Mortgage 1 Team, Author at Mortgage 1 Inc.

August 5, 2018

MSHDA DOWN PAYMENT ASSISTANCE

MSHDA DOWN PAYMENT ASSISTANCE The Michigan State Housing Development Authority (MSHDA) offers down payment assistance to people with no monthly payments. The down payment program offers assistance up to $7,500. (or 4% of the purchase price, whichever is less.) The funds can be spent on closing […]

July 27, 2018

New Condo Financing Options

New Condo Financing Options Mortgage 1 has expanded the guidelines their Condo financing options. A condominium complex can be grouped into one of two mortgage categories warrantable and non-warrantable. A condo complex is considered non-warrantable when they fail to meet criteria by Fannie Mae and Freddie Mac to […]

July 20, 2018

What is Fannie Mae’s HomeReady Program?

HomeReady Program The HomeReady mortgage program is able to save home buyers thousands of dollars on the initial costs of purchasing a new house. It allows for a low down payment, large seller concessions, and financing through other programs, all of which benefit the average […]

July 19, 2018

Opening Doors for Entrepreneurial Mortgage Borrowers

Mortgage 1 Inc. now offers entrepreneurs an option for getting a loan even though it can be difficult to document their income. Income verification can be the biggest challenge for self-employed borrowers. Our underwriters now have the ability to use 12 or 24 months of […]