First Time Buyers Loan in Clinton Twp, Warren, Sterling Heights, Madison Heights, Clawson Mi.
First time buyers often use a FHA loan and are a great loan for anyone but especially for first time home buyers. http://www.fhaloanmichigan.org 866-421-2821
Federal Housing Authority is a government agency that backs FHA home loans.
It is a loan program that will allow lower credit scores and less than perfect credit such as past bankruptcy’s and foreclosures. The waiting period for a past chapter 7 bankruptcy is 2 years from discharge and the waiting period for a past foreclosure is 3 years.
Technically there is not a minimum credit score required but most lenders have a minimum credit score in order to fund the loan. FHA has a minimum down payment of 3.5% for new home purchases. The down payment can be gifted from a family member.
First Time Buyers Loan in Clinton Twp, Warren
The seller can contribute up to 6% of the purchase price towards the closing costs and establishing the escrow account for the payment of taxes and insurance.
First Time Buyers Loan in Sterling Heights
The seller can contribute up to 6% of t
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