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Mortgage Solutions |
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There are a number of different mortgage products available on the market today, and most potential property owners can find a loan type that suits their needs perfectly. One popular type of mortgage is the fixed rate mortgage, and these have proven very popular over the years with people that want a little stability in their lives when it comes to monthly payments. · In Michigan today many lenders are closing their doors. · Appraisal Values are coming in lower than they have in the past. · Federal Guidelines are tightening up every month. In this environment you need to work with a professional. Someone who puts your needs at the top of the priority list. Contact a Helios Mortgage Professional now to gain piece of mind that you deserve. |
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Federally Backed Conventional |
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There are many advantages to an FHA or VA solution including: Flexible Debt to Income Ratios. Lower down payment generally 1.25% to 2.75%. Seller may pay ALL of buyer's Closing Costs. Seller financing concessions/contributions can be up to 6% of the sales price. Cash reserves are not required. Gift Funds - All funds required can be gifted. FHA loans are assumable with a review of the prospective buyer. Down Payment Assistance Programs (DAPs) are available. There is no pre-payment penalty. FHA loans are not credit score driven; there is no minimum FICO requirement. Citizenship is not required. There is an allowance for non-occupying co-borrowers. Up-front Mortgage Insurance Premium (MIP) may be financed. One of the best ARM products available. |
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FHA & VA |
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No payments are required as long as you live in your home. Income received from your Reverse Mortgage is usually tax-exempt (consult your tax advisor) and does not affect regular Social Security or Medicare benefits, but may affect eligibility for other types of government assistance. You retain ownership of your home. You can use the proceeds to pay off an existing mortgage and eliminate your monthly mortgage payments. Reverse Mortgages are insured by the Federal Housing Authority (FHA) or backed by Fannie Mae. Reverse Mortgages provide you with a source of income that can be used to improve your standard of living and maintain your independence |
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Reverse Mortgage |
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