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Flex Lender Requirements

Flex Lender Requirements

MI Home Loan Flex Lender Requirements and Application;

Why should I become a MI Home Loan Flex Lender?

  • Borrowers may be eligible for MI DPA Loan on FHA and RD loans up to $7,500.00. This can be applied to the down payment, closing cost and prepaid expenses (taxes and insurance). Maximum financing required. Available statewide.
  • All adults in the household do not need to apply. Only qualifying borrowers will be underwritten for credit, assets and income.
  • Collections and judgments do not necessarily need to be paid off; the lender will follow the AUS findings.
  • MSHDA does not restrict the closing costs on the MI Home Loan Flex program. Your normal closing costs will apply.
  • Recapture tax will not apply on MI Home Loan Flex mortgages.
  • Lenders can enhance their CRA performance.
  • Participating lenders receive free MSHDA marketing materials.
  • If you have questions please contact the Business Development Specialist for your area.

Lender Application and Approval

FAQ’s

Whom do I contact to check the status of my Lender application, renewal or changes on our current application?

Where are the MI Home Loan Flex Lenders listed?

Does US Bank have any program fees?

  • Yes. A funding fee of $400.00 and a tax service fee of $85.00. These fees will be netted out from the funding of the loan.

When do closed loan files need to be delivered to US Bank?

  • Closed loan files need to be delivered to U.S. Bank within 45 days of reservation. A $375.00 extension fee is applied to loans that are not purchased by U.S. Bank within 70 days.