Getting an
FHA loan in Michigan is easier than you think. Even if your credit score is too
low, you might be eligible for an FHA (Federal Housing Administration) loan.
The credit score cutoff is mostly lower than conventional financing. No wonder
many investors with credit issues turn up to this option.
In fact, the entire criteria to qualify is flexible when compared to conventional loans. The government insurance offered to the lenders makes it possible. You can qualify even if the amount of current debt is huge. The monthly housing and related debt payments should not cross 36 percent of your income if you go the conventional way. This number surges to 41 percent when we are talking about FHA loans.
Talking about the interest rates, they are lower than general financing options. This is true even if your credit score is not that great. It’s possible to save sufficient amounts in case the credit is lacking.
You need to pay somewhere in the range of 5-15 percent of the house value as the down payment. This is not a case with the FHA loan. A 3.5 percent upfront amount is sufficient for this form of financing.
If you are
looking for an FHA loan in Michigan, connect with the team of Sonic Loans. This
team also helps you get a VA streamline refinance loan. Get more details from
here: https://www.sonicloans.com/.
