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Home / Personal / Mortgage / Government Housing Loans

Government Housing Loans

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Coming up with a down payment for a new home can be difficult. We offer many solutions for customers with limited funds who are eligible for Government Housing Loans through FHA, VA, and MSHDA.

Visit our Mortgage Center to apply online.

FHA Loans are ideal for a first-time home buyer with low- or moderate-income.

  • Smaller down payments required (3.50% is needed for an insured government loan)
  • Easier credit-qualifying guidelines
  • Fixed-rate and ARM loans
  • Various loan terms
  • All funds can be gifted and count as your own funds
  • No income restrictions
  • Low fees

Consider this loan if you:

  • Are a first-time home buyer
  • Have limited funds for down-payment and closing costs
  • Have had past credit problems
  • Are receiving gifted funds as part or all of your down payment
  •  Visit our Mortgage Center to apply online.

VA Loans are government-guaranteed loans offered to eligible veterans – those currently on active duty or in the reserves – and certain widows and widowers of veterans.

  • Low or no down payment
  • Fixed-rate loan
  • Various loan terms are available
  • All funds can be gifted and count as your own funds
  • Easier credit-qualifying guidelines
  • No monthly mortgage insurance premiums required
  • Competitive interest rates and fees

Consider this loan if you:

  • Are an eligible veteran, currently on active duty or in the reserves, or an eligible widow/widower of a deceased veteran
  • Have limited funds available for down payment
  • Have had past credit problems
  • Are buying a primary residence
  • Visit our Mortgage Center to apply online.

Michigan State Housing Development Authority (MSHDA) loans can assist with a 30 year conventional or Government loan for low to moderate income first time homebuyers. These affordable mortgages can offer stability and peace of mind.

Other options include:

  • Down Payment Assistance – provides qualified families up to $7,500 to make home buying easier
  • ARM Assist Refinance – assists individuals who have an adjustable rate mortgage obtain fixed-rate financing
  • Rescue Refinance – assists homebuyers who have had trouble making payments on their current mortgage
  • Visit our Mortgage Center to apply online.

Contact a First State Bank Mortgage Representative for additional information.

All loans and pre-qualifications are subject to credit approval and/or acceptable appraisal. You must carry insurance on the property that secures a loan, and flood insurance may be required. Any taxes or additional conditions imposed by the city, state or county that the subject property is located in will be the borrower’s responsibility. Program terms and conditions are subject to change at any time without notice. First State Bank Mortgage Company, LLC, is an affiliate of First State Bank.


Payments do not include amounts for taxes and insurance premiums, if applicable, and the actual payment obligation may be greater.

NMLS #488024

Equal Housing Lender