The following is a partial list of programs offered by Success Mortgage Partners, Inc. with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 734-259-0880.
Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3% down payment and they can even finance allowable closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.
Guaranteed Loans Offer Affordable Financing To Rural Homebuyers.
The mission of USDA Rural Development (RD) loans is to assist low to moderate income rural homebuyers achieve their dream of homeownership!
Rural Development partners with approved local lenders to extend 100% financing opportunities to eligible rural individuals and families for the purchase of safe and sanitary dwellings. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.
Applicants must purchase a home within the eligible rural areas, and have a household income that does not exceed the established limits where the home is located.
A reverse mortgage allows homeowners who are 62 years or older to convert a portion of the equity in their homes into cash. No repayment is required as long as the borrower owns and lives in the home. There are limited income, asset, and credit requirements. The homeowner retains title and ownership of the home and cash advances can be used for any purpose.
Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.
FHA 203k loans are offered by the Federal Housing Administration, a government agency. The federal government designed these loans to encourage lenders to fund seemingly risky home purchases. Goals of neighborhood revitalization and greater homeownership opportunities also drove the creation of this loan.
FHA 203k loans are designated for houses that are damaged or sorely in need of rehabilitation. The loan covers not only the cost of the property but also the cost of necessary home repairs. The down payment requirement is low, and eligibility criteria are loose. Homeowners whose homes need improvement can also refinance with these loans. A vast range of repairs, including room additions, bathroom remodeling, roofing, flooring and air conditioning systems can be funded with these loans.
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.