There are many loan options available to prospective homebuyers, and it’s important to stay educated and informed on all the options available. At Ross Mortgage, we offer a wide range of financing solutions to fit any homebuyer’s needs. From conventional loans to specialized loan programs, our team is ready to find the right loan for YOU. 

Conventional Loans

Conventional loans are mortgage loans that are not backed by a government agency and are broken down into “conforming” and “non-conforming” loans. Conforming conventional loans follow lending rules set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. 

Benefits: 

• Low interest rates
• Higher loan limits
• More flexibility

Conventional loans are best suited for buyers with strong credit. Our team offers a variety of conventional loan options starting as low as 3% down.

FHA Loans

FHA loans allow you to get into a home with a credit score as low as 600 with a 3.5% down payment. 

Benefits: 

• Low down payment with assistance available 
• Lower minimum credit score
• Shorter period of time after financial hardships
• Non-occupant co-borrower

With flexible credit guidelines, FHA financing is a strong option for anyone who has experienced credit challenges in the past.

Renovation Loans

Renovation loans are government-backed mortgages that provide funds to remodel and repair a house.The loan can be in the form of a purchase mortgage or the refinance of a current mortgage with extra cash for improvements.

Benefits: 

• Low down payment and interest rates 
• Build equity fast
• Combines purchase or refinance, plus renovation funds, into one loan with one closing and one monthly payment
• Can be used for primary residence, vacation home or investment property 
• Can be used to make so-called “luxury” improvements, such as adding a swimming pool or hot tub
• Can be used to upgrade single-family homes, four-unit homes, condos and manufactured homes

With a renovation loan, you can design on a dime and roll renovation costs into one mortgage. Turn your new house into your dream home by taking advantage of the conventional HomeStyle option or an FHA 203(k).

USDA Rural Development (RD) Loan

The U.S. Department of Agriculture (USDA) home loans program offers mortgages to low-income residents of rural areas who cannot otherwise obtain a conventional mortgage.

Benefits: 

• No down payment
• Competitive interest rates 
• Low monthly mortgage insurance 
• Flexible credit guidelines 
• Millions of people are eligible 

VA Loans

Backed by the U.S. Department of Veterans Affairs, VA loans are designed for select members of the military community, their spouses and other beneficiaries. At Ross Mortgage, we’re proud to honor military service members who sacrifice their lives defending our freedom. 

Benefits: 

• Flexible credit requirements
• Lower interest rates 
• Zero percent down 

To honor their service to our country, we are committed to supporting veterans on their journey to homeownership by helping more servicemen and women utilize the VA loan benefits they’ve rightfully earned.

HomeReady & HomePossible Loans

The HomeReady mortgage program caters to lower-income homebuyers who don’t have a large down payment saved up.

The HomeReady program is ideal if you:

• Are a first-time or repeat buyer
• Have a credit score of 620 or higher
• Have limited cash for a down payment — but at least 3%
• Earn a salary less than or equal to 80% of the area median income
• Have supplemental income from a tenant

The Home Possible mortgage program is geared toward low- to moderate-income borrowers who can afford a 3% down payment. 

The Home Possible mortgage program is ideal if you:

• Have limited cash for a down payment
• Have a credit score of 660 or higher
• Are repeat homebuyers or first-timers
• Are looking for flexibility in eligible down payment sources

If you are house hunting on a tight budget, one of these conventional loans can get you into a home for little money down. Reduced interest and mortgage insurance rates are also offered for those who qualify.

Jumbo Loans

A jumbo loan is a mortgage that exceeds the conforming loan limit. If you borrow any more than the conforming loan limit, you are taking out a jumbo (or nonconforming) loan. Nonconforming loans do not comply with published guidelines from government agencies and enterprises such as Fannie Mae, Freddie Mac and the FHA.

Benefits: 

• More funds available 
• May need less than 20% down 
• VA Jumbo loans available
• Buy a larger home 
• Own more land 
• Buy in more desirable markets 
• Purchase a luxury home 
• Consolidate home financing 

Whether you’re looking for a jumbo loan for a primary residence, secondary residence or investment property, we’re here to answer your questions. Check out our Jumbo Loans blog for more information, or contact us today! 

Manufactured Home Loans

A manufactured home is a factory-built home that is built on a temporary chassis. In comparison, a traditional home is built on-site on a permanent foundation. Manufactured homes are built based on standards set by the U.S. Department of Housing and Urban Development (HUD). 

Looking for an affordable, environmentally friendly, high-quality way to live? This loan allows you to finance the manufactured home of your dreams with the following options: 

• FHA
• VA
• USDA 
• Conventional

MSHDA Programs 

As a top MSHDA lender, we work hard to make sure families and individuals are educated about financial assistance programs offered through the State of Michigan.

Geared toward homebuyers who may lack the resources to save for a large down payment, the ability to combine conventional financing with MSDHA’s down payment assistance program reduces the upfront cost of purchasing a home.

Benefits: 

• Increased negotiating power 
• Lower private mortgage insurance (PMI). 
• Conventional loans can be used to finance practically any property.

Check out our MSHDA down payment assistance program blog, or contact us today to find out if you’re eligible to receive financial support through MSHDA. 

Guaranteed Pre-Approval

Homebuyers in today’s market have found themselves in the midst of the most competitive housing market in history. Prompted by the sudden ability to work remotely, millions of Americans are relocating to homes with more privacy and space. As champions for prospective homeowners, our team has spent months trying to tackle this challenge. Introducing the Guaranteed Pre-Approval (GPA) from Ross Mortgage. 

Benefits: 

• Turn your home bid into a cash offer
• We pay the seller $1,000 if your loan doesn’t close 
• Confidence to close. Guaranteed. 

Visit our GPA program website or check out our GPA blog for more information. It’s not a gimmick – it’s confidence in the way we do business. 

 

Our personal approach to lending has helped us earn the trust of Michigan homebuyers for over 70 years. Don’t miss out on the opportunity to purchase a home! Send us a message to find out if you’re eligible for any of the loans or programs above.