Mortgage Companies Dearborn, Michigan

If you don’t have a lot of experience working with mortgage companies in Dearborn, Michigan, the professionals with Gem Home Loans has some advice – stop your search now and turn to us. Our experts won’t try to influence you to take a particular loan because it makes us a hefty commission.

Sure, we’re in business to make money. But we’re not so laser-focused on profits that we put clients in a poor financial position. We take the time to show you all of your options and then make a recommendation based on what’s best for you.

Interested in an FHA Loan?

You might be wondering if it would be worth your while to pursue a government-backed loan, such as an FHA (Federal Housing Administration) loan. The FHA and HUD (the Department of Housing and Urban Development) set the regulations and requirements that determine who qualifies for FHA loans.

If you’re purchasing a home for the first time or don’t have the money for a large down payment, you should seriously consider this kind of loan program. These are just some of the many types of FHA home loans available.

• Section 245(a) – Do you plan on finding a job that will eventually lead to a substantial increase in income? If that’s the case, you might want to think about a Section 245(a) loan. The reason is that your payments will start low, then gradually increase.
• Home improvement loans – A 203(k) loan will provide the money to buy a home and renovate it.

• Energy-efficiency loans – An FHA Energy Efficient Mortgage loan is pretty close to the 203(k) loan. The major difference is that instead of providing money for renovations, it will provide money for upgrading a home to energy-efficient appliances. It may also help you obtain money to install a solar power system.

• Home Equity Conversion Mortgage – The HECM is essentially a reverse mortgage, the kind of loan you see advertised on television a great deal. If you’re 62 or older, you can use a HECM to convert your home’s equity into money while keeping the title to your home. Some people take this money in the form of a monthly payment, while others use it as a credit line.

Whatever type of FHA loan you feel is best for you, the professionals with Gem Home Loans will do everything we can to help you get it. You can get into a new home with as little as a 3.5 percent down payment and a credit score as low as 580. You’ll likely need to put 10 percent down if yours is lower than that.

However, you also need to know that FHA loans aren’t for homes that are below 203(k) loan standards. If the house needs a great deal of work to be habitable, then you’ll be better off trying to get something else.

Please don’t hesitate to contact Gem Home Loans – the leader among mortgage companies in Dearborn, Michigan. We’ll show you why we’re different from any other mortgage broker. Contact us online or call us at (248) 780-0601.