Should You Apply For An FHA Loan Michigan Or Not?

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Are you looking to purchase a new home in Michigan and forgo renting without compromising on the type of property you buy? Whether you are a first time or recurring buyer, getting an FHA loan Michigan may offer you a great way to acquire a home when you otherwise might not be able to. For example, future Michigan homeowners with poor or little credit history are sometimes able to qualify for Michigan FHA loans. With that said, here are some nice benefits to Michigan FHA loans to keep in mind.

1.Better interest rates

FHA interest rates in Michigan are dependent on a borrower’s credit score and the health of the economy since they are set by the government. However, the interests are typically lower compared to traditional loans especially for people with less than perfect credit. FHA loans offer the same interest rate for all borrowers, so there is no interest rate penalty for people with credit issues.

2.Lower down-payment requirements

FHA loans Michigan require the lowest down payments. They only require as little as 3.5% of a down payment compared to most traditional loans which makes it easier for people to buy a home sooner. The low down payments allow most people with a modest income to afford homes and start building equity sooner.

3.Lenient qualification and requirements

FHA loans in Michigan have some underwriting requirements that are very lenient. This makes them one of most buyers’ first option when they are looking at what they qualify. For instance, people with a lower salary and short work history can still be approved for an FHA loan. On the other hand, if you don’t have a credit history, FHA loan Michigan may consider alternate means of establishing your eligibility for a loan.

4.Liberal credit history

FHA loan does not require a minimum credit score. Therefore, as a borrower you can be approved with little or no credit history so long as you don’t have a negative credit history on their credit report. You can qualify for an FHA loan in Michigan in as little as three years after foreclosure and two years after a bankruptcy provided you have a clean credit report within that time frame.

5.Cash out refinancing

FHA loans Michigan also provide cash out refinancing when the borrower needs extra money to make improvements on the property or even for college. This offers great flexibility for the buyers with their finances.


Bottom Line

There are so many advantages of applying for FHA loans in Michigan so these are just a few. So apply today for the loan and own your dream home in Michigan.

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