Making Homeownership a Reality
Community Financial can help you buy your first home with special programs in addition to traditional mortgage options.
We understand how difficult it can be to save 20% for the down payment on your new house. We may be able to structure your mortgage to avoid large down payments; giving you the opportunity to own a home sooner. Consider these options, then contact a Mortgage Specialist to apply today.
Piggyback or 80/20 Loans
A Piggyback Loan is a home equity loan that is closed simultaneously with your first mortgage. Using the proceeds from a home equity loan to finance your purchase or refinance helps to avoid private mortgage insurance and larger down payment requirements.
If you need a loan for more than the conforming loan limit, currently $417,000, this gives you an alternative to a higher rate jumbo loan. By keeping your first mortgage within the conforming limit, and using home equity financing to make up the difference, you can borrow a jumbo amount without paying jumbo rates.
Home Loan Payment Relief Program
To help people of modest means buy their first house, your credit union offers the Home Loan Payment Relief Program. This program makes below-market-rate mortgages available to borrowers with household incomes at or below the median in their markets. The HLPR program reduces mortgage costs and increases eligibility which provides home owner opportunities to more members. The down payment requirement is only 3% and unlike traditional mortgages all of it can be gifted. Contact a Mortgage Specialist to review your options.
Rural Development - Michigan
Rural Development-Michigan (RD) is a government program offered by Community Financial Mortgage Services to enable low to moderate income families in rural areas purchase a primary residence. The program offers 100% financing and eliminates the need for private mortgage insurance making this loan program very affordable. You are not required to be a first time homebuyer to be eligible. This is truly an outstanding zero down program for those who qualify.
Loans for those with Less than Perfect Credit
Community Financial has the ability to provide financing to borrowers with special circumstances that make them unable to conform to the stricter traditional mortgage guidelines. If you have equity in your property, but have had difficulty qualifying for a mortgage due to damaged or limited credit profiles, challenges verifying income through conventional methods, or higher debt-to-income ratios, we may have a loan program to meet your needs.
As you can see, Community Financial Mortgage Services is working to give you options. Contact a Mortgage Specialist in your area to find the option that is right for you, call (734) 582-8500 or (877) 937-2328 ext. 8500.
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