Dewitt Michigan First Time Home Buyers, What are the Best Mortgage Loans?

You found your Lansing Michigan dream house on Zillow and your REMAX Real Estate Dewitt MI Agent is working with you and the bank to coordinate the best loan for you! Many Ingham and Eaton County credit unions (MSUFCU, Lake Trust) check your debit to income ratio but other banks (Chase, Fifth Third, Dart Bank, PNC) can help you find the best mortgage or personal loan for your needs based on income, credit score, and debt (student, credit card). Often Millennial buyers have a difficult time purchasing a higher priced home because their stuck in student loan debt. Colleges like Michigan State University in East Lansing are increasing student housing and tuition every year, the cost only goes up! So what are your options as a homebuyer? Whether you're a first time home buyer or veteran looking to downsize, here are a few different loan types: 1) FHA, must be able to demonstrate that you held same job for a few years;

2) Conventional, usually 3% - 5% down payment; 3) VA or Veterans Loan; 4) RH or Rural Housing Development Loan. Many homes in the countryside or out of the city limits qualify for this loan. To see if a home qualitifies, check the eligibility link: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Resources:
http://www.fha.com/hud-fha-09
http://www.mortgage101.com/article/fha-loans-for-first-time-home-buyer

Buy a House, Sell your House? Call REMAX Real Estate DeWitt MI at 517-699-8118 Email: YourHomeSalesGroup@gmail.com
Visit: www.dewitthomepros.com

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