Since 1982, Rick Woonton has been helping Michigan families reach their homeownership goals. A “people person” with a warm and friendly style, he takes the time to get to know his clients. This has earned him hundreds of positive reviews and repeat business.
When he started his career, he mostly worked with FHA and USDA (RD) loans and lower-income borrowers. Decades later, he still helps his clients repair their credit and meet their credit goals. Today, although he does all loan types, he especially likes to work with self-employed borrowers.
Self-employed borrowers can qualify for the same loans that traditionally employed borrowers can but proving creditworthiness may involve a little more work. As an entrepreneur himself, (Rick just went into production of a hunting decoy that is now selling on Amazon!) he understands this type of borrower and offers guidance and education on how their taxes and returns affect the ability to get a mortgage.
Although he has clients all over the state, the bulk of Rick’s business is in Macomb and Oakland counties. As a current Local Business Network (LBN) member, and past member of Warren Business group, Rick likes to stay engaged in the community he resides in. A passion for real estate and environmental clean ups, he is involved in various development projects and commercial real estate ventures.
By staying up to date on the ever-changing guidelines in mortgage lending and building solid relationships with realtors and clients, Rick is a wealth of knowledge and a great resource for anyone looking to buy, refinance, renovate or build a home. Rick believes there is nothing more satisfying then being able to help a client get into a home, and then years later, help their grown children do the same!
If you are just starting your homeownership journey, or a seasoned buyer looking to expand your real estate portfolio, contact Rick Woonton to help you make it happen!
Since 1982, Rick Woonton has been helping Michigan families reach their homeownership goals.
There are a lot of people out there who advertise that they “specialize in first time home buying” but few are actually as thoughtful and thorough as Rick. He always had time to answer questions, explain processes, and make sure I was comfortable with everything that was happening. He was friendly, communicative, and timely. Aside from my new home, he was the best part of the process! Highly recommend!
My particular loan took a lot of work because I’m self-employed with many rental properties. I tried to get refinanced by 2 other Banks before I was referred to Rick and they both pushed me away because they didn’t want to do the work. Rick got everything done quickly and and kept me updated through the process, I didn’t have to do any thing besides get him my tax returns and a couple phone numbers. It was a very good experience
Saint Clair Shores, MI
Rick was great to work with and helped us find the best rates!
Awesome experience with our best interest in mind. (yes, pun meant)
Rochester Hills, MI
I was referred to Rick by a friend. He was every bit as knowledgeable and helpful as I expected from a referral. Rick kept me updated with all parts of the process and answered all my questions quickly either through email or phone. Rick was a pleasure to work with and I would highly recommend his service to others.
Absolutely a great guy, always answers the phone or calls you back when you have a question. Rick has helped me multiple times and my family members. I would highly recommend him, he’s very polite.
Clinton Township, MI
Rick was pleasant and extremely helpful beginning with the initial call to inquire about a mortgage. We had a few unusual circumstances, Rick worked with us to clear them up quickly. Next obstacle was when the executive order came to shut everything down. Nervous with everything that was happening around us, Rick was calm, reassuring and above all honest. He didn’t offer platitudes, he kept us updated throughout. Highly recommend!!
Rick was extremely helpful in taking care of my mortgage needs, i was so thankful that he took the extra effort to make it flow smoothly.
Everything was explained to where I would understand and made the whole process easy and pain free especially for a first time home buyer!
Saint Clair Shores, MI
Your professionalism and accountability to ensure that I close without any issues were awesome.
Dearborn Heights, MI
Professionalism was outstanding! Knowledge was expert level. Responsiveness was immediate. Couldn’t be more pleased!
Grosse Pointe, MI
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
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