Michigan land loans are 30, 15, 10 Year Fixed Rate Mortgage

All land loans require 20% Down payment on land purchase

Specialize in unlimited Acreage, Farm, Hunting, Rural, and Vacant land

Mortgage Documents

Mortgage (consumer) guides

• Buying a home
• Home Purchasing Guide
• Consumer handbook on adjustable rate

Forms to apply for a mortgage loan

• Document request form List of documents from borrower
• Mortgage Application

Disclosures

• ARM Disclosure
• Borrower's authorization
• Borrowers bill of rights
• Consumer caution and home ownership counseling notice
• Credit authorization
• Disclosure notices
• Equal Credit Opportunity Disclosure
• Fair credit reporting act
• Fair lending disclosure
• Good faith estimate
• Joint authorization
• Origination agreement
• Private policy disclosure
• Service disclosure
• Tax authorization form 4506
• Truth-in-Lending Disclosure
• USA patriot act

Specialty Forms

• Debt consolidation worksheet
• Document request form
• Earnest money form
• Freeze Letter
• Form 4506
• Gift letter
• Payoff Request Form
• Questions to ask a mortgage company
• Verification of employment
• Processing Form
• Right to receive appraisal
• Right to Rescind
• Income Worksheet

HUD-1 Settlement Statement
This form lists all closing costs and fees payable at closing in connection with your loan. It includes loan fees, points and sums set aside for escrow payments, such as taxes and insurance. On purchase transactions.

Truth-In-Lending Statement
This federally mandated form shows the "Annual Percentage Rate" (APR) on your loan, which is your interest rate adjusted to account for points and other closing costs. You will receive an initial Truth-in-Lending Statement shortly after applying for your loan. The final Truth-In-Lending Statement takes account any changes that may have occurred during the processing of your loan.

Note
This document is your promise to repay your loan. It contains many of the important loan elements, such as your loan amount, interest rate, due dates, late charges and the terms of your loan.

Mortgage
This document contains a detailed "legal description" of your property, and confirms that you are pledging the property as collateral for repayment of your loan. It also sets forth your agreement to keep the property insured, pay all property taxes, and otherwise keep the property in good condition. After closing, the Deed of Trust will be recorded in your county recorder's office and is a matter of public record. Some Deeds of Trust contain "riders," which are short addendums containing additional terms.

Monthly Payment Letter
This contains a detailed breakdown of your new monthly mortgage payment, as well as payment coupons to be used when making your first payment(s).

There is a lot of work in the processing of your loan. There is the application form detailing information about you, your subject property, employment, assets, and liabilities. Part of the processing is gathering information from you. See Customer Information Request Form

Processing Your Loan

Verification of Income

• Tax Returns or W2's - For full documentation loans
• Pay stubs - most recent month
• Verification of Social Security and/or Pension Benefits
• Rental Agreements or Leases - from investment properties

Verification of Assets

• Most recent Bank Statements (3 months)
• Stocks, Bonds, Dividend Statements
• Gift Letter (for home purchase)
• 401k or equivalent Statement

Verification of Mortgage / Land Contract / Rent

• Last twelve (12) consecutive months payment history - canceled checks or bank statements
• Copy of Land Contract with name of owner and address

Loan Type Transaction

• Purchase Agreement
• Legal Description of subject property (From survey or old title work, etc.)
• Copy of Recent Property Tax Bill
• Homeowners Insurance Policy

Home Improvement / Construction

• Plans and Specifications Construction Contract with a Licensed Builder
• Copy of Deed or Survey for Land Owned Builder Information
• Old Appraisal

Miscellaneous

• Credit Letters - Reason for derogatory credit
• Disclosures Documents - sent with your Application Package
• Divorce Decree
• Copy of Earnest Money Receipt
• Power of Attorney
• Proof of Paid Bills - From the Credit Report Others

Addition to the above forms the processor has to order an Appraisal, Title Work, VOE, and update forms. The forms then are sent to the lender's underwriter to be underwritten. The processor will receive a underwriter's condition report. The report is used to clear all conditions for a good ready-to-close loan.. The time for the whole process from the day you sign the application to the closing date is from 20 to 30 days.

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