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Purchase Plus
• Purchase foreclosed properties with no appraisal and as little as 3% down. • A government loan for your primary residence that requires zero down. • As little as15% down on vacant land loans (sometimes less). Along with a variety of conforming loan programs including fixed rate, adjustable and Jumbo mortgages, Bay Mortgage also offers some unique programs for our client base. Here are some popular examples... HomePath Mortgage Fannie Mae has inherited thousands of foreclosed properties in this market so in an effort to make it easier for people to purchase these homes they've created the HomePath program. Bay Mortgage is proud to be one of the only brokers in the state approved to offer this program that features:
For more details and to see what homes are available in your desired area, go to: www.homepath.com Rural Development Loans This is a government backed loan and is the only true "zero down" program still available. The rates are exceptional and there is no PMI with this loan which helps to keep the payments low. It does have income restrictions based on your areas median income. The program also has geographic restrictions but essentially any home north of Clare, MI will qualify for this program. And although credit scores are reviewed for qualifying, this program is much more flexible in that area than most other loan programs. Vacant Land Loans Bay Mortgage has become one of the leaders in vacant land loans for the entire state of Michigan. Our low down payments (15% minimum or as low as 0% down with seller financing), low rates, and fast/easy closings have made us a popular lender for almost any kind of vacant land. A 680 credit score and acceptable income are required.
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