Grewal Mortgage Inc. | Lansing - Okemos - Mid-Michigan

Current Loan Programs:

 

FHA Streamlined Refinance

• The loan must already be FHA Insured (click here to check if Fannie Mae insures your loan, and click here to see if Freddie Mac insures your loan)
• The loan to refinance should be current (not-delinquent)
• The refinance is to result in a lowering of the borrower's monthly principal and interest payments
• No cash may be taken out on mortgages refinanced using the streamline refinance process
• Available without an appraisal if the new loan amount does not exceed the original loan amount

FHA Handyman Specials

• HUD 203(k) loans for fixer-uppers
• Loan is based on appraised value after repairs are made
• 10-20% of the repair amount is given as a contingency
• Up to 6 mortgage payments (PITI) funded at closing
• Escrowed funds are released to the homeowner with a 10% holdback until the homeowner certifies that work has been completed and the lender confirms that liens have been released

FHA Purchases

• Downpayments as low as 3.5%
• Most closing costs can be rolled into the balance of the loan
• Mobile home financing available

USDA Loans

• For areas designated as Qualified Rural Areas
• Applicants must be very low-income (less than 50% of the area median income) or low-income (between 50% and 80% of the area median income)
• Terms up to 33 years
• Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities
• Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards
• Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards

VA Loans

• Eligibility requirements are detailed on this page
• Loan amounts up to $417,000 (2011)
• VA Guarantees up to 25% of the loan amount

Conventional Loans

• Good for borrowers who exceed FHA guidelines or do not qualify for VA or USDA programs
• Good credit is required
• Up to 97% Loan to Value programs

DU Plus and Freddie Mac Open Access Direct Underwriting

• Rapid programs that allow direct underwriting through Fannie Mae and Freddie Mac
• Appraisals are not always required
• Loan to Value ratios up to 125%