Zero Lender Origination Charges on MSHDA Loans for Applications taken through April 30th

Zero Lender Fees on MSHDA Loans?  Zip, Zero, Noda, Zilch.
See Examples of Zero Lender Origination MSHDA Loan Estimates at bottom of this email.


Dear Friends,

Over the past year, I have processed all MSHDA loans for our entire branch, and I have a very solid understanding of MSHDA’s programs and requirements. I have always enjoyed a great relationship with our underwriters, as well as excellent communication with the good people that we work with at MSHDA.  I have worked very hard to transition into doing more Loan Origination, and I have become licensed to take mortgage applications in Michigan, as well as 8 other states throughout the South.

At this time, I am looking to build repour with a few successful Realtors and Clients. I will do this by:

  1. Communicating with all parties once the loan is in process.

  2. Moving my customers towards the closing table fast.

  3. Create a thankful & honest relationship with your customers for referring me.

As a way to get established as a Loan Officer in Michigan, I have gotten permission to close MSHDA loans with “No Lender Origination Charges”. This is no gimmick or a bait and switch tactic; this means that for MSHDA loan applications taken through May 31st, 2019, there will be NO:

  1. Origination Fees.

  2. Points.

  3. Processing Fees.

  4. Underwriting Fees.

  5. Tax Service Fees.

Zip, Zero, Noda, Zilch!!!

In reality, MSHDA only allows the Lender to charge an “Origination Fee” not to exceed 1% of the Mortgage Amount.
Therefore, depending on the Loan Amount, I should be able to save you an ORIGINATION FEE of  $1,000?  $1,500? $2,000?  Possibly as much as $2,177 (97% of the maximum MSHDA sales price of $224,500).

The 30-year fixed rate available through MSHDA is virtually impossible to beat,  for those with credit scores under 740. Furthermore, the reduced PMI on Conventional MSHDA loans runs approximately 30% less than PMI on Fannie Mae or Freddie Mac Conventional loans. When a customer is able to save $100 – $200 in their monthly house payment by financing with MSHDA, there is very little reason not to finance with one of MSHDA’s programs, especially in light of MSHDA’s Recapture Tax Reimbursement program.

See Examples of “Official Dodd/Frank” Loan Estimates here, notably page 2:

  1. Sales Price: $200,000 with 10% down Conventional MSHDA Financing Loan Estimate, Click here

  2. Sales Price: $200,000 with 5% down Conventional MSHDA Financing Loan Estimate, Click here

  3. Sales Price: $200,000 with 3% down Conventional MSHDA Financing Loan Estimate, Click here

  4. Sales Price: $200,000 with 3% down Conventional MSHDA with Down Payment Assistance Loan Estimate, Click here

NOTE: The monthly PMI in these examples are based on a 720 middle credit score and can be higher or lower based on whether the borrower’s credit score is higher or lower. The current MSHDA Rate as of February 20th, 2019 is 4.375% and 5.000% for the MSHDA Down Payment Assistance program. These rates are the same for all credit scores of 640 and up.

Current MSHDA Turntimes: MSHDA is getting caught up. As of today, MSHDA is working on files that were submitted to them on 02/05/2019. Going forward, most pre-approved MSHDA buyers should be in the position to close in less than 45 days.

I’m looking for an opportunity to prove my worth, not just as a loan processor, but also as a loan originator. I hope you will consider and contact me with any questions. Start your application here:

Apply Now