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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.

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.

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

Fair Lending
The federal fair lending laws are a group of laws that prohibit discrimination in credit transactions, including transactions related to residential real estate.  These laws include the Fair Housing Act, Equal Credit Opportunity Act, Community Reinvestment Act, and the Home Mortgage Disclosure Act.
In accordance with the fair lending laws, First State Bank is committed to promoting fair housing choice and will not discriminate against any person on the basis of race or color, religion, national origin, sex, marital status, age, lawful source of income, familial status, handicap, disability, sexual orientation or gender identity.


The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) is a federal law designed to enhance consumer protection and reduce fraud in the mortgage lending industry.  The SAFE Act requires that all individual mortgage loan originators or MLOs be registered with the Nationwide Mortgage Licensing System and Registry, or NMLS.


NMLS #462643

Equal Housing Lender