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I am thinking of purchasing my first home. I have a credit score of 638, and gross income of $ 62,000. I have very little for a down payment, and I am thinking of using a downpayment assistance program.

Also, please let me know when I should begin my search. My current lease is up in September, and would like to move by then. Thanks for any help provided!

3 Thoughts on Any idea on a mortgage rate in MI?
  1. Reply
    February 15, 2014 at 8:27 am

    Hey, your rate is really dependant on what kind of program you can get into. You’d most likely be able to do an FHA home loan. I think I know someone from a loan originator group in MI (I’m an LO in IL and KY) that can preapprove you or discuss it with you. If you’d like to just e-mail me a phone number or such, I can have her get in tough with you. My e-mail is [email protected]. If you don’t want me to have her contact you, then I’d still suggest FHA.

  2. Reply
    February 15, 2014 at 8:34 am

    First of all FHA allows the assistance program. Ameridreams and the like. Start looking in July. Your bottom debt to income ratio should not be higher than 38% with the new home. You can also try an 80%-20% combo loans to get the full 100%. The seller can part of the closing cost and pre-paids as well. Call a mortgage professional in you area in June and get pre-qualified to buy. They will at that time tell you how much home you can afford. Do yourself a favor! don’t become house poor. In other words buy less house now so you have no problems in meeting the expense of home ownership.
    Rates change daily. There is no way to tell you what rate you will pay at that time. Sorry!
    Have you ever heard of Murphy’s Law? You don’t want Murphy moving into your spare bedroom.
    Good Luck to you!

  3. Reply
    February 15, 2014 at 8:44 am,1607,7-141-5485_5486—,00.html

    Most states have HDA assistance. Here is the link for Michigan.

    They probably have free homebuyer education and would be able to connect you with a lender that participates in their programs.

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