Find out if an FHA mortgage or home loan in Ann Arbor is right for your purchase, refinance or renovation.
What are FHA Mortgages in Ann Arbor?
FHA mortgages are a great option for Michiganders looking to purchase or refinance a home in Ann Arbor, because they offer very competitive terms and low down payment options. Therefore, these loans may be the perfect fit for First Time Home Buyers. Borrowers can get a free mortgage consultation from an FHA expert to explain in detail all of the available options and assist with the loan application. FHA mortgages are a great way to get into your dream home in Ann Arbor! So contact us today to learn more!
Do you have to be a First Time Home Buyer to get an FHA mortgage in Ann Arbor?
No, you do not have to be a First Time Home Buyer to get an FHA mortgage. However, the loan does have to be for the home you intend to occupy as your primary residence. You can discuss your situation with a licensed mortgage company to see if an FHA mortgage is an option that makes sense for you.
Is there a minimum down payment for FHA loans in Ann Arbor?
Yes, depending on your credit score, most lenders will require 3.5% or 10% down. Also, FHA allows buyers to use their own funds, or receive part or all of the down payment as a gift from a family member. So be sure to explore all your options to see what may work for your situation.
What is the maximum loan amount for an FHA mortgage in Ann Arbor?
As of January 1st 2023, the maximum loan amount for an FHA loan in Michigan is $472,030. However, check with a licensed mortgage professional for up-to-date information.
What credit score is needed for an FHA mortgage in Ann Arbor?
As of January 1st 2023, some lenders will allow credit scores as low as 500 if the buyer puts at least 10% down. Typically, with a score of 580 or higher the borrower to put the minimum 3.5% down. Guidelines vary by the lender offering the FHA mortgage and can change over time. So be sure to speak with an Ann Arbor mortgage broker to find out what options are available for your specific situation.
Can an FHA home loan be used for a purchase or refinance in Ann Arbor?
Yes, you can use an FHA mortgage to purchase or refinance your home. For refinancing, the purpose can be simply lowering your interest rate and/or monthly payment or you can use a new FHA mortgage to take cash out of your home. You can use the cash out to consolidate debt, do home improvements or for any other personal need. So connect with a mortgage broker to review your needs and see what options are available.
How Do I Get an FHA Mortgage?
Parker Mortgage Group LLC is a mortgage broker that offers FHA loans in Ann Arbor. We have a large selection of lender and bank partners. Therefore, we can shop your loan to find the best fit for your next purchase or refinance. So don’t delay!
Call us today! 734-249-4241
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Parker Mortgage Group LLC is licensed to broker loans all over Michigan. Here are just a few of the cities where our mortgage company has provided mortgages: Ann Arbor, Chelsea, Jackson, Coldwater, Brighton, Novi, Plymouth, Dexter, Manchester, Birmingham, Farmington Hills, Farmington, Oak Park, Royal Oak, Hazel Park, Ferndale, Monroe, Lansing, Northville, Grand Rapids, Portage, Benton Harbor, Kalamazoo, Marshall, Dearborn, Troy, Adrian, Mt. Pleasant, Traverse City, Saline, Gaylord, Saginaw, Howell, Flint, Detroit, Shelby Twp, Port Huron, Mt. Clemens, Clarkston, Pontiac, Battle Creek, Westland, Cadillac, West Branch, Tecumseh, Ludington, Flushing, Charlevoix, Fenton, Petoskey, Holland, Canton, Muskegon, Midland, South Haven, St. Joseph, Bad Axe, Grass Lake, Owosso, Dearborn Heights, Clare, St. Clair Shores, Macomb, Madison Heights, Eastpointe, Gross Pointe, Warren, Clinton Twp, Sterling Heights, Rochester, Auburn Hills, Bloomfield Hills, Coldwater Lake, West Bloomfield, Livonia, Redford and Southfield.
Parker Mortgage Group LLC is an award winning mortgage company with extensive experience in providing our clients with the best mortgage to suit their home loan needs in Michigan. So don’t delay and contact us today!
