Are you planning to buy a home, but feeling overwhelmed by the prospect of getting a mortgage? Don't worry, you're not alone. Navigating the world of home loans can be confusing and stressful, but it doesn't have to be. Your lender might not be telling you about these nine loan programs, but they could be the key to securing the funding you need to make your dream of homeownership a reality.

1. CONVENTIONAL LOAN

Available in a variety of terms, conventional loans require no PMI (private mortgage insurance) with a down payment of 20% or more. However you can get a conventional loan with as little as 3-5% down!

CREDIT SCORE NEEDED: 620 MINIMUM

2. FHA 203K STREAMLINE

Available in a variety of terms, conventional loans require no PMI (private mortgage insurance) with a downpayment of 20% or more. However you can get a conventional loan with as little as 3-5% down!

CREDIT SCORE NEEDED: 620 MINIMUM

3. FHA LOAN

An FHA loan is insured by the Federal Housing Administration and issued by a private mortgage lender. FHA loans are attractive to potential borrowers because of the small down payment requirement of 3.5% and a CREDIT SCORE as low as 580.

4. HOMEPOSSIBLE

HomePossible is a special loan product offered by Freddie Mac that is designed for low to moderate income borrowers. The program is currently expanded to help low credited borrowers finance homes in low income areas.

5. HOMEREADY

HomeReady allows borrowers to make low down payments as little as 3% either for a home buying or refinancing transaction. Borrowers are entitled to a flexible source of funds for both the down payment and the closing cost. HomeReady does not require a minimum contribution from the borrowers own funds

6. HOMESTYLE

HomeStyle is offered through Fannie Mae and allows borrowers a way to make moderate improvements on their home. The lender will calculate the estimate renovation costs and finance it into the  total purchase loan. The loan amount is based on post-renovation value.

7. JUMBO MORTGAGE LOANS

A JUMBO Loan is a loan that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Unlike other loans it is not possible to get it guaranteed, secured or purchased through Fannie Mae or Freddie Mac. Designed for luxury properties or competitive markets, it has unique underwriting requirements.

8. MI DPA LOAN

The Michigan State Housing Development Authority (MSHDA) offers a variety of grants and programs aimed at helping individuals and families with affordable housing and community development. Up to $7,500 available statewide. 

You can visit : www.michigan.gov/mshda

9. VA HOME LOANS

The US Department of Veterans Affairs (VA) created a mortgage loan that creates assistance for Veterans. This mortgage offers veterans and service members easier qualification requirements. No PMI can be charged, 0% down payment and credit as low as 600.