Mortgage 1, INC
850 Laurence Ave. Suite 2 Jackson Michigan, 49202
Need Mortgage Help? (517) 315-4626

Mortgage 1 Loan Programs

Fixed Rate Mortgages (FRM)
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.

FHA Loans
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.

VA Loans

VA guaranteed loans are made by Mortgage One, a VA Automatic Lender, and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans. This program was designed to help military veterans realize the American dream of home ownership.

Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages include interest payments which shift during the loan’s term, depending on current market conditions. Typically, these loans carry a fixed-interest rate for a set period of time before adjusting.

Michigan Rural Development Loans

Rural Development loans allow first time home buyers or previous home owners to purchase their new home with 0% down payment and allows the seller to pay up to 6% of the sale price towards your closing costs keeping your out of pocket expenses low!

203(k) Streamlined Renovation Loans

FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

Michigan State Housing Authority (MSHDA) Loans

MSHDA offers programs that assist both first-time homebuyers and repeat buyers in Targeted areas with Down Payment Assistance up to $7,500. These funds can be used towards the down payment, closing costs, taxes and insurance that are due at closing. This greatly reduces the cash needed to close on a home purchase.

HARP 2.0

HARP 2.0 is a refinance option for homeowners that are "underwater," meaning they owe more on their home than their home is worth.

Components of an ARM

Prior to choosing a home loan, you should know the advantages and risks of adjustable-rate mortgages to make an informed, prudent decision.

Commonly Used Indexes for ARMs
This article includes a list of the most commonly used indexes by ARM lenders that affect ARM mortgage rates.

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.