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MSHDA Step Forward Program

  STEP FORWARD DOWN PAYMENT ASSISTANCE (DPA) LOAN STEP FORWARD DPA LAUNCH DATE - OCTOBER 8TH, 2018 Step Forward Down Payment Assistance (DPA) is a federally-funded forgivable down payment assistance loan program offered in 61 eligible zip codes in 10 Michigan counties. The Step Forward Program has allocated $20 million to the Step Forward DPA program. Funds are limited and are available on a first-come, first-served basis. The amount of the assistance is $15,000 and can only be used in conjunction with a MSHDA MI Home Loan. This loan program will assist in neighborhoo...

November 15th, 2018 MSHDA Step Forward Program

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Happy Halloween

All of us at Michigan First Time Home Buyers would like to wish you and your family a safe and Happy Halloween. Thank you for being such a valued partner or client. All the Best, Michigan First Time Home Buyers.

October 31st, 2018 Happy Halloween

Blog Image: How to Qualify for a Mortgage When Your Income Isn’t Steady

How to Qualify for a Mortgage When Your Income Isn’t Steady

Mortgage lenders love to see borrowers with consistent, steady incomes. But not all borrowers have jobs that send a paycheck every two weeks. Of course there are plenty of self-employed entrepreneurs, but there are also people who are depend on tips for income, those who get paid by contract and also individuals who work per diem or on call. All of these situations can make it very challenging to provide proof of the steady income that mortgage lenders adore.  Fortunately, those with more creative incomes can still qualify for a home loan and it is getting easier. For example, in recen...

October 10th, 2018 | Purchasing a Home, Conventional Loans, How to Qualify for a Mortgage When Your Income Isn’t Steady

Blog Image: 0% Down Attorney Loan

0% Down Attorney Loan

The Attorney Loan – Great attorneys deserve a great home loan   Coming out of law school an attorney must decide whether to rent or buy. In conventional loans, buyers face more expensive loan terms without a large 20% down payment. Financially savvy attorneys can see the benefit of homeownership but face a tough decision.  Rent and save for their large down payment? Put down a small down payment and be subject to pricey private mortgage insurance? Put down 20% instead of paying down long term student loan debt? Any of these decisions seem to be problematic in one way o...

October 9th, 2018 0% Down Attorney Loan

Blog Image: What is a Piggyback Mortgage?

What is a Piggyback Mortgage?

In order to achieve the dream of homeownership, many buyers look for creative financing to aid them in their quest. One such option is a piggyback mortgage, which actually involves taking out two separate loans to make homeownership more affordable. These loans can be very helpful, but borrowers must know the risks in order to be succesful. Piggyback Definition Here’s how a piggyback mortgage works. You take out a traditional home loan for 80% of the home purchase price. You put down 10% of your own cash as a downpayment. Then in order to cover the remaining 10%, you take out a sec...

September 12th, 2018 | First-time Homebuyers, Conventional Loans, Preapproval, Purchasing a Home, What is a Piggyback Mortgage?

Blog Image: Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

When you are in the market for a mortgage, one of the many decisions you’ll have to make is whether to apply for a fixed-rate loan or an adjustable rate mortgage (ARM). Both can be beneficial, depending on your situation. Learning the difference between them can ensure you get the right product for your financial goals. Fixed-Rate Mortgages Fixed-rate mortgages (FRMs) are just as their name suggests - loan with a fixed interest rate, a rate that never changes over the course of the mortgage. The obvious benefit of this type of loan is that your monthly payment, as well as your inte...

August 15th, 2018 | Purchasing a Home, Fixed Rate Mortgages, Adjustable Rate Mortgages, Refinancing a Home, Are Fixed Rate Mortgages or Adjustable Rate Mortgages better for me?

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