Saving up enough money for a down payment on a home can take time and challenge your patience. But there's no need to defer your dreams. Whether your credit history is solid or something less, you may qualify for a government-backed loan.
Most traditional mortgages require down payments of 5% to 10%. But Federal Housing Authority (FHA) loans can help you realize your dream of homeownership for as little as 3.5% down. Michigan Schools and Government Credit Union Mortgage Experts can walk you through every step of the application process.
| FHA Mortgage | ||||
| Fixed-rate and adjustable-rate loans available for terms up to 30 years. Here is just an example of the great rates we currently offer. | ||||
| Term | Rates as low as | Points | APR* | Payment* |
| 30 Year Fixed | 7.000% | 0.000% | 7.775% | $1,445.14 |
| 15 Year Fixed | 6.625% | 0.000% | 7.383% | $1,852.17 |
*APR = Annual Percentage Rate. The payment is based on a loan amount of $200,000 and consists of principal, interest and mortgage insurance premiums. The payment does not include taxes and other insurance premiums. The actual payment amount will be greater. | ||||
Learn more about mortgages in this 5-minute lesson.
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