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Home
Sellers
Buyers
Preparing
Do’s & Don’ts
Market Expectations
Financing Options
Home Buying Process
Writing an Offer
Listings
Search All Listings
Forest Hills
East Grand Rapids
Long Lake
Ridgemoor/Indian Village
Lake Homes
Agents
Contact Us
Financing Options
Financial Options / Costs
FHA (FEDERAL HOUSING ADMINISTRATION)
Requires 3.5% of purchase price down payment
Requires lower credit score that conventional
Buyer pays PMI (Private Mortgage Insurance) for entirety of loan
Strict requirements regarding condition of property
FHA 203K
Allows buyer to finance improvement
All work must be complete by a licensed contractor
Higher closing costs than traditional FHA loan
MSHDA ASSISTANCE
Strict requirements regarding condition of property
VA (VETERANS ADMINISTRATION)
Must have served in armed military to qualify
Requires $0 down payment from buyer
Requires seller to pay for termite inspection
Buyer pays no PMI
CONVENTIONAL MORTGAGE
Between 5% and 20% of purchace price down payment
Requires higher credit score
With 20% down payment, no PMI is required
DOWN PAYMENT PER FINANCING OPTION
FHA: 3.5%
CONVENTIONAL: 5%-20%
CLOSING COSTS: Loan Origination Fees, Title Insurance, Pre-Paids for Taxes, Insurance, Inspections, Administration Fee, Closing Fee
Buyers Pack & Checklist