HOME LOANS

For a fixed-rate mortgage, the Annual Percentage Rate (APR) is fixed for the entire term of the mortgage. The monthly payments will pay the mortgage down to zero by the end of the mortgage term. We offer fixed-rate mortgages with varying terms for your purchase or refinance.

For many potential homebuyers – especially first-time buyers – the down payment can be difficult. The MI Home Loan, combined with the Michigan Down Payment loan, is designed to make it a little easier for qualified homebuyers. With the Michigan Down Payment, qualified homebuyers can receive a loan of up to $7,500.

A loan is considered jumbo if the amount of the mortgage exceeds the conventional loan limit of $510,400 for a single-family home in Michigan. Jumbo mortgages at Financial Plus are available for primary residences only, and are offered through fixed-rate terms of 15, 20, and 30 years.

This program helps lenders work with low and moderate income households living in rural areas to make homeownership a reality. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas. Eligible applicants may purchase, build, rehabilitate or improve a dwelling in an eligible rural area with 100% financing. The program provides a 90% loan note guarantee to approved lenders, in order to reduce the risk of extending 100% loans to eligible rural homebuyers. So no money down for those who qualify! Borrowers are required to pay a fee 3.5% of the principal balance on all loans, which will be rolled into the loan.