Bank – FHA, VA and Rural Development loans can help borrowers into a home for less money with relaxed requirements. fha Loans are backed by the Federal Housing Administration. They typically have been used to help lower-income individuals borrow money to purchase a home.What's the Difference Between PMI and FHA Mortgage Insurance. – FHA Premiums vs. PMI: What’s the loan terms (typically, lower interest rates).
Best Mortgage Rates in Michigan. Currently, the best rate you can find for a 30-year mortgage in Michigan is 3.38%.If you’re considering a 15-year mortgage or 5/1 ARM, Michigan lenders offer rates as low as 2.75% and 2.75% respectively.