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Mortgage Loan Options | | Conventional | FHA | Rural Housing | VA (Veterans Only) | | Minimum Down Payment | 5% | 3.5% | 0% | 0% | | | | | | | | Pre-Payment Penalty | No | No | No | No | | | | | | | | Fixed or Adjustable | Both Available | Both Available | Fixed Only | Both Available | | | | | | | | Private Mortgage Insurance (PMI) | Yes, with down payments less than 20% | Yes, upfront and monthly | Yes, only upfront. | Yes, only upfront | | | | | | | | Seller Paid Closing Costs | Up to 3% of the sale price | Up to 6% of the sale price | Up to 6% of the sale price | Up to 6% of the sale price | | | | | | | | Bankruptcy Seasoning | 4 years with extenuating circumstances | 2 years with extenuating circumstances | 2 years with extenuating circumstances | 2 years with extenuating circumstances | | | | | | | | Foreclosure Seasoning | 5 years, 3 years with extenuating circumstances | 3 years with extenuating circumstances | 3 years with extenuating circumstances | 3 years with extenuating circumstances | | | | | | | | Cash for Closing (All cash for closing MUST be proven, no cash or non-verified deposits can be used). | Must have at least 5% of your own money | All money needed for closing can be a gift from an immediate family member. | All money needed for closing can be a gift from an immediate family member. | All money needed for closing can be a gift from an immediate family member. |
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Carol Verhelle, REALTOR for COLDWELL BANKER PROFESSIONALS, 120 N. LEROY ST. Fenton, Michigan 48430.Lake Fenton, Linden and Holly Michigan including all of Genesee County, Livingston County and Oakland County. Call direct: ** 810-691-0589** Information contained on this website is deemed to be correct, however is not guaranteed. All square footages are approximate and to be verified by buyer. Prices are subject to change, not responsible for any typographical errors contained within this website. Errors will be corrected within a reasonalbe time period after discovery. |
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