Meet Michael Martin, a dedicated Loan Officer with a passion for helping others. His career began as a part-time teller at Wells Fargo. However, his strong work ethic and determination propelled up the ladder and he became the Assistant Vice President at New Mexico Bank and Trust.
After fifteen years in the banking industry, Michael found his true calling in home lending. In 2016, he became a licensed Loan Officer. In the seven years since, he has built a team of dynamic mortgage professionals and joined MiMutual Mortgage as Branch Manager at our Albuquerque, NM location.
With over two decades of lending experience, he has helped open the door to homeownership for hundreds of families. With in-depth knowledge on a variety of loan products and programs, he provides guidance and education to his clients and finds the right mortgage for their unique financial situation. To Michael, it is a privilege to be able to see a client’s dream realized.
Michael works with all types of borrowers and loan products, but especially enjoys working with first-time homebuyers and military Veterans. In fact, Michael completed the military mortgage boot camp program and became a Certified VA Loan Specialist in the last 5 years.
Although he is licensed in 22 states, the bulk of Michael’s business is in the Albuquerque and Rio Rancho area. He has helped many borrowers in the land of enchantment achieve the dream of homeownership with the help of Down Payment Assistance programs like the New Mexico Mortgage Finance Authority (MFA) and the Chenoa Fund DPA for FHA loans.
Michael is actively engaged with his community and serves as Director on the board of the Association of Angel Fire Property Owners and is the Treasurer of Pine Tree Commons Homeowners Association.
What sets Michael apart is not just his professional expertise, but also his dedication to getting the job done and helping others succeed. This has earned him hundreds of positive reviews and repeat business. He believes everyone deserves the opportunity to own a home and will do whatever it takes to get his clients those coveted keys in hand.
Outside of his professional life, Michael is a loving husband, and a devoted father to two boys. Together they share a love for adventure, spending quality time camping, skiing, and snowboarding.
If you are ready to start your homeownership journey, contact the Michael Martin Home Loan Team!
I am here to serve you and to tailor a loan that meets your needs.
Mortgage Programs Explained
There is no one-size-fits-all when it comes to mortgage lending. MiMutual has numerous loan options to fit every budget and situation. At MiMutual Mortgage, you can expect a one-on-one consultation to determine the right loan program for your unique situation.
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.
- As little as 10% down
- Loan amounts up to $4 Million
- Primary residence, second homes, and investment properties are eligible
The New Mexico Mortgage Finance Authority (MFA) Down Payment Assistance (DPA) programs are designed to support first-time homebuyers and low to moderate-income individuals and families in New Mexico. Recognizing the challenges many face in accumulating funds for a down payment, these initiatives are instrumental in making homeownership more accessible and affordable.
- Financial Support: MFA’s DPA programs offer financial assistance to eligible homebuyers, helping them cover a portion of their down payment and closing costs. This financial support reduces the initial financial burden of purchasing a home.
- Eligibility Criteria: Eligibility criteria typically include income limits, credit score requirements, and the condition that the applicant is a first-time homebuyer or hasn’t owned a home in a specified number of years. These criteria are designed to target individuals and families who need assistance the most.
- Educational Resources: MFA provides homebuyer education and counseling services to help applicants understand the responsibilities of homeownership. These resources empower buyers with the knowledge they need to make informed decisions.
- Partnerships with Lenders: MFA collaborates with approved lenders who facilitate the application process and guide homebuyers through the steps to obtain DPA. These partnerships ensure a smooth and supportive experience for applicants.
- Repayment Terms: Depending on the specific DPA program, the assistance provided might be structured as a forgivable loan, meaning that the debt is gradually forgiven over time as long as the homeowner continues to meet certain criteria, such as residing in the home as their primary residence.
- Positive Community Impact: By assisting individuals and families in achieving homeownership, these programs contribute to stable communities and neighborhood revitalization. Homeownership fosters a sense of pride and investment in local communities.
The New Mexico Mortgage Finance Authority’s Down Payment Assistance programs play a crucial role in making homeownership attainable for many residents who might otherwise struggle to secure housing. By providing financial assistance, educational resources, and ongoing support, these programs empower individuals and families to build a better future for themselves and their communities.
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
- 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
You are about to begin the mortgage loan application
- Applying on the MiMutual Mortgage Online Loan Application is quick, easy, and secure! The loan application will take about 25 minutes to complete.
- Once your application is submitted, you can log back into the MiMutual Mortgage Online Loan Application to securely upload requested documents, view your loan status, and communicate with your mortgage team.
- If you have questions, reach out to your MiMutual Mortgage Loan Officer.
Your guided mortgage journey starts here!Start Application