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Home Mortgage Loans

If you are an existing Eastern Michigan Bank loan customer and your ability to pay is impacted by the COVID-19 virus, we’re here to help. Please call us at (810) 679-2500 to discuss possible options.


Eastern Michigan Bank is your local, hometown mortgage specialist. Whether you are buying or building your new home or refinancing the home you have, Eastern Michigan Bank can help! We offer competitive mortgage rates and will work hard to have your mortgage completed as quickly as possible. Our mortgage lenders will help walk you through the entire home mortgage process. 

We have recently enhanced our online mortgage process to better serve you!

Visit our new mortgage center today. Check rates, get a personalized quote or start the application process now!

Types of Mortgages

Conventional Fixed-Rate Mortgages have the same interest rate for the duration of the loan.
  • Available for 15, 20 or 30 year terms
  • Available for single family first homes, owner occupied second homes and modular homes
  • Loan amounts available from $10,000 to $510,400
  • Down payment options as low as 3% for first time homebuyers*
Adjustable Rate Mortgages have a fixed interest rate for a specific period of time and then adjust at intervals over the rest of the loan term. 

Example: A 7/1 Adjustable Rate Mortgage has a fixed interest rate for the first seven years of the mortgage followed by an annually adjusting interest rate for the remainder of the loan. Our Adjustable Rate Mortgages adjust a maximum of two points per year and a maximum of five points over the term of the loan.

  • Available as 7/1 or a 10/1 year ARM with a 30 year term
  • Available for single family first homes, owner occupied second homes, modular homes, and manufactured homes
  • Loan amounts start at $10,000 
Thinking of building your new home? Our residential construction loans can get you on your way. 
  • Interest only payments during construction time ranging from 3-12 months
  • Available for single family first homes
  • Licensed general contractor is required
Whether you are truly a first time home buyer or someone who hasn't purchased a home in at least three years, you may qualify for a down payment as low as 3% on a conventional fixed-rate mortgage.
USDA Rural Development Single Family Guarantee loans can be used to purchase a new home or refinance your existing home. USDA Rural Development Loans offer 100% financing to qualified buyers that are purchasing homes in areas designated by the USDA. 


When it comes to purchasing your new home, or refinancing the one you have, USDA Rural Development Single Family Guarantee loans can be a great option!

100% Financing = $0 Down Payment


Program Requirements

  • Property securing the loan must be in a USDA designated rural area. Locally, portions of St. Clair County surrounding Fort Gratiot, Port Huron and Marysville are eligible, as well as all of Sanilac and Huron Counties. Visit www.rd.usda.gov to find out if your specific property is in a designated area.
  • Property must be a single family dwelling and borrower’s primary residence.
  • Borrower’s household income cannot exceed the income cap for the county where the property is located.* 
  • Borrowers must meet all credit and underwriting requirements. 
  • No down payment required but you will still need to have funds available for closing costs, pre-paid taxes, insurance, and escrow account setups.
  • Rural Development Guarantee fee of 1% up front and 0.35% annually. 
  • Manufactured homes ineligible.

For additional information, please contact your local branch or call our Loan Center at (800) 397-2504.

*As of 5/1/2018, income caps for a household of four are currently $81,650 for St. Clair County and $78,200 for Sanilac and Huron Counties.

As a member of the Federal Home Loan Bank of Indianapolis (FHLBI), Eastern Michigan Bank has access to their grant programs for home purchases and renovations.

The largest private source of grant funds for affordable housing in the United States is the Federal Home Loan Bank’s Affordable Housing Program (AHP). The Federal Home Loan Bank of Indianapolis (FHLBI) offers three Homeownership Initiatives through member banks to assist in the creation and preservation of affordable homeownership in Michigan and Indiana.

As a member of the FHLBI, Eastern Michigan Bank has access to the following grant programs for home purchases and renovations in our market area: 

Homeownership Opportunities Program (HOP)

  • Provides assistance to first time home buyers (prior homeowners may qualify subject to certain criteria).
  • Proceeds can be used for down payment and/or closing cost assistance.

Neighborhood Impact Program (NIP)

  • Provides rehabilitation assistance to qualified homeowners. NIP funds are for home repair including replacement of roofs, windows, furnaces, etc.

Accessibility Modifications Program (AMP)

  • Provides funding for accessibility modifications and minor home rehabilitation for both income-eligible senior homeowners and owner-occupied households with a person(s) with a permanent disability.

In general, FHLBI grants do not accumulate interest or require monthly payments. NIP/HOP grants must be repaid if the customer sells (or in some cases refinances) their home within five years of receiving the grant. 

Homeownership Initiatives funding is available on a first come, first served basis, until the current year’s allocation has been exhausted or the program year is closed. Households cannot receive, for the same property, more than one FHLBI grant of any kind for the same property, or more than one grant from any Federal Home Loan Bank, unless prior grants have been repaid or retenton period has expired

To learn more, please contact an Eastern Michigan Bank mortgage lender today.

Kathleen Wurmlinger
VP, Mortgage Manager
NMLS # 481049
810.398.5126 | email Kathy

 

 

 

 

Christi Agostino-Erd
AVP, Mortgage Loan Officer
NMLS # 528508
810.398.5139 | email Christi

 
 
 

Still have questions regarding mortgages?

Contact an Eastern Michigan Bank mortgage lender today at 800-397-2504 or download our free Home Loan Toolkit !

Eastern Michigan Bank NMLS # 513935