reduce Monthly Mortgage Payments
Consolidate Debt
Reduce the Mortgage Term
As an experienced Mortgage 1 professional I would be happy to review all your options to see what works best for you.
View 5 Reasons to Refinance >