Mortgage Requirements For Buying A Home With Poor Credit In Michigan
Updated On September 21st, 2018
FMichigan was largely affected by last decade’s financial collapse and a lot of people felt the pain.
- Areas like Detroit, Grand Rapids, Lansing, Jackson, Battle Creek, Sterling Heights, and Midland were devastated.
- Real estate valuations in Michigan had been soaring for years until the financial collapse reversed the trend
- Housing valuations tanked like nothing anyone had seen before.
- Michigan had never seen a housing collapse like that in its history.
- Tons of Michiganders were faced with foreclosure and their credit took a hit
- It took 10 years for some of these folks to recover and some people are still trying to fix their credit and get back on track
Michigan Home Valuation Rebound
The home valuation recovery trend in Michigan began around 2011.
- The trend has continued since that year and it doesn’t look like another crash is imminent
- Most Michiganders who owned real estate during the crash have recouped their lost equity and are almost back to where they were before the crisis.
- A lot of residents who thought they would never be able to move are now selling their houses for profit.
- Residents who purchased real estate in 2011 have enjoyed strong equity growth over the last few years.
Michigan Bad Credit Home Purchase Process
Buyers with low FICO scores typically use FHA financing to purchase real estate.
Purchasing a house after negative credit events like an eviction, repossession, foreclosure, or bankruptcy can be very difficult and stressful for First Time Home Buyers with Bad Credit.
- Speaking with a Michigan mortgage loan officer will help explain the process.
- Serious buyers will need to provide income and asset documents
- FHA financing is usually the best fit for first time buyers with poor FICO scores
- The minimum credit score is 580
- First time home buyers need 3.5% for down payment
- Most charged-off bills and old collections are not required to be paid off
- Old medical bills do not need to be paid to qualify for FHA first time home buyer mortgage
- Our licensed mortgage loan originators can explain all of your options for first time home buyer mortgage financing with bad credit
Bad Credit Mortgage Consultation
Licensed loan originators are standing by to answer your questions about becoming a first time home buyer. Give us a call or send us an email to schedule your one-on-one breakthrough session and get clarity on how to buy a home with bad credit and little money down.
- Our loan officers will spend 30 minutes on the phone with you to answer all of your questions.
- This support line is available to help bad credit buyers purchase a home in Michigan, Texas, Florida, or Colorado.
Frequently Asked Questions
Below is a list of frequently asked questions that you may want to consider asking us during your one-on-one breakthrough strategy session.
- How much house can I afford?
- How to buy a house with bad credit but good income?
- How to buy a house with bad credit first time home buyer?
- Buying a house with bad credit and no money down
- How to buy a home with bad credit and no down payment?
- What are the programs for buying a home with bad credit?
- What are the programs for buying a house with bad credit and 20 down?
- Who are the FHA lenders that work with poor credit?
- Where can I get an FHA loan with bad credit?
Give us a call at 616-402-6195 to start your breakthrough strategy session and get your questions answered.