Michigan Mortgage Rates
Most Competitive Michigan Mortgage Rates
With licensing to offer mortgages in the state of Michigan, we can offer some of the most competitive mortgage and refinance rates to applicants seeking to purchase or refinance a home in Michigan.
About Homesite Mortgage Interest Rates
Take advantage of Homesite Mortgage’s Michigan mortgage rates through one of the many available home loan options. We put special attention into each loan application we receive and personally work with applicants to help them qualify for the home loan that’s best suited for their situation.
Which Mortgages are Available Through Homesite Mortgage?
Conventional loans are our most traditional and popular loan. Also known as “Fannie Mae” and “Freddie Mac” loans, conventional loans are typically available at the lowest interest rates due to their loan standards. If you’re interested in a conventional loan, be prepared to offer a 20% down payment. The down payment requirement is what allows the interest rate to come at a lower rate. If the down payment you have to offer is less than 20%, you’ll likely need to purchase PMI (private mortgage insurance).
USDA loans are government loans backed by the United States Department of Agriculture. USDA loans are available to borrowers with low to moderate level incomes and are interested in a home in a rural area of the United States. USDA loans don’t require a down payment, and have flexible credit score guidelines, which makes them a possibility for many home seekers who feel like they have limited options. PMI is required for USDA loans (due to the fact that no down payment is required) but is available at a low rate.
FHA loans are another type of government-backed home loan, sponsored by the Federal Housing Administration. FHA loans are great home loan solution for borrowers just out of school, newly married, or with inflexible incomes. FHA loans only require a 3.5% down payment and applicants with credit scores that go as low as 580 are still considered. FHA loans are a good solution for homebuyers with a lower credit score and/or little down payment built up.
If you are in the market for a larger home loan than usual, you may need a jumbo loan. Jumbo loans were created for borrowers who need to borrow beyond the standard conforming limits of conventional loans, which limit loan amounts to $417,000—$625,000. Because of the high loan amounts, and the fact that the lender is more at risk in the case of the borrower defaulting, jumbo loans require a higher down payment, typically 20–30%. Additionally, the credit score standards are higher on jumbo loans. Most jumbo loan applicants have an credit score of 680.
VA Home Loans
VA loans were created to offer active-duty service men and women, veterans, as well as their spouses the opportunity to purchase a home with fewer hurdles. VA home loans have no down payment requirement, and are available are lower interest rates. If you aren’t interested in purchasing a home, you can still make use of your VA benefits through a new construction loan, cash-out refinance, or debt consolidation. Additionally, at Homesite Mortgage, we employ several lenders who have personally gone through the VA home loan process, and can help streamline your VA home loan experience.