FHA Loan Options

  • Minimum Credit Score of 580
  • FHA loans only require a minimum of 3.5% down payment
  • This mortgage requires monthly Mortgage Insurance Premium, also known as MIP. This is similar to PMI for conventional loans
  • FHA loans typically have lower rates than conventional loans
  • Limited to a loan amount of $271,050 for a one family residence in Michigan
  • The loan can be fixed or adjustable
  • FHA loans can only be used for a primary residence
  • The variety of term options are limited, compared to a conventional platform

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