Cheryl Murphy

A Conventional loan is a mortgage not guaranteed by the government. However, most conventional loans will follow the guidelines established by Fannie Mae (FNMA) and Freddie Mac (FHLMC). This type of loan is good for borrowers with a favorable credit score and allows more flexibility in loan terms and higher loan limits.

Unlike FHA, VA or RD loans, conventional loans do not require private mortgage insurance (PMI) unless the borrower has less than 20% down. 20% down however, is not a requirement and some conventional loans allow as little as 3% down! Once the loan reaches 20% equity, PMI can be canceled.

In addition to standard conventional loan programs, MiMutual Mortgage also offers the following niche conventional loan programs:

• Fannie Mae HomeReady
• Freddie Mac Home Possible
• Freddie Mac HomeOne
• Freddie Mac Refi Possible

Government loans are backed by the federal government. The loan is funded or originated by the mortgage company, but has a guarantee from either the Federal Housing Administration (FHA), USDA Rural Development (RD), or US Dept of Veterans Affairs (VA).

Government loans open the door for borrowers that have little to no money saved for a down payment, a challenging credit history or have lower credit scores. Government loans offer easier qualifying requirements and are widely used in the industry.

Government-insured loans can be used for purchase, renovation (through the FHA 203(k) loan), or refinance transactions.

Government loan programs include:

• Federal Housing Administration (FHA)
• USDA Rural Development (RD)
• Veterans Affairs (VA)

The Federal Housing Finance Agency (FHFA) sets a limit on the dollar amount a conventional loan must conform to. Any loans beyond this limit are known as a Jumbo loan. With a Jumbo Loan from MiMutual, you can expand your options and find your dream home that will meet your needs now and in the future.

MiMutual Mortgage offers a number of Jumbo Mortgage Programs to fit a variety of situations. These include Purchase loans, Asset-Qualifier, Rate and Term and Cash-Out Refinance loans.

Highlights include:

• As little as 10% down
• Loan amounts up to $4 Million
• Primary residence, second homes, and investment properties are eligible

Don’t have much saved for a down payment?
We can help with that!

Down Payment Assistance (DPA) can:

• Reduce out of packet cash to close
• Put cash savings to work by improving the home and growing equity
• Free up cash to pay down student loan debt or other bills
• Save cash to start investing for the future

MiMutual Mortgage offers a number of down payment assistance programs including:

• Chenoa Fund DPA for FHA financing
• The National DPA for Conventional financing
• State Housing Finance Authority DPA and MCC

MiMutual Mortgage is a Renovation Loan specialist. We were even featured on the Lifetime Network “Designing Spaces” home design television show! With a Renovation loan, you can bundle the cost of purchasing or refinancing with the cost of renovation into one single loan!

MiMutual Mortgage offers the FHA 203k  and Conventional HomeStyle renovation loans. These allow for the same qualifying factors as a traditional FHA or Conventional loan with the ability to lend up to the estimated after-improved value of the home!

Eligible renovations include:

• Small repairs with a minimum renovation cost of $5,000
• Kitchen remodels including appliances
• New roof
• Additions
• New flooring
• Instillation of an in-ground pool

Still not finding what you are looking for?

MiMutual Mortgage has a number of unique loan programs including:

• Qualifying on assets without income
• Real Estate Investor programs including DSCR
• Self-Employed financing options
• Bank statement qualifying