Conventional Mortgage Loan

 

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Michigan conventional mortgage loans allow first time home buyers to purchase their new home with only a 3% down payment.  If you have owned a home in the past 3 years, the minimum down payment will be 5%.  Conventional loans are the most common type of mortgage.  Typically you will need a good credit history and a lower debt to income ratio.

 

Features

  • 3% to 5% minimum down payment.  Can be a gift from an immediate family member.

  • Seller can pay up to 3% of the sale price towards your closing costs.

  • Mortgage insurance varies greatly depending on credit score and down payment.

  • Conventional loan limits are $424,100.

  • No geographic restrictions.

 

General Qualifying Requirements

  • Credit score minimum of 620.  The lower the credit score the higher your rate and/or fees will be.

  • No previous mortgage loan late payment in the past 24 months.

  • No foreclosure in the past 7 years.  Must have rebuilt credit.

  • No bankruptcies in the past 4 years.  Must have rebuilt credit.

  • All court ordered judgments MUST be satisfied or have a satisfactory payment history.

  • Condominiums must meet Fannie Mae or Freddie Mac requirements.

 




 

 

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