Requires no down payment. Good to excellent credit. MBOH offers low interest rate loans to first-time buyers with low to moderate incomes. Primary residence, single family only. MBOH has programs to assist with down payment and closing costs as well as a program to finance purchases and house improvements for the disabled.
Loan amounts vary by investor.
Interest rates are typically higher than other loan types and vary depending upon severity of credit problems and other variables. Allows the borrowers to use the built-up equity in their houses to finance purchases or consolidate debts. Allows the borrower to finance selected house improvements and repairs over the 30 year term of a first loan. For purchase or to refinance houses. Reverse loans - for borrowers age 62 or older.