Conventional
Loan Programs
Michigan Conventional
Loans are secured by government sponsored entities or GSE's such
as Fannie Mae and Freddie Mac or by private investors for loan amounts
higher than the limits set by the GSE's. Conventional loans can
be made to purchase or refinance homes with first and second mortgages
on single family to four family homes.
In general,
Fannie Mae and Freddie Mac's single family, first mortgage loan
limit is $333,700 in 2004. This limit is reviewed annually and,
if needed, changed to reflect changes in the national average price
for single family homes. The current loan limit applies to all conventional
mortgages delivered after January 1, 2004.
In addition
to common loan structures such as fixed rate, adjustable rate and
balloon loans, Fannie Mae and Freddie Mac also have loan programs
for low to no down payments, community lending and affordable housing
initiatives, construction to permanent, home improvement and reverse
mortgages
If you have
any questions about a Michigan Conventional Loan Program or any
other loan, please feel free to contact us at (800) 567-9962 today
to speak with a Michigan loan consultant or fill out our "Michigan
Home Loan Quick Quote" form. We have cut the middle man
and large corporate overhead to bring you the best possible Michigan
home loan rates and lowest fee.
Thank
you, for your interest in Michigan Conventional Loan Programs
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