Sheila Schmidt
Loan Officer
NMLS#
1168627
Branch Address
901 Saginaw St, Bay City, MI 48708
Phone
Cell: 989-780-8401
Office: 989-321-6523
Social
Sheila Schmidt is an experienced Loan Officer who has been helping clients with their mortgage needs since 2003. She started her career with a lending and investment company where she learned the ins and outs of consumer finance and mortgage loans. Having a background with a financial institution gave her the ability to look at an entire financial picture and find a mortgage that aligned with the client’s goals. Twenty years later, she still loves the mortgage industry and the opportunity it brings to connect with people and find a way to get them into their own home.
With decades of experience, Sheila can provide education and guidance on all types of loan programs and products. However, she especially loves helping Veterans with their VA loans and those going through a divorce. In fact, Sheila is working toward her training to become a Certified Divorce Lending Professional (CDLP).
Born and raised in Michigan, Sheila helps clients all over the state, but the bulk of her clients are where she lives and works – in the Mid-Michigan area. She understands the local housing market and has extensive knowledge of the Michigan State Housing Development Authority (MSHDA) loan program.
As an affiliate member of the Bay County Realtor Association (BCRA), Sheila like to stay engaged with the community she loves. Every year, she participates in the annual charity golf outing to benefit local military Veterans and the local chapter Toys for Tots program.
Sheila feels her greatest professional accomplishments are the relationships she has built. She understands that obtaining a mortgage is more than a transaction – it is a very personal experience, and she takes the time to really get to know her clients. She loves when she can empower single parents, divorcing clients, or those with challenged credit see that owning a home is possible for them. It is her caring, attentive nature that has earned her MiMutual Mortgage’s Top Loan Officer in Customer Service many times over!
If you would like to start your journey to homeownership with a Loan Officer that will be your point of contact from beginning to end, give Sheila a call today!
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.
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
- Installation 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
Start Your Mortgage Journey
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