Member First Mortgage is a licensed mortgage lender located in Grand Rapids, Michigan. Member First Mortgage appears to be licensed in most states and offers conventional, FHA, VA, USDA, and jumbo mortgage financing.
FHA mortgages are funded by private lenders like Member First Mortgage and insured by the Federal Housing Administration. FHA financing is a great choice for first-time homebuyers with limited down payment funds and/or lightly-bruised credit.
The typical minimum down payment for an FHA loan is 3.5% of the purchase price. Mortgage insurance is mandatory for all FHA loans, irrespective of down payment or loan-to-value ratio.
FHA-approved lenders such as Member First Mortgage typically offer a variety of FHA mortgage products, including 30-year fixed, 15-year fixed, and adjustable-rate mortgages, are available.
Tailored for veterans, VA loans are written and funded by private lenders, but backed by the Veterans Administration.
With a 0% minimum down payment and no mortgage insurance (regardless of down payment or loan-to-value), VA financing offers an attractive option for eligible homebuyers. The credit and income requirements for VA financing also tend to be more flexible than for conventional financing.
There are a variety of VA products available, including 30-year fixed, 15-year fixed, and adjustable-rate mortgages.
Conventional loans are the most common form of mortgage financing. The minimum down payment is usually around 5% with excellent credit. Private mortgage insurance is required for down payments of less than 20%.
Conventional mortgage lenders typically offer a wide variety of mortgage products, including 30-year fixed, 15-year fixed, 10-year fixed, and various adjustable-rate mortgage products.
USDA mortgages are funded by private lenders like Member First Mortgage, but backed by the United States Department of Agriculture. USDA financing is designed to help facilitate home ownership in rural areas by offering low interest rates and flexible lending requirements.
Jumbo mortgages are a form of conventional financing designed for borrowers who intend to borrow more than the standard conforming loan limit.
There are typically a wide variety of jumbo products available, including 30-year fixed, 15-year fixed, and various adjustable-rate mortgages.
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