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
Also, check out what our clients are saying about us:
Beth Bryer2023-01-03Steven is extremely knowledgeable and trustworthy. He is patient and you never feel rushed during any meetings or calls. He helped us with our mortgage when buying a new home and he was the first person I called when we wanted to refinance. I have also successfully recommended him to others. I am comfortable and confident with his expertise. We feel very blessed to have him as a resource.
sapna bidi2022-12-20Excellent guidance and service from .Had a quick FHA loan initially and got turned in to Fixed 15years regular home equity at minimal charges.Appericiated.
Justin Rice2022-12-15As a first time home buyer going through the process and when searching for a house I had lots of questions. Steven took many calls and texts from me. He was more helpful than my real estate agent. He was always helpful and never once made me feel like I was bothering him. He made the process very easy. Even after buying a house I have called him several times and he always answers or calls me back quickly. Strongly recommend using him to all my friends and family.
David Plante2022-12-14Outside of being knowledgable in all aspects of the Mortgage Process and options, Steve also provided a non-transactional approach to all of the steps we jointly took to our closing...... a talent not normally found in the Lender/Banking industry!
Matt Slusarenko2022-12-14Steve was awesome to work with! He was very knowledgable, patient and really helped insure we had the best plan in place. He made the process as easy as possible and put in extra work so we didn't have to whenever he could. I highly recommend Parker Mortgage Group.
Yousif Ablahad2022-12-14Thank you so much seven for helping me will my mortgage your the best
Mike Musleh2022-12-07I have worked with Steve Parker for years and he has shown the knowledge and compassion to delivery an outstanding experience to each and every client he works with. Steve has expertise in all the different products available to consumers. Conventional, FHA, VA, Jumbo, and Non-QM. Steve prides himself in finding the best solution for his clients needs, and provides a fast and enjoyable process and is the obvious choice for every soon-to-be and current homeowner.
Auto Discovery2022-12-07Steve has done a couple mortgages for my wife and I. The first one was pretty easy, but the second one was a tougher task for Steve. You would have never known it, because we were treated with the same respect whether it was easy or harder. I would and will refer any and all to give him a call. You will not be disappointed. Michael Mannone
Cameron Asam2022-12-07I've closed over a dozen loans with Steven over the past few years. He's always available for advice and is a wealth of information. I've used 5-6 brokers over the years and Steven is hands down the best! I highly recommend him!!!
Aquafire Investments2022-12-07Steven is an excellent Mortgage Broker! We've been working together for 6 years now and he's ALWAYS able to find a creative solution to get the deal done. He's constantly shopping around for the best rates and he has his pulse on the market which allows him to make educated guesses on where the market is going. My biggest pet peeve is when I cannot get a hold of someone I'm working with but Steven either answers or calls back very shortly after. He's a good dude and you can trust him with your mortgage needs.
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!
