In areas that do not qualify for Rural Development financing, there is the alternative for the Michigan FHA Loan. This loan only requires 3.5% down, the seller can pay your closing costs and it has low-interest rates.
The FHA loan is a great program for those that do not have the credit scores or the money down to go Conventional and still have a great mortgage with low interest rates.
FHA, in some cases, will allow for a repair escrow to be held for weather-related repairs that need to be made.
Here are the benefits of an FHA Loan:
Only 3.5% down
The down payment may be a gift
Seller can pay closing costs of up to 6% of the purchase price
Lower credit score requirements
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