Loan Products
Our Fresh Opportunity Mortgages help families and individuals access the funds necessary to purchase a home. Our program is successful because we focus on a borrower's financial picture, not just the credit score. Our program is currently available within the State of Michigan. 

Current interest rate: Fixed at 6.250% with a 3% down payment.

Down Payment is stackable and available if you qualify and the funds are available. 

MSHDA- 10,000.00 for first-time homebuyers
FHLBI- Up to 20,000.00 for first-time home buyers
FHBLI- Up to 25,000.00 for first-generation buyers
Various Counties- May have some down payment assistance
                                            .

                                             Mortgage Types

                                                                               Fresh Opportunity
                                                             MSHDA

                                                                                   Government Insured 
                                                                                   FHA, VA, USDA, Rural

                                                                        Conventional
                                                                                          Fixed & Adjustable Rates 


                                                                                                                

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Our Loan Process

 

1. Application

The loan approval process begins once an applicant has completed a loan application and provided the required documentation. 

The prospective loan fees, interest rates, and terms are disclosed so the applicant can begin assessing the total cost of the mortgage.

 

2. Processing

The information provided by the applicant is reviewed and verified, ensuring it is complete and accurate.

If items are missing or incomplete, a loan officer may contact the applicant to offer additional assistance or request documents.

 

3. Underwriting

The underwriting staff reviews all submitted documents to ensure the applicant meets the loan program’s requirements.

 Additional documentation and/or clarifications may be requested during this time.

Loan decisions are provided, whether it’s a Denial or Conditional Loan Approval, and usually take 5-10 days.

 

4. Pre-Approval

Following conditional approval, OppFund will provide you with a pre-approval letter that you may use as you begin your home search.

Once you find a home and your offer has been accepted, title insurance is ordered, and the borrower will have upfront expenses for inspections, appraisals, and earnest money deposits. Once all loan contingencies are met and verified by underwriting an applicant may schedule a closing.

 

5. Closing

Once the loan has been fully approved and a closing has been scheduled, the applicant prepares a cashier's check for the title company and signs all closing documents. 

The mortgage loan process is now complete and your homeownership journey begins.