Member First Mortgage is following the MI Safe Start Plan and Gov. Gretchen Whitmer's requirement of working from home where possible. Although many employees are working remotely, all MFM services remain functional. We ask for your patience as we work to serve the needs of each member.

We offer a complete suite of Conventional and Government mortgage products and a wide range of specialty products to make your mortgage offering stand out above the rest!

Adjustable Rate Mortgages (ARM's)


We offer adjustable rate mortgage (ARM) loans with terms of 3, 5, 7 and 10 years. An adjustable-rate mortgage (ARM) will provide borrowers with a lower initial payment, yet carries a degree of uncertainty. An adjustable-rate mortgage will temporarily lock into a rate at the time of closing. After the initial lock period ends, the rate will adjust for the remaining life of the loan, depending on market rates. Adjustable rate mortgages allow borrowers to take advantage of falling interest rates without refinancing, however they should always prepare for rates to increase as well. If you have borrowers considering a refinance or a move in the near future, an ARM loan may be a great option as the lower initial rates can offer a cheaper solution for borrowers who don’t plan on staying in one place for long. Fixed-rate mortgages offer rate and payment security, but they can be more expensive over time. Borrower preferences and unique situations will help to determine which type of loan is the best fit for each borrower.

FHA (Federal Housing Administration)


The FHA loan is a great program for homebuyers that may not have exceptional credit, or are looking for a low down payment option with affordable terms. FHA features a down payment of just 3.5%, as well as flexible credit and qualification requirements.

Fixed-Rate Mortgages (10, 15, 20, 30 year)


A fixed-rate mortgage will provide borrowers with peace of mind knowing their monthly payment will be the same for the life of the loan. If the borrower plans to stay in their home for many years and appreciate the convenience of a consistent mortgage payment regardless of the market, this could the perfect loan program!

We offer 10, 15 and 20 year fixed-rate loan products for a more accelerated payoff schedule, compared to the 30 year fixed rate. The interest rate will always remain the same, principle and interest payment will never change, and with a variety of terms available borrowers can pay off their mortgage at a pace that best suits their unique situation.

Freddie Mac Super Conforming


Conventional financing limits are capped at a loan amount of $424,000. A Freddie Mac Super Conforming loan follows the same Federal rules and guidelines as a conventional loan product, with extended loan amount caps up to $625,500. This program extends the borrowing options for individuals purchasing or refinancing in a demographic area with higher housing costs than allowed with conventional loan financing. A variety of loan terms are available for purchase or refinance; 15, 20 and 30 year fixed-rate loans as well as 5, 7 and 10 year ARM's (Adjustable Rate Mortgages).

Home Possible


The Home Possible mortgage loan is a great option for first time homebuyers and borrowers with low-to-moderate income. The Home Possible program allows for new home purchases and rate and term refinances, with reduced mortgage insurance, flexible sources of funds for down payments, and flexible closing cost options.

HomeReady


The HomeReady program is great for first time homebuyers and borrowers with little or no credit history. HomeReady is available with a variety of options designed to address some of the most common obstacles homebuyers face when purchasing a home.

  • Options to help minimize or alternatively document cash for down payment and closing costs
  • More flexibility when qualifying for the minimum payment using your income
  • Lower minimum credit score requirements than most mortgage programs

Jumbo


A Jumbo loan allows you to purchase a home with a loan amount that would traditionally exceed the limits of conventional financing. Luxury homes and multi-unit properties are among those you could finance with a Jumbo loan. In addition to increased financing for the purchase of a high value home, a Jumbo loan refinance could lower your monthly payments, allow you more discretionary income, and restore the investment value of your home. The jumbo loan products available are capped at $3,000,000.

USDA Rural Development (RD)


The USDA Rural Development (RD) program is an excellent program for homebuyers with low-to-moderate income and savings, who are looking to purchase a home in a designated rural area. RD is a true zero-down loan program, which allows the borrower additional funds to pay for closing costs or prepaids in the mortgage, and in some cases the seller can pay up to 6% of the sales price to cover closing costs. The RD loan is not limited to first time homebuyers, and can also be used to refinance an existing RD mortgage to a lower interest rate.

Veterans Administration (VA)


The VA mortgage loan is a great program for Veterans, active service members, and other military personnel with a Certificate of Eligibility. VA loans are a fantastic option for eligible vets for a variety of reasons, including zero down payment and no PMI (Primary Mortgage Insurance). The VA loan also offers the most flexible credit and qualification requirements of any loan product.