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 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 | 6.625% | 0.000% | 7.412% | $1,394.24 |
| 15 Year Fixed | 6.375% | 0.000% | 7.157% | $1,824.17 |
*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. | ||||
Federal Housing Authority loans are government-backed mortgages designed to help Michigan residents qualify for a home with more flexible terms than traditional financing.
Learn more about mortgages in this 5-minute lesson.
†A loan amount of $200,000 amortized over 30 years at an interest rate of 6.375% has an Annual Percentage Rate (APR) of 6.436% and a payment of $1,247.74 with 0 points due at closing. The payment does not include property taxes or insurances, the actual payment will be higher.
Members and communities are at the center of everything that we do. Anyone in Michigan can bank with us, and we’re here to help all our members reach their financial goals.
