Home Mortgage Loans

• Available for 15, 20, or 30-year terms
  
• Available for single-family first homes, owner-occupied second homes, and modular homes
• Loan amounts available from $10,000 to $726,200
• Down payment options as low as 3% for first-time homebuyers*

Example: A 7/1 Adjustable Rate Mortgage has a fixed interest rate for the first seven years of the mortgage followed by an annually adjusting interest rate for the remainder of the loan. Our Adjustable Rate Mortgages adjust a maximum of two points per year and a maximum of five points over the term of the loan.

• Available as 7/1 or a 10/1 year ARM with a 30 year term
  
• Available for single family first homes, owner occupied second homes, modular homes, and manufactured homes
• Loan amounts start at $10,000 

When it comes to purchasing your new home, or refinancing the one you have, USDA Rural Development Single Family Guarantee loans can be a great option!

100% Financing = $0 Down Payment

• Property securing the loan must be in a USDA designated rural area. Locally, portions of St. Clair County surrounding Fort Gratiot, Port Huron and Marysville are eligible, as well as all of Sanilac and Huron Counties. Visit www.rd.usda.gov to find out if your specific property is in a designated area.
• Property must be a single family dwelling and borrower’s primary residence.
• Borrower’s household income cannot exceed the income cap for the county where the property is located.* 
• Borrowers must meet all credit and underwriting requirements. 
• No down payment required but you will still need to have funds available for closing costs, pre-paid taxes, insurance, and escrow account setups.
• Rural Development Guarantee fee of 1% up front and 0.35% annually. 
• Manufactured homes ineligible.

For additional information, please contact your local branch or call our Loan Center at (800) 397-2504.

*As of 5/1/2018, income caps for a household of four are currently $81,650 for St. Clair County and $78,200 for Sanilac and Huron Counties.

As a member of the Federal Home Loan Bank of Indianapolis (FHLBI), Eastern Michigan Bank has access to their grant programs for home purchases and renovations.

As a member of the FHLBI, Eastern Michigan Bank has access to the following grant programs for home purchases and renovations in our market area: 

Homeownership Opportunities Program (HOP)

• Provides assistance to first time home buyers (prior homeowners may qualify subject to certain criteria).
  
• Proceeds can be used for down payment and/or closing cost assistance.
  

Neighborhood Impact Program (NIP)

• Provides rehabilitation assistance to qualified homeowners. NIP funds are for home repair including replacement of roofs, windows, furnaces, etc.
  

Accessibility Modifications Program (AMP)

• Provides funding for accessibility modifications and minor home rehabilitation for both income-eligible senior homeowners and owner-occupied households with a person(s) with a permanent disability.
  

In general, FHLBI grants do not accumulate interest or require monthly payments. NIP/HOP grants must be repaid if the customer sells (or in some cases refinances) their home within five years of receiving the grant. 

Homeownership Initiatives funding is available on a first come, first served basis, until the current year’s allocation has been exhausted or the program year is closed. Households cannot receive, for the same property, more than one FHLBI grant of any kind for the same property, or more than one grant from any Federal Home Loan Bank, unless prior grants have been repaid or retenton period has expired

To learn more, please contact an Eastern Michigan Bank mortgage lender today.