This is a financing agreement addendum to the software/services master agreement order form. It includes terms on interest and prepayments.
Michigan Financing
Category:
State:
Multi-State
Control #:
US-TC05082D
Format:
Word;
PDF;
Rich Text
Instant download
Description
How to fill out Financing?
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FAQ
The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal. Low down payments. Low closing costs. Easy credit qualifying.
To qualify, you must meet the following requirements: Complete Homebuyer Education classes. Have a minimum credit score of 640-660 (depending on the type of home). Meet household income limits based on area and household size.
A Michigan FHA loan is a home loan that is insured by the Federal Housing Administration. Home buyers are able to purchase a home with a low down payment as low as 3.5% of the purchase price. New 2023 FHA Loan Limits of $472,030 for single family homes.
The MI Home Loan program is a mortgage product that is available to first-time homebuyers state-wide and repeat homebuyers in targeted areas.
The Michigan State Housing Development Authority (MSHDA) offers Down Payment Assistance (DPA) to specifically help repeat homebuyers purchase a home.
Mortgage insurance (MI) protects mortgage companies in case a borrower fails to pay a home loan. It is typically required by a lender on mortgages with a down payment of less than 20% of the purchase price and is usually charged in monthly premiums.
A Conventional Loan is a type of mortgage that is not insured or guaranteed by the government, but rather by mortgage companies!
What is MI? Mortgage insurance enables a borrower to qualify for mortgage financing with a down payment as low as 3 percent, while protecting the lender, government and taxpayers against the higher risk of default associated with lower down payment loans.
